Elia recorded a net profit increase of 31.1%, taking it to €111 million in the first half of 2017. The extra-high voltage grid operator announced this on Friday. Comprised of Elia in Belgium and 50Hertz in Germany, the power system benefits from 30 million end users in the two countries.
The communiqué stresses, “The Elia group thus continues to invest in significant development projects enabling the integration of vast quantities of renewable energy. It favours the implementation of an integrated electrical network on a European scale to better sustain security of supply.”
The increase in net profits may be explained by the generation of strategic investments and the increased contributions to connect customers in Belgium (up by 46.3%), as well as a sound operating performance in Germany (up by 16.8%).
Earnings before tax, interest, amortisation and depreciation also increased by 11.6% to €237.1 million.
Lastly, €192 million of investments in Belgium, and €97 million in Germany, were made “to secure greater continuous electricity supply, and to accommodate increased flows of renewable energy.”