During the first six months of 2015, TenneT continued to invest in additional high-voltage grid infrastructure in the Netherlands as well as Germany to accommodate the rapidly rising share of renewable energy sources.
Investments in tangible fixed assets rose by 70% from € 703 million in the first half of 2014 tot € 1,196 million this year. As a result, both revenue and operating result (EBIT) grew significantly. Underlying revenue increased by 22% from € 1,146 million to € 1,395 million over the first six months of the year and underlying EBIT increased from € 368 million to € 490 million during the same period. In addition, EBIT was positively influenced by good performance (€ 20 million) of the high-voltage cable between the Netherlands and Great-Britain, in which TenneT holds a 50% stake, and by the incidental profit in connection with the merger of APX (€ 12 million), a Northwest European electricity exchange in which TenneT held an interest. In the first six months of 2015, TenneT took into operation four offshore grid connections with a total capacity of 2,930MW in the German sector of the North Sea. As a result, the total installed capacity for transporting wind energy from offshore wind farms to the onshore grid has now reached 3,500MW. TenneT is ahead of schedule in realizing the offshore wind energy targets set by the German government. In the Netherlands, TenneT is making the necessary preparations for connecting five offshore wind farms in the North Sea to the onshore grid. These five wind farms shall have a total capacity of 3,450MW.
