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EnBW: Doubling Profits and Investing in Renewable Energy

Germany's EnBW has announced an adjusted net profit of 2.36 billion euros for the first nine months of the year, doubling its previous year's results.

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The year 2023 marks a significant milestone for EnBW. With an adjusted net profit of 2.36 billion euros between January and September, the company posted an impressive financial performance, far surpassing the 1.10 billion euros of the same period last year. These positive results are mainly attributable to an efficient increase in electricity production and successful trading operations.

Challenges and successes in 2023

These figures, already hinted at in preliminary data two weeks ago, have enabled EnBW to revise its full-year forecasts upwards. By 2022, the company had faced significant challenges, including the reduction and then cessation of gas supplies from Russia via the Nord Stream pipeline, negatively impacting its gas trading division, VNG. However, the situation was reversed in 2023 thanks to higher wholesale electricity prices and the absence of negative effects linked to the halt in Russian exports. Germany has compensated for these losses by diversifying its gas import sources, notably by turning to liquefied natural gas (LNG) transported by sea.

Strategic Investments and Energy Transition

EnBW’s improved earnings were strategically reinvested in key sectors. CFO Thomas Kusterer emphasizes that these substantial gains support the company’s growth investments, particularly in the accelerated energy transition. The company plans to invest an average of 4.5 billion euros a year over the next few years. Investments made between January and September, amounting to 2.8 billion euros, were up 52% on the same period in 2022. These investments focus on renewable energies, grid infrastructure and charging equipment for electric cars.
In terms of employment, EnBW also recorded significant growth. With 28,064 employees in the first nine months of 2023, the company increased its workforce by 6.2% year-on-year.

In 2023, EnBW will stand out for its outstanding financial performance and strong commitment to the energy transition. These positive developments position EnBW as a major player in achieving Germany’s and Europe’s energy and environmental objectives.

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