E.ON Announces Significant Increase in Investments for Energy Transition

E.ON SE revealed plans to boost its investments in the energy transition across Europe, with the investment amount increasing from €33 billion to €42 billion for the period from 2024 to 2028. This investment will predominantly focus on energy networks and infrastructure solutions. The increase underscores E.ON's commitment to contributing significantly to a secure, competitive, and sustainable energy system in Europe.

The company reported surpassing its forecast for the 2023 financial year, with adjusted Group EBITDA reaching €9.4 billion and adjusted Group net income hitting €3.1 billion. CEO Leonhard Birnbaum attributed this strong performance to the company's effective operation and successful investment and growth strategy. E.ON also plans to meet the rapidly growing demand for energy infrastructure by making massive investments in this area.

Notably, the company hired about 3,000 additional employees, enhancing its operational capacity. The major focus areas for investment include the expansion, modernization, and digitalization of network infrastructure alongside energy infrastructure solutions aimed at decarbonizing business customers, cities, and communities. With over 70% of the investments targeted within Germany, E.ON is positioned as a leading entity in Europe's energy transition efforts.

Looking ahead, E.ON expects adjusted Group EBITDA for the financial year 2024 to range between €8.8 to €9.0 billion and adjusted Group net income to be between €2.8 to €3.0 billion. Additionally, a dividend increase to €0.53 per share for 2023 has been proposed. This reflects E.ON's optimistic outlook and dedication to playing a pivotal role in Europe's shift towards sustainable energy.