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Germany: Enbw expects strong growth in 2023 and coal phase-out by 2028

For the company's CEO, Andreas Schell, with the energy crisis, "2022 marked a turning point" in the sector that "requires a readjustment of the strategy" of the company

© Agenzia Nova - Reproduction reserved

German energy group Enbw expects strong growth in 2023 and intends to completely phase out coal by 2028. According to the company's CEO, Andreas Schell, with the energy crisis, "2022 marked a turning point" in the sector that "requires a readjustment of the strategy" of the company. Meanwhile, ENbw reported an adjusted operating result of €3,29 billion last year after €2,96 billion in 2021, an increase of 11 percent.

For the current year, the company's financial director, Thomas Kusterer, estimates that the figure will be between "4,7 and 5,2 billion euros". Between 2021 and 2022, with an increase of more than 39 percent to 1,11 billion euros, renewable energies represented for the first time the most profitable sector for ENbw. At the same time, consolidated net income rose from around 363 million to 1,7 billion euros. For Schell, "the energy transition must accelerate if we want to cover our energy needs and achieve climate goals". The CEO added: “As Enbw, we are accelerating the transformation towards greater sustainability and are planning to completely phase out coal as early as 2028, if the framework conditions set by the federal government allow it”. In 2022, at approximately 3,2 billion euros, the group's investments in wind farms and in the expansion of electricity transmission networks exceeded those made in the previous year by 12 percent.

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