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TenneT


TenneT Holding B.V. is a transmission system operator responsible for designing, building, maintaining, and operating the high-voltage electricity grid in the Netherlands and large parts of Germany, delivering power to approximately 43 million end-users. The company, headquartered in Arnhem, manages over 25,000 kilometers of transmission lines with a grid availability exceeding 99.999% and employs around 9,700 people.
Established in 1998 amid the liberalization of the Dutch electricity sector, TenneT expanded in 2010 by acquiring E.ON's German high-voltage assets, pioneering as Europe's first cross-border TSO under full Dutch state ownership for its core operations. It ensures secure electricity supply, facilitates cross-border exchanges, and invests heavily in infrastructure to integrate renewables, including record €4.5 billion in grid expansions in 2024 alone. TenneT has committed tens of billions to offshore wind connections, such as €23 billion in contracts for North Sea-to-shore systems to enable 40 GW of capacity. Despite these efforts, the aggressive push for electrification and renewables has strained the grid, causing congestion that delays connections for thousands of projects and prompts public appeals for reduced usage. Financial demands have necessitated Dutch government guarantees and a partial sale of its German subsidiary in 2025, alongside a planned spin-off of German operations to address funding bottlenecks. TenneT has warned of deteriorating supply security post-2030 absent faster expansions and public support for new infrastructure.

Overview

Role and Scope

TenneT operates as the transmission system operator (TSO) for the high-voltage electricity grid across the Netherlands and the northern and eastern regions of Germany. In the Netherlands, it serves as the sole TSO, responsible for designing, building, maintaining, and operating the national extra-high-voltage network to ensure reliable electricity transmission from generators to distribution operators and large consumers. In Germany, TenneT manages the largest transmission system, overseeing grid stability within designated control areas that cover significant industrial and renewable energy production zones. The company's core responsibilities include balancing electricity supply and demand in real-time, maintaining network frequency at 50 Hz, and facilitating cross-border power exchanges through 17 interconnections with neighboring countries. TenneT invests heavily in grid expansions to integrate growing shares of intermittent renewable sources, such as offshore wind, while ensuring system security against outages or imbalances. This involves advanced technologies for congestion management and predictive maintenance, supporting the energy transition without compromising reliability for approximately 43 million end-users. TenneT's scope encompasses over 23,900 kilometers of high-voltage lines and cables operating at 110 kV and above, connecting 485 substations, with a particular emphasis on the German network exceeding 14,000 km. As a cross-border TSO, it coordinates with European peers via ENTSO-E to harmonize operations and enable market coupling, prioritizing empirical grid data and engineering principles to mitigate risks from variable generation.

Ownership and Governance

TenneT Holding B.V. serves as the parent company for TenneT's operations, with full ownership held by the Dutch Ministry of Finance since its establishment. This state ownership reflects the strategic importance of high-voltage electricity transmission to national energy security in the Netherlands, where TenneT TSO B.V. manages the entire onshore and offshore grid as a designated transmission system operator (TSO) under Dutch law. On January 1, 2025, TenneT restructured into two independent operating entities: TenneT Netherlands and TenneT Germany, both subsidiaries of TenneT Holding, to address distinct regulatory and investment demands in each market. TenneT Netherlands remains wholly owned by TenneT Holding and thus indirectly by the Dutch state. In contrast, TenneT Germany's ownership shifted following a September 24, 2025, agreement where TenneT Holding sold a 46% stake to a consortium of institutional investors—comprising Dutch pension manager APG, Singapore's GIC, and Norway's Norges Bank Investment Management—for up to €9.5 billion, retaining a controlling 54% interest. This partial privatization aims to fund grid expansions amid Germany's Energiewende, without diluting Dutch state control over the overall holding company. Governance follows a two-tier Dutch corporate model, with an Executive Board responsible for day-to-day management and strategic execution, overseen by a Supervisory Board that provides advice, monitors compliance, and ensures alignment with public interests such as grid reliability and energy transition goals. The Supervisory Board, appointed with consideration for expertise in energy, finance, and regulation, holds ultimate accountability to the Dutch Ministry of Finance as sole shareholder of the holding company. For TenneT Germany post-investment, the investor consortium anticipates representation on its supervisory board to influence operations while preserving TenneT Holding's majority veto rights. Regulatory supervision occurs through national authorities—the Dutch Authority for Consumers and Markets (ACM) and Germany's Federal Network Agency (Bundesnetzagentur)—enforcing unbundling rules to prevent conflicts between transmission and generation activities.

History

Founding and Nationalization in the Netherlands

TenneT was established on 1 September 1998 as the independent transmission system operator (TSO) for the Netherlands' high-voltage electricity grid, pursuant to the Electricity Act 1998, which liberalized the Dutch electricity market to comply with the European Union's first Electricity Directive (96/92/EC). This legislation required the functional unbundling of transmission activities from electricity generation and supply to foster competition, ensure non-discriminatory third-party access to the grid, and prevent vertical integration that could distort market dynamics. Prior to TenneT's creation, high-voltage transmission (at 220 kV and above) had been coordinated by SEP, a cooperative of major electricity producers, but the Act transferred these responsibilities to a dedicated entity to enforce regulatory independence. The formation of TenneT effectively nationalized the management of the national high-voltage grid under state ownership, with the Dutch government assuming full control to safeguard public interest in a critical infrastructure sector amid market opening. As a wholly state-owned company from inception, TenneT operates as a subsidiary of TenneT Holding B.V., ultimately accountable to the Dutch Ministry of Finance, which holds 100% of the shares. This structure was designed to insulate grid operations from commercial pressures of generation firms, promoting reliability and impartiality; the Ministry exercises oversight through appointments to the supervisory board and approval of key strategic decisions, while TenneT functions with operational autonomy under regulated tariffs set by the Authority for Consumers and Markets (ACM). Headquartered in Arnhem, TenneT assumed responsibility for a grid spanning approximately 16,500 kilometers of high-voltage lines upon its founding, focusing initially on maintaining system stability and facilitating cross-border interconnections. The nationalization aligned with broader European trends toward regulated natural monopolies in transmission, where state ownership mitigates risks of underinvestment in long-term infrastructure while enabling adaptation to evolving demands like renewable integration. This foundational setup has endured, with the Dutch state retaining full ownership of the Dutch operations despite subsequent expansions into Germany.

Expansion into Germany

In November 2009, TenneT agreed to acquire the extra-high voltage transmission grid of E.ON's subsidiary Transpower Stromübertragungs GmbH for approximately €1.1 billion, marking its entry into the German electricity market. The acquisition encompassed 10,700 kilometers of high-voltage lines primarily in northern and eastern Germany, positioning TenneT as a transmission system operator (TSO) in that region. The European Commission approved the deal on February 5, 2010, under the EU Merger Regulation, determining it would not impede competition. Completion occurred on February 25, 2010, with the purchase price adjusted based on Transpower's net financial position as of December 31, 2009. Following the takeover, Transpower was renamed TenneT TSO GmbH, integrating it as TenneT's German subsidiary and establishing the company as one of Germany's four TSOs responsible for the northern control zone. This cross-border expansion made TenneT the first TSO operating in two European countries, facilitating enhanced integration of the Dutch and German grids. The move aligned with Germany's Energiewende policy, emphasizing renewable energy expansion, as TenneT assumed duties for balancing supply and demand in its zone.

Post-2009 Developments and Integration Challenges

In January 2010, TenneT acquired E.ON's German high-voltage transmission grid for approximately €1.1 billion, effective from that date following an agreement reached in November 2009, establishing TenneT as Europe's first cross-border transmission system operator responsible for grids in the Netherlands and northern Germany. This expansion added over 10,000 kilometers of high-voltage lines to TenneT's portfolio, necessitating harmonization of operational standards, regulatory compliance across jurisdictions, and integration of disparate grid management systems. Subsequent developments emphasized offshore wind integration, with TenneT completing Germany's inaugural offshore grid connection for the alpha ventus wind farm in 2010, spanning 66 kilometers, and advancing multiple North Sea projects under programs like the 2GW initiative to connect gigawatt-scale wind farms directly to onshore grids. By 2025, TenneT had invested €10.6 billion in 2024 alone for grid expansion and modernization to accommodate rising renewable inflows, projecting a total of €200 billion by 2034 to upgrade infrastructure for climate-neutral operations. Integration challenges intensified due to the variable nature of renewables, causing grid congestion in the Netherlands where solar and wind additions have exceeded transmission capacity, leading to curtailments and economic costs estimated in billions, with TenneT warning of deteriorating supply security post-2030 absent accelerated upgrades. In Germany, north-south power flows from northern wind resources strained the acquired grid, compounded by permitting delays and a €30 billion funding shortfall against €125 billion needed by 2029 for transmission reinforcements. Cross-border coordination faced hurdles from differing national policies, with TenneT's 2025 partial privatization—selling a 46% stake in its German subsidiary for €8.5 billion to international investors—aiming to bridge financing gaps while retaining Dutch state control over the parent entity. These efforts highlight tensions between rapid decarbonization mandates and infrastructural realities, including supply chain constraints and regulatory fragmentation.

Operations and Infrastructure

Dutch High-Voltage Grid Management

TenneT serves as the designated transmission system operator (TSO) for the Netherlands under the Electricity Act 1998, holding sole responsibility for the independent administration of the national high-voltage transmission grid. This role entails constructing, maintaining, and expanding the grid to ensure reliable electricity transport from producers to regional distribution operators and large industrial consumers. Core duties include balancing real-time supply and demand, guaranteeing system security and continuity, and facilitating connections for new generation capacity, such as renewable sources. The Dutch high-voltage grid operates at levels from 110 kV upward, encompassing 150 kV, 220 kV, and 380 kV lines, which form the backbone for long-distance transmission while interconnecting with neighboring systems and stepping down voltage at substations for lower-voltage distribution. TenneT maintains this network through overhead lines, underground cables, and transformer stations, adhering to a 50 Hz frequency standard synchronized with European grids. The system integrates diverse generation sources, including fossil fuels, nuclear, and renewables like offshore wind, onshore solar, biomass, and geothermal, while managing cross-border flows via high-voltage direct current (HVDC) links. Operational management involves continuous monitoring to prevent overloads, with processes for new grid connections requiring initial consultations, technical feasibility assessments, and implementation timelines of 12 to 18 months. To address growing congestion from electrification and renewable integration, TenneT publishes interactive maps indicating available transmission capacity at high-voltage substations, where green status signals spare headroom and red denotes saturation. Security of supply margins have tightened, declining from over 22 GW in 2022 to a projected 14.5 GW amid rising demand, prompting investments in grid reinforcements and digital tools for predictive balancing.

German Northern Grid Operations

TenneT's northern grid operations in Germany manage the high-voltage transmission infrastructure within the northern reaches of its extensive control zone, spanning from the Danish border and North Sea coast southward to connect with central load centers. This area includes Schleswig-Holstein and northern Lower Saxony, where TenneT oversees 380 kV and 220 kV lines critical for integrating variable renewable generation, particularly offshore wind from the North Sea. The control zone, the largest in Germany by circuit length and capacity, totals approximately 23,000 kilometers of lines overall, with northern segments handling high inflows from coastal generation sites. A primary function involves real-time grid stability and frequency control, coordinated from the TenneT control center in Lehrte near Hanover, which monitors and balances supply across the zone amid fluctuating wind output. In 2024, TenneT transmitted 20.8 terawatt-hours of electricity from German North Sea offshore wind farms into the mainland grid, an 8% increase from 19.24 terawatt-hours in 2023, reflecting growing capacity despite persistent challenges. However, grid congestion from inadequate onshore expansions led to a 9% drop in North Sea offshore output utilization in 2023, reducing its national share to 13% from 17% the prior year, as excess power could not be evacuated southward efficiently. To mitigate bottlenecks, TenneT deploys initiatives like the northern Grid Booster at Audorf/Süd substation in Schleswig-Holstein, capable of injecting 100 megawatts into the grid during peak stress events to stabilize regional flows and support renewable curtailment avoidance. Operations emphasize HVDC connections for offshore platforms, such as those for BorWin and DolWin clusters, expanding North Sea capacity to nearly 10 gigawatts by mid-2025 through new converter installations. These efforts align with broader strategies, including a proposed DC overlay grid to enhance north-south power transfer from wind-rich northern areas to demand-heavy southern regions. Ongoing expansions address the mismatch between northern generation surpluses and southern deficits, with TenneT investing heavily in undersea cables and onshore reinforcements to enable full utilization of projected offshore capacities exceeding 30 gigawatts by 2030. Despite advancements, systemic delays in permitting and construction continue to constrain operations, underscoring the need for accelerated infrastructure to realize Germany's Energiewende goals without excessive renewable curtailment.

Key Technical Systems and Technologies

TenneT operates a high-voltage alternating current (HVAC) transmission network for onshore electricity transport, primarily at 380 kV and 220 kV in the Netherlands, and 380 kV across its northern German control area, spanning over 24,000 kilometers of lines to balance supply and demand in real time. These AC systems rely on conventional overhead lines and substations equipped with transformers and circuit breakers to manage reactive power and prevent overloads, supporting synchronous interconnection with neighboring European grids. For offshore wind integration, TenneT predominantly deploys high-voltage direct current (HVDC) technology to minimize transmission losses over submarine distances exceeding 100 kilometers, using bipolar configurations at 525 kV with cross-linked polyethylene (XLPE) insulated cables rated for 2 gigawatts (GW) per connection under its standardized 2GW Program launched in 2022. Each system incorporates offshore converter platforms with four transformers, oil natural air natural (ONAN) cooling, and multi-terminal capabilities for future meshed HVDC grids, enabling efficient power conversion from AC-generated offshore wind to DC for onshore rectification. This approach, as seen in projects like BorWin5 and DolWin5 energized in 2025, replaces equivalent output from multiple coal plants while reducing material use by up to 50% through standardization. To optimize AC grid performance without extensive new builds, TenneT integrates Flexible AC Transmission Systems (FACTS) devices, including static compensators and phase-shifting transformers supplied by vendors like ABB since 2020, which dynamically control power flow and voltage stability amid variable renewables. Complementary grid boosters, such as 300 megawatt-hour battery systems deployed at nodes like Audorf Süd in 2023, provide short-term storage to defer curtailments and enhance capacity by absorbing excess power during peaks. Grid-wide monitoring and control are facilitated by Supervisory Control and Data Acquisition (SCADA) and Energy Management Systems (EMS), which TenneT is modernizing through its "Next Gen SCADA" initiative to handle increased data from renewables, incorporating advanced analytics for predictive stability and automated frequency regulation. These systems ensure 24/7 operation across control centers in Arnhem and Bayreuth, integrating real-time telemetry from over 10,000 grid assets to maintain 99.99% availability.

Major Projects and Expansions

Offshore Wind Farm Connections

TenneT, as the transmission system operator in the Netherlands and northern Germany, manages the connection of offshore wind farms in the North Sea to the onshore grid, utilizing high-voltage direct current (HVDC) and alternating current (AC) technologies for efficient power transmission over long distances. In the Netherlands, TenneT plans to develop infrastructure for 20 GW of offshore capacity by around 2030, grouping wind farms into clusters to minimize cabling and landing points. This approach reduces costs and environmental impact compared to individual farm connections. In the Dutch North Sea, TenneT has implemented seven standard AC offshore substation connections, each with an average capacity of 700 MW, linking to onshore via 220 kV cables. For instance, in September 2023, TenneT signed a connection agreement with RWE for the Oranjewind farm using this AC setup. Transitioning to larger-scale projects, TenneT adopted a 2 GW HVDC direct-to-shore standard in 2024, with the program's official start in November 2024 encompassing eight such connections in the Netherlands and six in Germany. The first 2 GW project, located 60 km offshore, saw a consortium agreement signed in February 2025, though TenneT partially terminated the contract with Petrofac in October 2025 due to performance issues, shifting responsibility to Hitachi Energy and a replacement contractor for clusters including IJmuiden Ver. Onshore works for the IJmuiden Ver cluster, connecting three wind farms, were completed in December 2024. Additionally, TenneT explores hybrid solutions, such as the proposed Nederwiek 3 link, which would integrate wind farm evacuation with an interconnector to the UK grid. In Germany, TenneT has connected over 10 GW of offshore capacity through dedicated platforms in the BorWin and DolWin clusters, employing HVDC for distances exceeding 100 km to minimize losses. BorWin gamma, a 900 MW platform, serves the EnBW HoEhe See and Global Tech I wind farms, with its topside arriving onsite in October 2018. BorWin1 marked TenneT's first DC connection in 2010. More recently, DolWin5, a 900 MW system, achieved full energization in October 2025, incorporating the DolWin epsilon platform installed in June 2025 and linking to farms like Borkum Riffgrund 3. BorWin5 shares this platform, with both systems commissioned in 2025. LanWin2, a 2 GW connection under the new standard, had its first steel cut in September 2025 at Dragados Offshore facilities.
Project/ClusterCapacity (MW)TechnologyKey Milestones/Connected FarmsStatus
IJmuiden Ver (NL)~2,000 (cluster)HVDCOnshore complete Dec 2024; three farmsUnder construction
Oranjewind (NL)700ACAgreement Sep 2023Planned
BorWin gamma (DE)900HVDCTopside arrival Oct 2018; EnBW Hohe See, Global Tech IOperational
DolWin5 (DE)900HVDCPlatform install Jun 2025; Borkum Riffgrund 3Energized Oct 2025
LanWin2 (DE)2,000HVDCSteel cut Sep 2025Construction started
TenneT operates three operational high-voltage direct current (HVDC) interconnectors that enable bidirectional electricity exchange between the Netherlands and neighboring countries, supporting market integration, renewable energy balancing, and grid resilience. These submarine cables utilize HVDC technology for efficient long-distance transmission with lower losses compared to alternating current (AC) systems, particularly over subsea routes. Capacities range from 700 MW to 1,000 MW, allowing significant power flows that have facilitated trade volumes exceeding annual capacities in peak years.
InterconnectorPartner TSOLength (km)Capacity (MW)Commissioning YearTechnology
NorNedStatnett (Norway)5807002007Line-commutated converter (LCC) HVDC
BritNedNational Grid (UK)2601,0002011Voltage-source converter (VSC) HVDC
COBRAcableEnerginet (Denmark)3257002019VSC HVDC at ±320 kV
The NorNed link, connecting Eemshaven in the Netherlands to Feda in Norway, was the world's longest submarine HVDC cable upon completion and primarily imports Norwegian hydropower during Dutch peak demand while exporting surplus Dutch power northward. BritNed, linking Maasvlakte near Rotterdam to the Isle of Grain in Kent, enhances UK-Netherlands trade and has operated at full capacity in both directions during high-price differentials. COBRAcable, from Eemshaven to Endrup near Esbjerg, integrates Danish wind resources with Dutch consumption, providing ancillary services like reactive power support via VSC converters. In addition to cross-border interconnectors, TenneT contributes to internal DC links in Germany as part of the national grid expansion to transport northern offshore wind generation southward. These include participation in the SuedLink project, a 700 km bipolar HVDC line with 2,000 MW capacity using HVDC Light technology, designed to supply electricity equivalent to 5 million households by linking converter stations in northern and southern Germany. TenneT also advances segments of NordOstLink, involving 525 kV XLPE HVDC cables for onshore and offshore sections, with contracts awarded for installation starting in 2026-2027 to reinforce north-south transmission corridors. These DC links form elements of a proposed HVDC overlay grid, interconnecting multiple long-distance lines to alleviate AC grid bottlenecks and enable meshed DC operation for higher renewable penetration. Looking ahead, TenneT is developing LionLink, a planned 1.8 GW multi-purpose HVDC interconnector with National Grid, integrating the Nederwijk 3 offshore wind farm connection to simultaneously serve Dutch and UK grids via subsea cables landing in Walberswick, UK, with operations targeted post-2030 pending approvals. This hybrid approach exemplifies evolving DC infrastructure to combine interconnector functionality with direct offshore evacuation, reducing redundant cabling and enhancing North Sea energy pooling.

Onshore Grid Upgrades

TenneT's onshore grid upgrades primarily address capacity constraints arising from the integration of variable renewable energy sources, electrification of heat and transport, and the need to transport power from northern generation hubs to southern load centers in both the Netherlands and Germany. These efforts involve reinforcing existing high-voltage lines, constructing new 380 kV connections, and expanding substations to prevent bottlenecks and ensure system stability. In 2024, TenneT allocated €10.6 billion toward onshore and offshore grid expansions, marking a 38% increase from 2023, with a substantial portion directed at onshore reinforcements to support the energy transition. In the Netherlands, TenneT is developing five new 380 kV "electricity highways" to significantly increase transmission capacity from renewable-rich northern regions to high-demand areas like the Randstad. A key completed project is the 40 km 380 kV onshore connection between Eemshaven and Vierverlaten, finalized in 2023, which enhances links to offshore wind connections and alleviates northern grid congestion. Further reinforcements in Zeeland, including substation upgrades and line strengthening, were completed to improve regional reliability and accommodate local generation growth. Earlier initiatives, such as the Randstad 380 South Ring—a 380 kV high-voltage loop integrated into the national grid in 2013—demonstrate ongoing modernization of legacy infrastructure to handle peak loads exceeding 10 GW in the densely populated west. In Germany, TenneT's onshore upgrades form part of the federal Netzentwicklungsplan (NDP), which mandates expansion of the 380 kV alternating current network and high-voltage direct current links to achieve climate neutrality by 2045. The latest NDP draft for 2037–2045 identifies over 5,700 km of new onshore lines across all operators, with TenneT responsible for portions in its northern control zone spanning Schleswig-Holstein, Lower Saxony, and parts of North Rhine-Westphalia. Specific advancements include the Southwest 380 kV onshore project, which extends capacity in southern interfaces to manage cross-border flows. TenneT anticipates constructing 3,500 km of new onshore connections in Germany through 2030, backed by €106 billion in planned investments from 2024 to 2033 for both onshore and offshore elements. Overall, these upgrades are projected to require €200 billion in total investments across both countries by 2034, driven by regulatory mandates for grid adequacy amid rising demand projected to double by mid-century. Despite progress, such as awarding €1.5 billion in contracts for high-voltage AC connections in 2023, implementation faces permitting delays and supply chain constraints, limiting full realization of capacity gains.

Financial Performance

Investment Strategies and Capital Needs

TenneT's investment strategy emphasizes long-term grid expansion and modernization to integrate growing shares of renewable energy, particularly offshore wind farms, while enhancing interconnectivity between the Netherlands and Germany. This approach is driven by regulatory mandates for energy transition, requiring substantial capital expenditures (capex) focused on high-voltage alternating current (HVAC) upgrades, high-voltage direct current (HVDC) links, and offshore connections. The company prioritizes projects that align with national electrification goals, such as connecting 30 GW of North Sea wind capacity by 2030, through phased investments in infrastructure resilience and digital optimization to minimize curtailment risks. To meet these objectives, TenneT has committed to a €200 billion capex program by 2034 across its Dutch and German operations, with annual investments scaling up to support policy-driven ambitions for decarbonization and supply security. In 2024, actual expenditures reached €10.6 billion for onshore and offshore expansions, reflecting a 38% year-over-year increase from 2023, while the first half of 2025 saw €5.5 billion deployed amid efforts to accelerate permitting and procurement. These outlays are financed via a mix of regulated tariffs, which cover operational costs and returns on invested capital, supplemented by debt issuances and targeted equity infusions to bridge funding gaps arising from the mismatch between upfront costs and delayed revenue recognition. Capital needs are acute due to the front-loaded nature of grid projects, where construction precedes tariff-based recoveries, leading to rising debt levels projected to exceed €42 billion by 2027 in the Netherlands alone. In Germany, where TenneT operates as the largest transmission system operator, funding challenges prompted a strategic equity raise in September 2025, with the Dutch state selling a 46% stake in TenneT Germany to institutional investors including APG, GIC, and Norges Bank Investment Management for up to €9.5 billion, retaining majority control while injecting fresh capital for expansion. This hybrid model—combining state guarantees, loans (€13 billion allocated for 2024 and €12 billion for 2025 from the Dutch government), and private partnerships—aims to mitigate fiscal strain on public budgets while ensuring project continuity, though it underscores dependencies on governmental backing amid escalating demands from renewable integration.

Tariffs, Revenues, and Cost Pressures

TenneT's revenues are predominantly derived from regulated transmission tariffs charged to grid users, including generators, suppliers, and large consumers, with tariffs calculated annually based on the company's allowed revenue requirements covering operational costs, capital investments, and a permitted return on the regulated asset base (RAB). In the Netherlands, the Authority for Consumers and Markets (ACM) determines these tariffs on TenneT's recommendations, starting from projected allowed revenues adjusted for volume growth and other factors. In Germany, the Federal Network Agency (BNetzA) applies a similar incentive-based regulation tied to the RAB, which stood at €27.8 billion for TenneT's German operations as of 2024. Underlying revenues for TenneT Holding reached approximately €9.2 billion in 2023 and €9.9 billion in turnover for 2024, reflecting growth from an expanding RAB driven by investments, though half-year figures showed fluctuations such as €4.05 billion in H1 2024 (down from €4.79 billion in H1 2023 due to lower ancillary services). Transmission tariffs have risen sharply in recent years to accommodate surging capital expenditures, with Dutch high-voltage (HV) tariffs projected to increase 80-90% and extra-high-voltage (EHV) tariffs 120-135% in 2024 compared to 2023 levels, primarily to fund grid reinforcements for renewable integration. Overall electricity and gas transport tariffs in the Netherlands rose about 11% in 2025 as set by ACM, though a temporary decrease is anticipated for 2026 due to adjusted revenue projections from €2.5 billion in 2025 to €2.4 billion, despite higher grid usage. Forecasts indicate further tariff hikes from 2027 onward as RAB expansion accelerates, with S&P Global projecting a 26% compound annual growth rate in TenneT's RAB through 2029, boosting allowed revenues but passing costs to end-users. Cost pressures stem from unprecedented investment demands for grid expansion to handle renewable energy inflows, offshore wind connections, and electrification, with TenneT committing over €10 billion annually in 2024— a 38% rise from 2023—and planning up to €200 billion in the Netherlands alone over the next decade for 100,000 km of new cables and reinforcements. In Germany, €160 billion is earmarked for 2024-2033 to extend 14,000 km of grid and support 2 GW offshore capacity, exacerbating financing needs amid limited state equity, leading to measures like a €19 billion Dutch government loan for 2025-2026 and a 46% stake sale in TenneT Germany valued at €40 billion enterprise value. Additional strains include congestion management and redispatch costs, estimated at €400 million annually in the Netherlands, plus broader economic impacts up to €35 billion yearly from delays in renewables deployment. These pressures, fueled by policy-mandated acceleration of the energy transition, necessitate ongoing regulatory adjustments to balance reliability, affordability, and investment recovery.

Controversies and Criticisms

Project Delays and Overruns

TenneT has encountered significant delays in numerous grid expansion projects, particularly in the Netherlands and Germany, driven by protracted permitting processes, environmental constraints, and supply chain bottlenecks. In the Netherlands, more than 13 onshore projects have been postponed due to the nitrogen deposition impasse, which has stalled approvals; without resolution, up to 100 projects could face similar issues. Specific delays include high-voltage expansions in North Brabant and Limburg, now extended by several years owing to lengthy permitting, delayed transformer supplies, prolonged land acquisition, and discoveries of protected species at substation sites. These setbacks have strained TenneT's workload of approximately 700 projects over a decade, exacerbating congestion and hindering connections for renewable producers and large consumers. In Germany, offshore grid connections for North Sea wind farms have also been deferred, with supply chain constraints cited as a primary cause. Projects NOR-9-1 and NOR-9-2, intended for commissioning in 2029, are now slated for 2031, representing a two-year postponement that affects tendered wind sites planned for 2024 and 2026. Similarly, NOR-11-2 faces a three-month delay to the fourth quarter of 2031. Such delays risk postponing up to 6 GW of offshore capacity integration, contributing to grid congestion that reduced North Sea wind turbine output by 9% in 2023 due to insufficient onshore links. Historical precedents include 2012 setbacks in grid connections attributed to extended approvals and subcontractor challenges. Major HVDC initiatives like SuedOstLink, a 543 km underground line critical for north-south power transfer, experienced several years of delay before construction commenced in December 2023, following incremental approvals amid regional reluctance in Bavaria; final sections were authorized in July 2025. While explicit cost overruns for TenneT's projects are not publicly quantified in detail, industry analyses note that offshore and HVDC grid developments routinely incur such excesses due to unforeseen risks in planning, construction, and scope changes, with TenneT's escalating investments—reaching €7.7 billion in 2023 and over €10 billion in 2024—reflecting mounting pressures from these timelines. Delays have indirectly amplified financial strains, including a €100 million loss in one reporting period linked to debt and interest from deferred expansions.

Failed Privatization Efforts

In June 2024, TenneT terminated negotiations with KfW, the German state-owned development bank, for the full acquisition of its German subsidiary, citing Germany's budgetary constraints as the primary reason for the collapse. The proposed transaction aimed to transfer ownership of TenneT Germany's extensive high-voltage grid, spanning over 14,000 kilometers, to alleviate the Dutch government's financial strain from the unit's €25 billion-plus investment backlog in grid expansions for the energy transition. The failure was expected to result in a €1.6 billion shortfall for the Dutch treasury, as the deal would have generated proceeds to offset state guarantees and loans extended to TenneT Holding. The breakdown highlighted tensions in cross-border infrastructure ownership, with TenneT emphasizing its commitment to proceed with investments despite the setback, while exploring alternative financing such as capital market access. German officials confirmed inability to proceed due to fiscal limitations under the debt brake rules, underscoring broader challenges in funding national grid upgrades amid competing priorities like defense spending. This episode represented an initial step in broader Dutch efforts to restructure TenneT Germany's funding, including considerations of partial private equity infusions or an IPO, though subsequent paths shifted away from full state-to-state transfer. Critics, including Dutch fiscal watchdogs, argued that the reliance on such divestiture attempts exposed vulnerabilities in TenneT's state-backed model, where massive capital needs—projected at €80 billion through 2037 for the German operations alone—strained national budgets without yielding timely relief. The aborted deal also fueled debates on whether retaining full Dutch control over foreign assets complicated regulatory approvals and financing, potentially delaying offshore wind integrations and HVDC projects critical to Europe's decarbonization goals.

Policy-Driven Expansion Burdens

TenneT faces significant financial and operational burdens from policy mandates in Germany and the Netherlands requiring accelerated grid expansions to integrate renewable energy sources, particularly offshore wind, as part of the German Energiewende and Dutch energy transition goals. These policies obligate TenneT to construct extensive high-voltage direct current (HVDC) connections and onshore reinforcements to transport electricity from northern wind farms to southern consumption centers, irrespective of immediate economic viability or permitting timelines. In 2024, TenneT recorded an accounting loss of €976 million under IFRS, largely attributable to elevated grid stabilization costs incurred to manage the variability of renewable generation. The scale of required investments underscores the strain, with TenneT allocating €10.6 billion in 2024 to onshore and offshore grid projects—a 38% rise from 2023 levels—driven by legal requirements to connect approved renewable capacities. Long-term projections indicate needs exceeding €200 billion by 2034 across both countries to fulfill these mandates. Such expenditures, financed primarily through regulated tariffs, have prompted liquidity concerns, leading the Dutch government to divest a 46% stake in TenneT's German operations to a consortium of investors for up to €9.5 billion in September 2025, explicitly to bolster funding for grid enhancements. Operational challenges compound the financial pressures, as policy-driven timelines clash with regulatory hurdles, resulting in delays and cost overruns for projects like North Sea converter platforms and HVDC lines. For instance, grid congestion in the German North Sea has curtailed wind production yields, exacerbating the need for further investments while highlighting inefficiencies in the mandated expansion pace. Critics, including analyses from Germany's economy ministry, question whether the full scope of planned expansions remains justified amid evolving energy demands, such as reduced reliance on distant imports and improved efficiency measures, potentially rendering some infrastructure uneconomic. These burdens are ultimately passed to consumers via elevated grid fees, with Dutch grid congestion alone estimated to impose annual economic costs of up to €35 billion.

Impact and Future Directions

Contributions to Energy Security and Transition

TenneT has significantly advanced the energy transition in the Netherlands and Germany by developing offshore grid connections to integrate renewable energy from North Sea wind farms. The company operates as a transmission system operator (TSO) responsible for connecting over 18.8 GW of offshore wind capacity through 12 grid connection systems planned for delivery by 2031, enabling the transmission of variable renewable generation to onshore grids. This infrastructure supports national targets for expanding wind power, with projects like the 2 GW LanWin2 connection initiating construction in September 2025 to supply sustainable energy to millions of households. In the first half of 2025, TenneT invested €5.5 billion in grid expansion and optimization initiatives, contributing to a projected total of €200 billion by 2034 to accommodate rising renewable integration and electrification demands. These efforts include high-voltage direct current (HVDC) technologies for efficient long-distance transmission, as evidenced by a 2023 framework agreement with Nexans for turnkey projects linking offshore wind farms. Cross-border initiatives, such as the proposed LionLink interconnector with National Grid, aim to simultaneously connect offshore wind to the UK and Dutch markets, enhancing regional renewable sharing. For energy security, TenneT maintains grid stability by balancing electricity generation and consumption in real-time across its 25,000 km high-voltage network serving 43 million people. Measures include piloting blockchain-enabled distributed storage and EV charging for ancillary services, alongside investments in grid reinforcement to mitigate congestion and supply risks projected post-2030. Interconnectors facilitate import-export balancing, reducing reliance on domestic fossil fuels during peak demand or low renewable output, thereby bolstering supply resilience amid the transition. In 2025, equity funding of €9.5 billion for German operations underscores commitments to reliable infrastructure amid expansion pressures.

Ongoing Challenges and Innovations

TenneT faces persistent grid congestion in the Netherlands, where expanding demand from electrification and renewables exacerbates bottlenecks, with mitigation measures potentially adding €400 million in annual costs. Regulatory and permitting delays continue to hinder timely expansion, as evidenced by the Dutch government's postponement of decisions on TenneT Germany's future until September 2025, amid projections of costs reaching €11 billion for necessary infrastructure upgrades. These challenges are compounded by the need to integrate variable offshore wind output, which strains existing capacity and requires synchronized onshore reinforcements that often lag behind deployment targets. In response, TenneT has escalated investments to €5.5 billion in the first half of 2025, focusing on both onshore and offshore projects to accelerate expansion while optimizing existing grid utilization through targeted initiatives. This follows a 38% year-over-year increase to €10.6 billion in total 2024 expenditures, driven by government-mandated ambitions for renewable integration. Such financial commitments highlight the capital-intensive nature of maintaining reliability amid policy-driven growth, with innovations in project delivery methods like modular construction for 380 kV substations and pylons aimed at reducing timelines for large-scale onshore upgrades. Key innovations center on enhancing offshore wind integration, including the North Sea Wind Power Hub consortium's efforts to cluster far-offshore farms for efficient, large-scale connection beyond coastal zones. TenneT's "shop-window" demonstration projects test safe system integration of wind and solar variability, informing broader deployment strategies. Technological advancements, such as partnerships for optical networks on offshore platforms—expected operational by 2029—improve data-driven control and HVDC conversion for up to 2 GW per hub, addressing transmission losses over long distances.

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