The transmission system operator 50Hertz has restructured its organizational setup to effectively tackle the demanding investment and construction program anticipated in the coming years. This restructuring entails expanded and new responsibilities at the management level.
Stefan Kapferer, Chairman of the Management Board, stated, “We are now entering a new phase of the company. We are building and investing more than ever before, and we must climb the steep summit towards our 100 percent renewable energy target. This requires bundling of expertise and more efficient implementation processes.”
Responsibilities for all onshore and offshore grid expansion projects have been transferred to Marco Nix, who, as Chief Finance and Investment Officer (CFO), is now responsible for both financing and implementing the new line construction projects and the majority of the CAPEX volume. Dr. Dirk Biermann, as Chief Operations Officer (COO), oversees both network operation and system management, as well as network planning, assets, customer management, and electricity trading. This consolidation brings together areas that ensure reliable and secure electricity transport from both technical and market perspectives.
As Chief Corporate Officer (CCO), Labor Director Sylvia Borcherding has assumed responsibility for competence centers in addition to her existing duties in personnel management and corporate governance. These competence centers, focusing on Nature Conservation & Permits as well as Technical Planning & Implementation, aim to provide the necessary expertise for grid expansion projects. In CEO Stefan Kapferer’s business area, in addition to corporate strategy, regulation, legal affairs, communication & politics, the fields of energy economics and portfolio management have been established.
In addition, it’s worth noting the significant role that 50Hertz plays in the development of offshore wind energy. In February, BalticWind.EU reported on 50Hertz receiving planning approval decisions for the Ostwind 3 offshore route. These authorizations were granted for the grid connection of the Windanker offshore wind farm in territorial waters and in the Exclusive Economic Zone (EEZ).
The Ostwind 3 project serves as the grid connection for the planned Windanker offshore wind farm, situated northeast of the island of Rügen. Upon completion, this wind farm will have the capacity to inject 300 megawatts (MW) into the 50Hertz extra-high-voltage grid via onshore and offshore cables.
Moreover, 50Hertz’s holding company Eurogrid successfully placed Green Bonds with a total volume of 1.5 billion euros. These funds, secured through the issuance of the third and fourth Green Bonds, mark the highest bond amount in the company’s history. The proceeds from these bonds will be used to finance selected projects on land and at sea aimed at enhancing the integration and transportation of additional amounts of renewable electricity.
Marco Nix, CFO at 50Hertz, emphasized the significance of these green bonds in supporting the company’s sustainability-oriented corporate strategy. He stated, “The confidence of the financial markets in the sustainability-oriented corporate strategy of 50Hertz and the Elia Group as the main shareholder of Eurogrid remains high. These green bonds will allow us to finance a significant proportion of our investment volume this year.”
The projects financed through these Green Bonds align with the EU’s action plan to mitigate climate change and contribute to 50Hertz’s corporate strategy of achieving “100% by 2032,” wherein electricity consumption in the grid area can be covered entirely by renewable energies over the course of the year. Importantly, the Green Bond adheres to the principles of the International Capital Markets Association (ICMA).
50Hertz operates the power transmission grid in northern and eastern Germany and is expanding it in line with the requirements of the energy transition. The high-voltage grid spans over 10,000 kilometers, equivalent to the distance from Berlin to Rio de Janeiro. Encompassing federal states such as Brandenburg, Mecklenburg-Vorpommern, Saxony, Saxony-Anhalt, and Thuringia, along with the city-states of Berlin and Hamburg, 50Hertz ensures the uninterrupted power supply for 18 million people with around 1,800 employees.
Source: 50 Hertz & BalticWind.EU
