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(Bloomberg) — EON SE’s earnings jumped in the first quarter as the German energy company continues to focus investments on power grids and benefit from the region’s energy transition.
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Adjusted earnings before interest, taxes, depreciation and amortization rose by almost a fifth from a year ago to €3.2 billion ($3.6 billion), largely because of higher investments and an improved operating performance. EON confirmed it still sees full year results in a range of €9.6 billion to €9.8 billion.
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The company is one of Europe’s largest distribution grid operators and plays a key role in supporting the expansion of renewable power. Currently, more than half of all renewable energy capacity in Germany is connected to EON’s grid, it said in its earnings statement.
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In February, the firm said it will boost investments by 15% this year, most of which will go toward networks. It plans to invest a total of €43 billion between 2024 and 2028.
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EON Chief Financial Officer Nadia Jakobi said in an analysts’ call on Wednesday that the company expects the grid regulator to publish a consultation paper on a new, comprehensive regulatory framework for returns within the next few weeks. The company has been pushing for higher grid returns as most of EON’s income comes from regulated assets, and has indicated that as much as €10 billion more could be invested under the right conditions.
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“When you look at German capex ramp-up there is no reason why the German regulatory returns should be any less” than under other European regimes, Jakobi said.
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(Updates with comments by EON’s CFO in fifth paragraph.)
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