Electricity operator Elia’s profits leapt by 25% last year

Electricity operator Elia’s profits leapt by 25% last year
Credit: Piqsels

The net profits of Belgium’s electricity system operator Elia in 2022 leapt by 25% compared to the previous year, amounting to €408.2 million, the company announced on Friday. A dividend of €1.91 per share is set to be proposed at the company’s upcoming general meeting.

“Major infrastructure works have been finalised on land and at sea, while the development of the world’s first energy islands has begun. At the same time, we are digitising our business in order to improve the efficiency of our network and better manage the growing complexity of the system,” explained CEO Chris Peeters.

The company continues to develop its network in two key markets, Belgium and Germany, via its subsidiary 50Hertz. The subsidiary’s adjusted net income in Belgium increased by €25.9 million to €156.9 million.

The group also increased its investments to €1.54 million, up 25% compared to 2021. Around a third of these investments were intended for the Belgian market and the other two-thirds for Germany.

“The acceleration of the energy transition and the current inflationary environment guide our new investment plan for the 2023-2027 period. We estimate total capital expenditure (CAPEX) at around €7.2 billion and €8.7 billion for Belgium and Germany, respectively, subject to the regulatory frameworks supporting these investments,” the company explained.

Related News

The grid operator also recorded a net financial debt of €4.43 billion at the end of 2022. This has decreased by €454.7 million as a result of income from capital increases at the end of June. This capital increase was still partially offset by increased debts at 50Hertz.

This year, the group expects an adjusted return on equity of 6-7%, close to the 7.52% recorded last year.

Copyright © 2024 The Brussels Times. All Rights Reserved.