Belgium's electricity network provider Elia plans to invest €1.4 billion across the country this year, the group has said in an updated quarterly statement.
Elia Group, which provides electricity transmission services in Belgium and Germany, said it predicts net profits of between €335 million and €385 million by the end of the year, with an adjusted return on equity for shareholders of between 7% and 8%.
Specifically in Belgium, the Group said it is aiming to achieve a net profit of between €200 million and €230 million for 2024, with plans to invest €1.4 billion here this year – although Elia highlighted that this investment is "always prone to external risks."
The planned investment is part of a wider capital expenditure package of €30.1 billion that the Group plans to roll out between 2024 and 2028.
Aiming to meet growing societal electricity demand and integrate increasing renewable energy production, approximately a third of the total amount will be invested in Belgium, with the remainder going to operations in Germany.
The quarterly statement also provided an update on various projects being carried out by Elia in Belgium, including the installation of the first pylon of a new high voltage line between Mercator in Kruibeke and Liefkenshoek in Beveren (East Flanders) in March, which the Group says will be operational before the summer of 2026.
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In February, the Elia Group completed the acquisition of a 35.1% stake in energyRe Giga, as part of a $400 million (€369 million) deal that saw the European operator enter the US market for the first time.
A subsidiary of US company energyRe LLC, energyRe Giga specialises in sustainability and large scale clean energy projects. Elia Group said the acquired stake is part of its plans to expand overseas activities and develop sustainable renewable energy projects.
Last year, Elia saw its net income slightly dip to €399.5 million, a 2.1% decrease compared to 2022. The Group supplies electricity to 30 million end users, and employs around 2,750 people.
