Electricity transmission system operator Amprion invested 4 billion euros in 2024, more than ever before. And the budget for the period from 2025 to 2029 is being increased to 36.4 billion euros. In 2025 alone, 5.4 billion euros are to be invested in the expansion of overhead lines. Nevertheless, CEO Christoph Müller said at a press conference last week that he believes that the „end of the acceleration“ has now been reached. „We should only build the power grid that is needed,“ Müller cautioned, proposing a phased grid plan that would initially extend to 2035. This would allow for more realistic demand estimates.

This could save many billions from an economic perspective – but at the same time it would be positive for shareholders. Last year, they injected 850 million euros in fresh equity.

A further capital injection, „significantly higher than in 2024,“ is to follow this year, announced CFO Peter Rüth. Written commitments have been received from all shareholders, including RWE.

The Essen-based company is known to want to divest its blocking minority stake in Amprion. Müller did not comment on this, but said that "we are happy with RWE.“ Müller only indirectly addressed the statement in the new coalition government agreement to examine „strategic investments, including in grid operators.“ Financing grid expansion depends on the capital market viability of the grid operators. A state stake would not change this.

In this context, Müller reiterated his call for a higher return on equity for grid investments. „An internationally competitive return on equity of at least 9% before taxes is necessary,“ the Amprion CEO said. Although Germany has a significant need for grid expansion, the return on equity is „among the worst“ compared to other European countries, Müller complained.

The higher rate is necessary to compete for investment funds on the capital markets. As Rüth explained, Amprion raised 2.1 billion euros in 2024 through the issuance of green bonds, and green bonds will remain an integral part of its long-term financing.

According to its IFRS financial statements, Amprion had equity of 5.5 billion euros and bond liabilities of 7.1 billion euros at the end of 2024. Of the adjusted consolidated profit, which increased by a fifth to 390 million euros, 200 million euros will be distributed to shareholders. In addition to RWE, M31 Beteiligungsgesellschaft holds a 74.9% stake.

Müller expressly welcomed the reduction in grid fees announced in the coalition agreement. In his view, the aim is to free the fees from non-grid costs – such as redispatch expenses for grid stabilisation. These costs must be borne by the general public.

Amprion intends to adhere to its policy that grid expansion may only be pursued with public acceptance. Therefore, Müller considers a further acceleration of the approval procedures to be counterproductive. He also has little faith in the removal of priority for underground cables in the expansion of the direct current grids, which is implied in the coalition agreement. This would ultimately only lead to another extension of the approval procedures. The situation would be different if overhead lines were given priority. However, this would be „a major political decision.“