EnBW reported a 30% decline in profitability for its renewable energies division in 2024, primarily due to lower earnings from pumped storage power plants. The company’s adjusted EBITDA for the division was approximately €1.2 billion.
Since 2024, pumped storage facilities have been included in the renewable energies segment, as they meet the EU Taxonomy’s criteria for environmental sustainability. EnBW attributed the reduction in earnings to the normalization of the exceptional price levels for electricity from these power plants.
The company also emphasized that the shift toward a climate-friendly, decarbonized energy future requires substantial investment. In 2024, EnBW invested approximately €6.2 billion, marking a nearly 30% increase compared to the previous year. Around 85% of this investment was directed towards growth projects, including the 960 MW He Dreiht offshore wind farm and the development of hydrogen-ready, flexibly dispatchable gas power plants.
Additionally, EnBW has focused on expanding its electricity distribution and transmission grids, with key projects under its subsidiary TransnetBW.
EnBW CEO Georg Stamatelopoulos highlighted the company’s diverse portfolio, stating, “Our broad portfolio is what makes us successful. In the 2024 fiscal year, we achieved solid results that will enable us to continue our investment program. We always keep an eye on the overall system, understand every link in the value chain and are involved in almost every aspect of the energy industry.”
Stamatelopoulos also reaffirmed EnBW’s commitment to a carbon-neutral electricity sector by 2040, balancing affordability, climate change mitigation, and security of supply. He added, “The goal is clear: The electricity sector is to be carbon-neutral by 2040, with EnBW making a significant contribution.”
The company reported that renewables now account for nearly 59% of its installed generation capacity, surpassing its 2025 target of 50% ahead of schedule. This increase in renewable energy is contributing to a 15% reduction in carbon intensity of electricity generation compared to the previous year.
EnBW’s CFO, Thomas Kusterer, emphasized the importance of stable earnings to drive the company’s green transformation. He stated, “The stable earnings are important in order to successfully drive the green transformation of our portfolio. We currently have over 1.5GW of renewable energy under construction and are investing heavily in the expansion of the transmission and distribution grids.”
Kusterer further noted that EnBW’s diversified portfolio helps the company weather market fluctuations, ensuring resilience and balanced risk across its operations.
