E.ON to invest over EUR 25 bn through 2009

Dec 14, 2006 01:00 AM

E.ON plans to invest a total of about EUR 25.3 bn over the next three years, thereby significantly increasing its capital expenditures. At EUR 22.4 bn, the clear focus is on investments in fixed assets, in particular to help further improve security of supply in E.ON’s markets.
The EUR 11.4 bn of investments in fixed assets will be used to modernize existing and construct new power plants. In Germany, construction has begun on new generating units in Datteln and Irsching. E.ON also plans to build a new 1,100 MW hardcoal-fired generating unit at Staudinger power station; a requirement for this investment, however, is a stable energy policy and regulatory environment. Also planned for Germany is a hard-coal-fired test unit with a thermal efficiency of more than 50 %.

Construction continues on an 800 MW combined-cycle gas turbine in Italy, a 1,100 MW coal-fired power plant in the Netherlands, and several coal-fired and gas-fired power plants in Eastern Europe. A 1,200 MW gas-fired plant and a 1,600 MW coal-fired plant are planned for the United Kingdom.
In Northern Europe, E.ON intends to boost the performance of existing power plants and build a new gas-fired combined heat-and-power plant. The focus of power generation investments in the United States is the completion of Trimble County 2 coal-fired generating unit. Along with new large-scale power plants, E.ON’s plans include several wind power projects -- particularly offshore wind farms in the United Kingdom, Germany, and Northern Europe -- and a biomass power plant.

E.ON plans to invest a total of EUR 5.7 bn group-wide to modernize and expand its power networks. Here, a key focus is on enhancing the company’s networks in Germany, in part due to the connection of additional wind power facilities. Despite the considerable reduction in network fees E.ON is permitted to charge in Germany, the company will continue to invest in its power networks in order to enhance security of supply.
A total of about EUR 4.0 bn is earmarked for the maintenance and expansion of E.ON’s natural gas supply infrastructure. Here, the focus is on extending existing and building new gas pipelines, increasing storage capacity, tapping gas fields in the North Sea, and constructing an LNG terminal.

E.ON plans to invest a total of about EUR 2.9 bn to acquire shareholdings, of which the majority reflects the shareholding in Yushno Russkoye gas field in western Siberia. In addition to its planned shareholding investments, E.ON continues to systematically pursue the acquisition of Endesa, a Spanish energy utility.
E.ON CEO Wulf Bernotat commented: “Our high level of investment will further enhance the security of power and natural gas supplies. At the same time, our new power stations will increase the supply of electricity in our markets and serve to further spur competition. We’re making an important contribution to environmental and climate protection by using the most efficient technologies and by further enhancing our regenerative energy capacity. Moreover, our investments represent significant impetus for economic growth and employment.”

Source: E.ON
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