Hubbry Logo
EnBWEnBWMain
Open search
EnBW
Community hub
EnBW
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
EnBW
EnBW
EnBW
View on Wikipedia
from Wikipedia

EnBW Energie Baden-Württemberg AG, or simply EnBW, is a publicly traded energy company headquartered in Karlsruhe, Germany.

Key Information

History

[edit]

Foundation and development

[edit]

EnBW came into existence on 1 January 1997 as a result of the merger between two energy companies from Baden-Württemberg, Badenwerk AG and Energie-Versorgung Schwaben AG (EVS).[2] Subsequently, on 1 October 2003, EnBW further merged with Neckarwerke Stuttgart AG.[3]

Strategic reorientation and expansion of renewable energy activities

[edit]

In March 2012, Frank Mastiaux was appointed as the new CEO of EnBW.[4] At the end of 2012, in response to the nuclear power phase-out and the energy transition, Mastiaux announced a strategic reorientation.[5] The proportion of renewable energy sources in EnBW's energy mix was to increase from 12% to 40% by 2020.[6] The figure of 40.1% was reached in 2021.[7] Much of this was to be achieved by expanding wind power: with 1,016 MW onshore and 975 MW offshore,[8] EnBW is now one of the leading wind farm developers and operators in Germany.[9]

Between 2020 and 2025, the company plans to invest over €5 billion in the further expansion of renewable energy generation and aims to operate onshore and offshore wind farms with a total capacity of at least 4,000 MW.[10] EnBW's first offshore wind farm – EnBW Baltic 1, comprising 21 wind turbines in the Baltic Sea – went into operation in 2011. This was followed in early summer 2015 by the 80-turbine EnBW Baltic 2 offshore wind farm, a stake in which had already been sold to Australian investment group Macquarie for €720 million in January 2015.[11] In early 2020, the EnBW Hohe See and Albatros wind farms with a total of 87 turbines and 609 MW capacity went into operation in the North Sea. In 2017, EnBW won bidding for the right to construct its third North Sea wind farm, the 900 MW EnBW He Dreiht, which is unsubsidised and is scheduled for completion in 2025.[12] In January 2019, EnBW acquired seven wind farms in Sweden with a total of 51 turbines and an installed capacity of 105 MW.[13]

EnBW also plans to expand its grids business and make various divestments. An important growth market is Turkey, where EnBW's focus is on hydroelectric power stations and wind farms.[14]

In 2017, EnBW began expanding its electric mobility, photovoltaics and distributed energy generation activities:

In electric mobility, EnBW has collaborated since March 2017 with Tank & Rast, an operator of service areas along the German autobahn network, to expand the provision of charging points for electric vehicles.[15] EnBW provides the EnBW mobility+ app, which combines a charging point locator with payment options and covers Germany, Austria, Switzerland, France, Italy and the Netherlands.[16] According to an independent study by P3, Cirrantic and Theon Data,[17] EnBW has the largest charging network spanning Germany, Austria and Switzerland. In 2020, the company extended its market leadership in fast charging to Austria by entering into a joint venture with SMATRICS called SMATRICS EnBW.[18] In April 2021, EnBW announced plans to open Europe's biggest public fast charging park for electric vehicles by the end of the year.[19]

In photovoltaics and distributed energy generation, EnBW aims to expand photovoltaic generating capacity to 1,200 MWp by 2025, mainly in Germany but also in selected markets elsewhere.[7] In this connection, EnBW is building Germany's largest unsubsidised solar farm with an area of 164 hectares in Brandenburg[20] and in March 2018 acquired Senec, a Leipzig-based manufacturer of home solar battery storage systems.[21]

In March 2023, EnBW announced that it intends to end coal usage by 2028.[22]

In August 2023, it was announced EnBW had acquired a 10% equity stake in a renewable ammonia production plant developed by Norwegian company Skipavika Green Ammonia (SkiGA).[23]

Internationalisation of renewable energy activities

[edit]

The EnBW 2025 Strategy includes selective internationalisation of the company's renewable energy activities.[24] EnBW has a presence in Denmark through its subsidiary Connected Wind Services and in Sweden in the form of EnBW Sverige. In June 2019, EnBW completed the acquisition of Valeco, France.[25] The company has a renewable energy joint venture in Turkey in partnership with Borusan. EnBW has also opened offices of its own in Taiwan[26] and the United States[27] in order to bid in offshore wind auctions. Early in 2021, EnBW and BP jointly won an auction for rights to develop offshore wind farms in two adjacent areas of the Irish Sea.[28]

Transmission grid

[edit]

In 2023, EnBW sold around a quarter of its high-voltage transmission grid TransnetBW to a savings banks-led consortium for around 1 billion euros ($1.1 billion).[29] Also in 2023, state-owned KfW acquired a 24.95% minority stake in TransnetBW, firming up its grip on critical energy infrastructure in a bid to speed up the country's energy transition.[30]

Sports sponsorship

[edit]

EnBW was the main sponsor of football clubs VfB Stuttgart[31] and Karlsruher SC[32] for several years until 2010 and continues to sponsor both clubs at a lesser level.

Structure

[edit]
EnBW headquarters in Karlsruhe

Shareholders

[edit]

The two principal shareholders of EnBW are NECKARPRI-Beteiligungsgesellschaft mbH (itself fully owned by the state of Baden-Württemberg) and Oberschwäbische Elektrizitätswerke (OEW, owned by local municipalities), each of which hold a 46.75% ownership interest.[33]

Board of Management

[edit]

The Board of Management (Vorstand) of the EnBW holding company consists of Andreas Schell (Chief Executive Officer since 15 November 2022), Colette Rückert-Hennen (Chief Human Resources Officer), Thomas Kusterer (Chief Financial Officer), Dirk Gusewill (Chief Operating Officer Critical Infrastructure) and Georg Stamatelopoulos (Chief Operating Officer Generation).[34]

Figures

[edit]

EnBW has around 5.5 million customers[35] and is the third-largest energy company in Germany.[36] With a workforce of 26,980, EnBW generated revenue of €56,0 billion in 2022.[7]

Carbon intensity

[edit]
Year Generation portfolio[8]

electrical output in MW

CO2 Intensity in g/kWh
2018 13,387 553
2019 13,849 419
2020 12,486 342
2021 12,722 478
2022 13,066 491

Facilities

[edit]
Philippsburg Nuclear Power Plant

Nuclear power plants

[edit]

Conventional power plants

[edit]

Source:[37]

Rheinhafen-Dampfkraftwerk Karlsruhe

Renewable energy sources: hydropower

[edit]

Source:[38]

Renewable energy sources: offshore wind farms

[edit]

Source:[39]

Renewable energy sources: onshore wind farms

[edit]

Source:[40]

Wind farms and wind power projects in Baden-Württemberg:

  • Aalen-Waldhausen
  • Ahaberg
  • Bad Wildbad
  • Burgholz
  • Bühlertann
  • Dünsbach
  • Fichtenau
  • Goldboden-Winterbach
  • Grömbach
  • Hasel
  • Häusern
  • Königsbronn
  • Kupferzell-Goggenbach
  • Langenburg
  • Oppenau/Lautenbach
  • Rosenberg Süd
  • Rot am See-Hausen am Bach
  • Tautschbuch
  • Veringenstadt

Wind farms in other German states:

  • Auf der weißen Trisch (Saarland)
  • Bad Nauheim (Hesse)
  • Buchholz III (Lower Saxony)
  • Derental (Lower Saxony)
  • Eisenbachhöhen (Rhineland-Palatinate)
  • Eppenrod (Rhineland-Palatinate)
  • Freckenfeld (Rhineland-Palatinate)
  • Hüttersdorf (Saarland)
  • Kahlberg (Hesse)
  • Kannawurf (Thuringia)
  • Lauenförde (Lower Saxony)
  • Primsbogen (Saarland)
  • Reinstädt (Thuringia)
  • Schalksmühle (North Rhine-Westphalia)
  • Schulenburg III (Lower Saxony)
  • Schwienau III (Lower Saxony)
  • Silberberg (Hesse)
  • Steinheim (North Rhine-Westphalia)
  • Webenheim (Saarland)
  • Vierherrenwald (Rhineland-Palatinate)

Wind farms in other countries:

  • Råmmarehemmet (Sweden)
  • EnBW also has stakes in onshore wind farms in France through its subsidiary Valeco

Renewable energy sources: solar power

[edit]

Source:[41]

Solar farms in operation:

  • Aitrach (1.5 MW)
  • Berghülen (2.7 MW)
  • Birkenfeld (5.8 MW)
  • Eggesin (10 MW)
  • Ingoldingen (4.3 MW)
  • Inzigkofen (7.5 MW)
  • Kenzingen (2.6 MW)
  • Krautheim (0.5 MW)
  • Leibertingen (2.1 MW)
  • Leibertingen II (5 MW)
  • Leutkirch (5 MW)
  • Leutkirch II (2.9 MW)
  • Leutkirch III (0.75 MW)
  • Lindendorf (6.9 MW)
  • Löffingen (2.7 MW)
  • March-Neuershausen (0.9 MW)
  • Müssentin (9.3 MW)
  • Ochsenberg/Königsbronn (10 MW)
  • Torgau (4.9 MW)
  • Tuningen (4.5 MW)
  • Ulm-Eggingen (6.5 MW)
  • Zwiefaltendorf (5.2 MW)

Solar farms in development:

  • Langenenslingen-Wilflingen
  • Maßbach
  • Sophienhof
  • Ulrichshof
  • Weesow-Willmersdorf
  • Welgesheim

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

EnBW

View on Grokipedia
from Grokipedia

EnBW Energie Baden-Württemberg AG is a German integrated energy utility company headquartered in Karlsruhe, engaged in the generation, transmission, distribution, and retail supply of electricity and natural gas, alongside services in district heating, water, and electromobility.
Formed on 1 January 1997 through the merger of Badenwerk AG and Energie-Versorgung Schwaben AG, EnBW has evolved into one of Germany's largest energy providers, with operations extending beyond Baden-Württemberg to other parts of Europe.
Majority-owned by the state of Baden-Württemberg along with municipal associations and stable public entities, the company reported external revenue of €14.1 billion in 2024, adjusted EBITDA of €4.9 billion, approximately 28,600 employees, and serves millions of customers while investing heavily in renewable energy infrastructure and grid expansion amid Germany's energy transition.
EnBW's portfolio includes significant capacities in onshore and offshore wind, solar, and hydroelectric power, reflecting its strategic shift from traditional fossil and nuclear sources following national phase-outs, though this transition has entailed substantial capital expenditures and exposure to volatile wholesale energy markets.

History

Foundation and Early Expansion

EnBW Energie Baden-Württemberg AG was founded on August 20, 1997, through the merger of Badenwerk AG and Energie-Versorgung Schwaben AG (EVS), two leading regional electricity utilities operating in Baden-Württemberg. This consolidation created one of Germany's largest integrated energy companies at the time, combining generation, distribution, and supply operations across . The predecessors traced their origins to earlier entities: Badische Elektrizitätsversorgungs AG, which evolved into Badenwerk and was established in , and EVS, founded in 1939. Post-merger, EnBW pursued rapid expansion to capitalize on Germany's emerging liberalized . Its shares began trading publicly on the in October 1997, facilitating access to capital markets and supporting infrastructure investments. By 1999, the company launched Yello Strom GmbH as a dedicated sales arm to offer discounted electricity tariffs, targeting household and commercial customers amid increased competition following directives on market opening. Early growth also involved internal restructuring for efficiency, such as the July 1999 retroactive merger of former EVS subsidiaries into EnBW Ostwürttemberg DonauRies AG, streamlining operations in eastern Baden-Württemberg. These steps positioned EnBW to serve over 5 million customers initially, with a focus on regional dominance in and gas supply while laying groundwork for broader portfolio diversification.

Adaptation to Nuclear Phase-Out and Energiewende

In response to Germany's 2011 decision to accelerate the nuclear phase-out following the Fukushima disaster, EnBW promptly developed a dismantling strategy for its nuclear portfolio, which included stakes in plants such as Neckarwestheim, , and Obrigheim. This policy shift, embedded within the broader framework emphasizing expansion and emissions reductions, compelled EnBW to decommission facilities progressively, with units 1 and 2 shutting down in 2011 and 2019, respectively, Obrigheim in 2005 (earlier under prior phase-out plans), and Neckarwestheim 2—the company's final reactor—permanently offline on April 15, 2023. EnBW secured necessary decommissioning permits, including for Neckarwestheim 2 in April 2023, initiating full dismantling processes projected to span decades and cost billions, funded partly through provisions and government mechanisms. The nuclear exit exacerbated EnBW's vulnerabilities, as the utility derived a significant portion of its baseload generation from atomic power and lacked the diversified non-nuclear assets of competitors like or , prompting immediate cost reductions, asset impairments exceeding €2 billion in 2011, and a pivot toward renewables to mitigate losses amid rising wholesale prices volatility. EnBW's adaptation strategy integrated imperatives by reallocating capital from to onshore and offshore wind, solar, and storage, targeting 75-80% renewable capacity share by 2030 from approximately 60% in mid-2025. This included a €50 billion investment commitment through 2030—its largest ever—for grid upgrades, renewable buildout, and flexibility solutions like batteries, supported by a €3.6 billion capital increase completed in 2025. Key projects underscore this transition: EnBW is constructing a 400 MW battery system at the decommissioned site to store intermittent renewable output, without state subsidies, enhancing grid stability in . In September 2025, it commissioned a 58 MW solar component within a hybrid park in the same region, combining with existing infrastructure for optimized output. Offshore efforts, such as stakes in Baltic and projects, further diversified generation, though EnBW advocated for regulatory reforms to ensure grid investments yield adequate returns amid Energiewende-driven infrastructure demands. These measures align with EnBW's Science-Based Targets initiative-approved climate plan, projecting net-zero operations by 2040, yet face scrutiny over Energiewende's empirical challenges, including elevated energy costs and fossil fuel bridging needs during renewable scaling.

Internationalization and Renewable Focus

EnBW's strategic pivot toward renewables intensified following Germany's nuclear phase-out, with the company committing to expand its renewable capacity from approximately 5 GW in 2020 to 6.5–7.5 GW by 2025, aiming for a 50% share of its generation portfolio from renewables. This shift aligned with the policy, emphasizing , solar, and emerging hydrogen infrastructure, supported by a €40 billion investment plan through 2030 focused on renewable expansion and grid modernization. By , EnBW invested €6.2 billion, with 85% directed toward growth projects including renewables, marking a 30% increase from the prior year. Internationalization efforts under EnBW's 2025 Strategy emphasized selective expansion in , targeting while pursuing opportunities in for offshore wind. In June 2019, EnBW acquired VALECO, a French developer and operator of wind and solar farms, enhancing its European footprint in and onshore wind. The company secured a 37.5% stake in three offshore wind projects in totaling around 2,000 MW potential capacity, partnering later with for the Formosa 3 project to advance development. Additional moves included a 10% equity stake in the Skipavika Green Ammonia project in in 2023, focusing on . By 2025, EnBW adjusted its approach to prioritize European offshore wind, divesting North American assets to to streamline operations amid regulatory and market challenges abroad. This refocus supported a broader €50 billion investment framework from 2025 to 2030, allocating 75–80% to renewables and , with ambitions to achieve 42.5–45% in its portfolio by 2030. Acquisitions spanned 10 deals across four countries, predominantly in renewables, underscoring a targeted global diversification while anchoring in European infrastructure.

Corporate Governance

Ownership Structure

EnBW Energie Baden-Württemberg AG maintains a highly stable ownership structure dominated by public entities tied to the German state of . The two largest shareholders each hold 46.75% of the company's shares: the State of directly and the Zweckverband Oberschwäbische Elektrizitätswerke Oberschwaben (OEW), a of regional municipal utilities. Additional holdings by Baden-Württemberg municipal associations bring ownership to approximately 98% of total shares, with the remaining free float comprising less than 2% available to private investors. This concentrated structure underscores EnBW's origins as a regionally focused , with the state and municipal entities ensuring alignment with local objectives, including the transition to renewables. The stability of these holdings has persisted despite EnBW's public listing on the since 1992, limiting market-driven ownership shifts. In October 2025, EnBW reported a reconfiguration of voting rights thresholds stemming from a revised among major owners, effective October 10, potentially streamlining on strategic investments without modifying underlying share percentages. This adjustment reflects ongoing efforts to adapt to the company's expanding role in and renewable projects amid Germany's landscape evolution.

Management and Leadership

The Management Board (Vorstand) of EnBW AG consists of five members jointly responsible for the company's operations, with decisions made collectively under the leadership of the Chairman. Dr. Georg Stamatelopoulos serves as Chairman of the Management Board and , a position he assumed on March 8, 2024, following the Supervisory Board's acceptance of Andreas Schell's resignation. Born in in 1970, Stamatelopoulos holds a in and oversees strategy, , corporate development, communications, and government relations. Under his leadership, EnBW has emphasized accelerated investments in infrastructure, including a €3.1 billion capital increase completed in July 2025 to fund grid expansion and generation projects. Thomas Kusterer acts as Deputy Chairman, , and head of the finance division, managing financial strategy, , and controlling. In August 2025, Kusterer highlighted the company's stable first-half results amid high investment phases, urging policy support for funding. Dirk Güsewell, for system-critical and customers, directs network operations, customer solutions, and sales. Colette Rückert-Hennen serves as Labor Director and , handling personnel, legal affairs, and compliance since July 2019. Peter Heydecker manages sustainable generation , focusing on renewable and low-carbon assets. The board's composition reflects EnBW's shift toward renewables and grid resilience, with redistributed responsibilities effective July 2024 to enhance and in competitive markets. Compensation structures, approved by shareholders in May 2024, tie executive pay to performance metrics like EBITDA and sustainability targets.

Financial Performance and Metrics

In 2024, EnBW reported external revenue of €34.5 billion, a decline of 22.3% from €44.4 billion in 2023, attributable to the normalization of wholesale and gas prices after peak levels during the 2022-2023 triggered by the Russia-Ukraine conflict. Adjusted EBITDA reached €4.9 billion, aligning with prior guidance and comprising 70.7% from low-risk earnings sources such as regulated network operations and stable customer contracts, an increase from 55.3% in 2023. This metric reflects the company's strategic shift toward predictable revenue streams amid volatile commodity markets. Group net profit for 2024 was €1.82 billion, nearly identical to €1.83 billion in 2023, supported by cost controls and contributions from segments despite lower trading margins. Gross investments totaled €6.2 billion, directed primarily toward renewable generation capacity additions and grid enhancements to support Germany's transition. Retained remained robust, enabling sustained capital expenditures without immediate strains, though the company pursued a €3.1 billion capital increase in to fund long-term growth targets exceeding €50 billion by 2030. The following table summarizes key financial metrics for recent years, highlighting the impact of market volatility:
YearExternal Revenue (€ billion)Adjusted EBITDA (€ billion)Group Net Profit (€ billion)
202256.5¹4.01.7
202344.46.41.5
202434.54.91.8
¹Includes electricity and energy taxes.

Energy Operations

Nuclear Facilities and Decommissioning

EnBW historically operated five pressurized water reactors across three sites in : Obrigheim (KWO, 340 MW, shut down May 11, 2005), Neckarwestheim 1 (GKN I, 740 MW, shut down August 17, 2011), Neckarwestheim 2 ( II, 1,310 MW, shut down April 15, 2023), Philippsburg 1 (KKP 1, 890 MW, shut down August 9, 2011), and Philippsburg 2 (KKP 2, 1,399 MW, shut down April 15, 2023). These facilities contributed significantly to EnBW's generation capacity until 's nuclear phase-out, mandated under the 2011 Atomgesetz and finalized with the 2023 shutdowns. EnBW adopted a direct dismantling strategy for all units, bypassing extended safe enclosure periods to expedite decommissioning and site repurposing, beginning with Obrigheim in 2008. By 2025, Obrigheim's dismantling is complete, while Neckarwestheim I and have undergone substantial disassembly, with EnBW claiming its portfolio as the first fully addressed by an operator—though and KKP 2 remain in early stages. The Baden-Württemberg Ministry of the Environment granted decommissioning permits for in April 2023 and earlier, with EnBW projecting 10-15 years for full dismantling of the later units under atomic law. Fuel management includes transferring assemblies from Philippsburg units to on-site interim storage by April 2023, with similar processes underway at Neckarwestheim. Post-decommissioning, sites are eyed for renewable integration, such as a proposed 400 MW/800 MWh battery at Philippsburg to store wind and solar output, reflecting EnBW's shift to Energiewende-aligned infrastructure. Costs, estimated in billions, are partly offset by a 2021 government compensation agreement for phase-out losses, totaling €2.4 billion for EnBW alongside other operators, following Constitutional Court rulings on fair remuneration. EnBW has emphasized technical feasibility limits prevent runtime extensions, aligning with the irreversible phase-out despite energy security debates.

Conventional Generation Assets

EnBW's conventional generation assets encompass gas-fired combined and power (CHP) plants and sites transitioning from coal-fired operations, aligned with Germany's mandate targeting 2030, though EnBW aims for completion by 2028. These assets provide dispatchable power and , with a strategic shift toward hydrogen-ready facilities to reduce CO2 emissions by up to 55% initially via substitution and enable future operation from the mid-2030s. Investments totaling approximately €1.6 billion support conversions at key sites, yielding around 1.5 GW of hydrogen-ready gas capacity by 2027, including combined cycle gas turbine (CCGT) and open cycle gas turbine (OCGT) units. Remaining coal capacity is minimal and slated for decommissioning, with no new plants planned beyond transitional gas infrastructure. Major fuel-switch projects include the Altbach/Deizisau site, where a new CCGT plant with 680 MW electrical output is under construction to replace units, operational on initially and convertible to . Similarly, the CHP plant features a new gas-fired unit delivering 675 MW electrical and 190 MW thermal output, supporting while phasing out prior generation. At Stuttgart-Gaisburg, a 2019 replacement of with gas-fired systems includes a modern CHP setup producing 31.2 MW electrical and 175 MW thermal , augmented in 2025 by a hydrogen-ready gas turbine plant with 124 MW electrical and 370 MW thermal capacity at the adjacent Stuttgart-Münster site for resilient supply. The Walheim , historically coal- and oil-fired with up to 380 MW capacity, has seen Unit 1 retire in July 2024, while Block 2 operates as grid reserve until March 2025 before full decommissioning; plans for a sewage sludge CHP replacement focus on rather than fossil fuels. EnBW also maintains smaller reserve and peaking gas plants, contributing to grid stability amid renewable , though exact aggregate fossil capacity post-2025 remains transitional and below 2 GW as exits. These assets underscore EnBW's role in balancing decarbonization with , prioritizing sites with existing for efficient repowering.
Plant/SiteLocationElectrical Capacity (MW)Primary FuelStatus/Plans
Altbach/Deizisau CHP680 (H2-ready)Under construction; replacement by 2026, H2 conversion mid-2030s
Heilbronn CHP675 (H2-ready)New build operational; phased out, H2 from 2035
Stuttgart-Gaisburg/31.2 (CHP) + 124 (turbine) (H2-ready)Operational since 2019/2025; replaced, H2-capable
Walheim~136 (remaining)/oil (phasing to none)Decommissioning complete by 2025; no fossil successor

Renewable Energy Portfolio

EnBW's renewable energy portfolio, as of the end of 2024, totals approximately 6.6 gigawatts (GW) of installed capacity, accounting for 59% of the company's overall generation capacity. This expansion reflects EnBW's strategic shift toward amid Germany's , with investments prioritizing wind and solar alongside established hydro assets. Wind power forms a core component, with offshore capacity at around 1 GW from operational projects such as Baltic 1 (48 megawatts, MW), Baltic 2 (288 MW), Hohe See (522 MW), and Albatros (118 MW), supplemented by onshore installations totaling 1.3 GW as of mid-2024. Key developments include the He Dreiht offshore wind farm (960 MW), with first installation in April 2025 and full commissioning targeted for December 2025, and the planned Dreekant project (1 GW) expected online by 2031-2032. EnBW aims to reach 4 GW in total wind capacity by 2025, including international onshore assets in exceeding 500 MW. Solar photovoltaic capacity stood at 1.2 GW by the end of 2024, driven by large-scale parks such as Weesow-Willmersdorf (187 MW) and Gottesgabe (153 MW), with recent additions like the 58 MW Gundelsheim hybrid park integrating PV with and battery storage (2.25 megawatt-hours). contributes significantly, with run-of-river facilities at 982 MW (e.g., Iffezheim at 148 MW) and pumped storage at 2.062 GW (e.g., Schluchsee at 870 MW), providing flexible, dispatchable renewable output. Smaller and geothermal assets add 85 MW. EnBW's renewables generated about 63% of its electricity in 2024, underscoring their growing dominance despite variability challenges addressed through hydro storage and hybrid systems. The company plans to expand to 10-11.5 GW by 2030, targeting 75-80% renewables share via a €50 billion investment program focused on offshore wind (additional 5.9 GW in the UK), solar parks, and grid integration, while phasing out by 2028 en route to neutrality by 2035. International ventures, including Turkish hydro (50 MW) and solar (9 MW), diversify the portfolio but remain secondary to European operations.

Infrastructure and Networks

Transmission Grid Operations

TransnetBW GmbH, a majority-owned subsidiary of EnBW Energie Baden-Württemberg AG, operates the extra-high voltage (EHV) transmission grid serving the state of Baden-Württemberg. Following sales of minority stakes totaling 49.9% in 2023—one 24.95% share to Südwest Konsortium Holding GmbH in May and another to KfW (representing the German federal government) in November—EnBW retains 50.1% ownership while maintaining operational control. Established in 2012 to comply with EU unbundling requirements for transmission system operators (TSOs), TransnetBW manages electricity flows to ensure supply security for approximately 11 million residents, major industries, and interconnections with neighboring grids in Germany, France, Austria, and Switzerland. The grid spans 3,111 km of primarily overhead lines at 380 kV and 220 kV voltage levels, covering a 34,600 km² control area, with limited underground cabling (3 km EHV overhead equivalents). It includes 99 EHV connection points and 85 sub-EHV/high-voltage (S EHV/HV) substations, supported by transformer capacities of 5,870 MVA at EHV level and 21,030 MVA at S EHV/HV. Operations focus on real-time balancing of generation and consumption, facilitated by the system control center in Wendlingen, which monitors infeed from renewables (e.g., photovoltaic and wind), cross-border flows, and vertical loads to distribution networks. In 2023, the grid handled annual energy deliveries of 1,199 GWh at EHV and 35,726 GWh at S EHV/HV levels to customers. To address grid stability amid increasing renewable integration and phase-out of baseload nuclear and coal capacity, TransnetBW employs measures like the NOVA principle for upgrading 220 kV lines to 380 kV to enhance transmission capacity. EnBW-supported initiatives include the Marbach grid stabilization plant, a gas-fired facility operational since September 2024, dedicated exclusively to frequency control and voltage support rather than market dispatch. Additionally, a large-scale battery storage system at the Energy Park is planned, with TransnetBW providing grid connection capacity for energy storage and release by mid-2027. These efforts align with federal mandates for TSOs to maintain reliability during the transition, including expansion projects to integrate offshore wind and reduce bottlenecks.

Distribution and Smart Grid Initiatives

Netze BW GmbH, EnBW's primary distribution grid operator, manages approximately 145,100 kilometers of electricity distribution lines serving 4.4 million customers in and parts of neighboring regions, alongside gas distribution infrastructure. These networks connect local renewable generation, charging, and heating systems to the broader energy system, with a focus on accommodating fluctuating renewable inputs and rising demands. EnBW has pursued smart grid modernization through digitalization of metering operations and integration of advanced technologies, including the rollout of smart meters beginning in 2025 to enable exchange and demand-side management. Netze BW employs tools such as drones equipped with for 110 kV line monitoring and generative AI applications for on-site maintenance guidance, enhancing operational efficiency and predictive capabilities. In September 2024, EnBW acquired enersis , a specialist in digital twins for energy infrastructure, to bolster simulation and optimization of distribution assets in and . Key pilot projects include the NETZlabor initiative, which automates medium-voltage grid operations to improve resilience against outages and integrate decentralized renewables. Earlier efforts, such as the #NETZlive collaboration with , targeted sustainable enhancements to distribution grid intelligence and load balancing. EnBW's grid subsidiaries allocate around €1 billion annually to upgrades, including , as part of broader investments projected to reach up to €50 billion group-wide by 2030, with a portion dedicated to distribution expansion amid Germany's €150 billion national CAPEX forecast for distribution grids through 2037. These initiatives prioritize grid stability for the transition, though they face challenges from regulatory unbundling requirements and the need for standardized data protocols.

Role in German Energy Policy

Engagement with Energiewende

EnBW has positioned itself as a key participant in Germany's , the national policy framework aimed at transitioning to a low-carbon energy system through expansion, energy efficiency, and phase-out of nuclear and fuels. As one of Germany's major integrated utilities, EnBW emphasizes a holistic approach encompassing , grid modernization, and decentralized solutions to support the policy's goals of achieving climate neutrality by 2045. The company has committed substantial investments to align with objectives, announcing plans in May to allocate up to €50 billion by 2030 for projects and upgrades, marking its largest investment program to date. In alone, EnBW invested €6.2 billion, a nearly 30% increase from the prior year, with approximately 85% directed toward growth initiatives including renewables and grid expansion. These efforts target increasing EnBW's renewable generation capacity to 10-11.5 GW by 2030, while renewables are projected to comprise 75-80% of its installed generation capacity, up from around 60% in 2025. EnBW's renewable portfolio expansion under includes significant advancements in solar and wind, such as commissioning a 58 MW solar farm in in September 2025 as part of a hybrid energy park integrating storage. The company has also integrated battery storage into new solar parks since fall 2023, enhancing grid stability amid variable renewable output. Additionally, EnBW supports the transition's flexibility needs through projects like the April 2025 commissioning of a hydrogen-ready gas turbine at its Stuttgart-Münster site, enabling future operation on low-emission fuels to bridge gaps in intermittent renewables. In grid infrastructure, EnBW plays a pivotal role in by investing in transmission and distribution networks to accommodate rising renewable shares and electrification demands, such as electric vehicle charging infrastructure. Owned in part by the state of , which has pursued green policies, EnBW's strategy reflects adaptation to regulatory mandates, including the nuclear phase-out completed in 2023 and ongoing coal reduction targets, while prioritizing economic viability in a policy environment criticized for cost burdens on consumers.

Positions on Baseload Power and Reliability

EnBW has advocated for a balanced approach to Germany's , emphasizing that reliable baseload and dispatchable power sources remain essential to complement intermittent renewables and ensure grid stability, particularly during periods of low wind and solar generation known as Dunkelflauten. In its 2024 Climate Transition Plan, the company acknowledges the phaseout of —completed with the decommissioning of its Neckarwestheim II reactor in 2023—and accelerated coal exit targeted for 2028, but counters these losses by prioritizing flexible gas-fired plants convertible to operation as bridge technologies for controllable generation. These investments, including fuel-switch projects at and Altbach/Deizisau set for completion by 2026, are framed as critical for maintaining Versorgungssicherheit (supply security) while advancing decarbonization, with hydrogen readiness enabling future low-carbon baseload-like operation by the mid-2030s. CEO Georg Stamatelopoulos has repeatedly stressed the risks to reliability from policy inconsistencies, warning in 2025 that inadequate support for gas infrastructure could jeopardize security of supply amid ongoing and nuclear reductions. At the 2024 , he highlighted EnBW's €40 billion investment commitment through 2030—potentially rising to €50 billion—for renewables, grids, and dispatchable assets, underscoring that "secure supplies" require diversified sources beyond weather-dependent technologies. The company has critiqued narratives portraying renewables as inherently unreliable, countering claims of "Zufallsstrom" (random power) in a 2025 fact-check by asserting that expanded grid infrastructure, storage, and flexible plants can mitigate without reverting to phased-out or nuclear baseload. EnBW's positions align with calls for regulatory predictability to facilitate these transitions, as articulated by Kusterer in , who noted that volatile policies exacerbate affordability challenges and undermine long-term reliability. Despite ruling out a nuclear revival—dismantling all five of its former reactors—the firm is repurposing nuclear sites for battery storage, such as a proposed MW/800 MWh system at to store excess renewables and dispatch during peaks, thereby enhancing system inertia and frequency control. This strategy reflects EnBW's view that true reliability demands integrated solutions: renewables for volume, gas for flexibility, and infrastructure for resilience, rather than over-reliance on any single source.

Controversies and Criticisms

Economic Costs and Consumer Impacts

EnBW's efforts have imposed substantial financial strains, with the company facing annual impacts on of up to €375 million from dismantling processes at facilities such as Obrigheim, which ceased operations in 2005. These costs, borne by the utility as required under nuclear phase-out regulations, contribute to elevated operational expenses that regulators permit to be partially recovered through network tariffs and electricity pricing mechanisms. Critics argue that such pass-through effects exacerbate consumer burdens, as utilities like EnBW operate within a framework where decommissioning liabilities—estimated in the billions for the sector—indirectly elevate end-user rates amid the broader transition away from low-marginal-cost baseload nuclear generation. Regulatory scrutiny has highlighted potential abuses in EnBW's market conduct, with German authorities launching a probe in 2023 into suspicions that the company exploited its dominant position in the power market during 2021, contributing to localized price . This investigation underscores concerns over how large utilities influence wholesale and retail , particularly as EnBW balances decommissioning outflows with from conventional and renewable assets. Similar probes into power price volatility, including recent , reflect ongoing debates about whether dominant players like EnBW prioritize shareholder returns over competitive , amid Germany's household costs remaining among Europe's highest at approximately €0.40 per kWh in 2024, inclusive of taxes and levies. EnBW's role in grid operations amplifies consumer impacts through rising network fees, which constitute about 25-30% of household bills and fund the infrastructure expansions necessitated by intermittent renewables integration. The company has publicly advocated for slashing these grid costs, warning that Germany's disproportionate emphasis on climate targets has inflated system expenses, with projections indicating a 50% rise in annual power sector costs by 2045 under current policies. Despite such positions, critics from industry groups contend that EnBW's investments in high-cost transmission projects—totaling billions in recent years—perpetuate a cycle of fee hikes, straining households and energy-intensive sectors, where prices exceed averages by 40-50% and threaten . EnBW counters with initiatives like dynamic tariffs enabling consumption shifting to off-peak hours, yet empirical data shows limited uptake mitigating the structural price pressures from policy-driven transitions.

Project Challenges and Policy Critiques

EnBW has faced substantial hurdles in advancing offshore wind projects, exacerbated by , constraints, and elevated construction costs, which have made developments in markets like the significantly more arduous to execute profitably compared to prior years. These pressures have strained EnBW's ambitious €50 billion investment program for 2025–2030, which allocates the majority to renewables and , amid broader earnings volatility tied to fluctuating energy markets and regulatory shifts. The accelerated , targeted by EnBW for 2028—earlier than the national 2038 deadline—has compounded operational challenges, requiring rapid reconfiguration of generation assets while navigating interim reliance on gas amid . Grid expansion delays and permitting bottlenecks have further impeded integration of intermittent renewables, contributing to system instability risks during or low /solar periods, as evidenced by EnBW's operations in heatwaves where plants faced curtailments due to environmental restrictions. EnBW executives have critiqued German policy for insufficient pace in legislating new gas capacity, warning that stalled draft laws threaten grid reliability as renewables scale up; the company projects a need for 20 GW of additional flexible generation by 2030 to avert blackouts. CEO Georg Stamatelopoulos has highlighted how escalating consumer energy prices—driven by transition subsidies, infrastructure costs, and import dependencies—erode public support for the , potentially undermining its long-term viability. Industry-wide, EnBW has joined critiques asserting that 2030 onshore and offshore expansion targets are unattainable without access to Chinese-manufactured components, opposing proposed bans that could exacerbate supply shortages and delay projects essential for decarbonization goals. Historically, EnBW contested the nuclear phase-out's rigidity, advocating for lifespan extensions to maintain baseload stability, a stance rooted in empirical assessments of replacement capacity gaps that materialized post-2023 shutdowns, leading to elevated usage and emissions in transitional periods. These positions underscore EnBW's emphasis on pragmatic sequencing—prioritizing dispatchable power over accelerated fossil exits—to mitigate reliability risks inherent in high-renewables penetration without commensurate storage or grid upgrades.

Recent Developments and Outlook

Key Investments and Projects (2023-2025)

EnBW increased its gross investments progressively from €4.9 billion in 2023 to €6.2 billion in 2024, with over €3 billion committed in the first half of 2025 alone, primarily targeting expansion, grid infrastructure, and initiatives as part of a broader €40-50 billion plan through 2030. Approximately 85% of 2024 investments supported growth-oriented projects, including renewables and system-critical infrastructure. In renewables, EnBW allocated around €4 billion for 2023-2025, emphasizing offshore wind developments such as the 5.9 GW Mona, Morgan, and Morven seabed projects in the UK (jointly with at 50% ownership) and the 1 GW Dreekant project. Solar initiatives advanced with the integration of battery storage systems into new parks starting in fall 2023, positioning EnBW as an among German utilities for hybrid facilities to enhance grid stability. Coal-to-gas conversions in select plants were prioritized to reduce CO₂ emissions by approximately 60%, aligning with phased phase-outs. Grid investments centered on transmission and distribution upgrades via subsidiaries TransnetBW (), terranets bw, and ONTRAS (gas), including the SuedLink line, a critical north-south connector across six federal states with groundwork commencing in September 2024. These efforts supported goals by facilitating renewable integration and , with cumulative allocations reaching €26 billion by mid-2025 for such system enhancements. Notable divestments included the planned sale of EnBW's stake in the Lippendorf lignite-fired power plant, effective December 31, 2025, to streamline focus toward low-carbon assets. Joint ventures, such as those with , underscored collaborative approaches to offshore and projects.

Strategic Priorities and Risks

EnBW's strategic priorities center on accelerating the through substantial investments in expansion, grid , and hydrogen-ready technologies, with a commitment to achieving climate neutrality for Scopes 1 and 2 emissions by 2035. The company plans to allocate approximately €40 billion in gross investments from 2024 to 2030, with roughly 60% directed toward grid enhancements, 30% toward renewables and hydrogen-compatible power plants, and 10% toward electromobility , including 30,000 fast-charging points by 2030. In 2024, EnBW invested €6.2 billion, with 85% focused on growth projects such as increasing generation capacity to over 50% by 2025 and transitioning thermal assets from —phased out by 2028—to by 2026 and by the mid-2030s. These efforts align with the EnBW Agenda 2.0, emphasizing optimization of existing grids, switching, and integration of e-mobility to support Germany's broader decarbonization goals. Key risks associated with these priorities include policy and regulatory uncertainties, such as delays in approvals and auctions, which could hinder project timelines and increase costs. Technological challenges in developing pose additional hurdles, potentially exacerbating dependency on unproven scaling of production amid fluctuating market demand for renewables. Financially, the aggressive program contributed to a 23% decline in adjusted EBITDA to €4.9 billion and a rise in net debt by €2.5 billion in 2024, driven by capital expenditures outpacing cash flows and exposing the company to earnings volatility in renewable and thermal segments. Transitory risks from taxation changes and competitive pressures in energy markets further threaten profitability, particularly as EnBW phases out fossil fuels while navigating the physical and transitional impacts of on operations. Despite these, the company's taxonomy-aligned capital expenditures reached 88.8% in 2024, reflecting a deliberate shift toward resilient, low-carbon assets.

References

  1. https://www.enbw.com/company/what-we-do/
  2. https://www.reuters.com/markets/companies/EBKG.DE/
  3. https://matrixbcg.com/blogs/brief-history/enbw
  4. https://www.globaldata.com/company-profile/enbw-energie-baden-wurttemberg-ag/
  5. https://www.enbw.com/investors/share/
  6. https://www.enbw.com/press/enbw-2024-fiscal-year.html
  7. https://fortune.com/company/energie-baden-wurttemberg/
  8. https://www.enbw.com/media/downloadcenter-konzern/factbook/enbw-factbook-2024.pdf
  9. https://www.enbw.com/company/who-we-are/
  10. https://www.companieshistory.com/enbw-energie-baden/
  11. https://www.enbw.com/media/investoren/docs/news-und-publikationen/debt-issuance-programme-amtn.pdf
  12. https://www.enbw.com/media/downloadcenter/annual-reports/annual-report-of-enbw-ag-2009.pdf
  13. https://www.enbw.com/company/topics/nuclear-decommissioning/
  14. https://www.enbw.com/media/konzern/images/nachhaltigkeit/enbw-climate-transition-plan-2024.pdf
  15. https://www.world-nuclear-news.org/Articles/Decommissioning-permit-issued-for-German-reactor
  16. https://energynews.pro/en/germany-dismantling-of-nuclear-power-plants-intensifies/
  17. https://www.sciencedirect.com/science/article/pii/S0921800921003748
  18. https://www.enbw.com/investors/news-and-publications/enbw-stable-earnings-investment-energy.html
  19. https://www.enbw.com/press/annual-general-meeting-2024-enbw-to-invest-a-record.html
  20. https://finance.yahoo.com/news/enbw-completes-3-6bn-capital-091655872.html
  21. https://www.windpowermonthly.com/article/1917363/enbw-launches-%25E2%2582%25AC50-billion-renewables-grid-investment-plan
  22. https://renewablesnow.com/news/enbw-to-build-400-mw-battery-at-former-nuclear-site-in-germany-1279354/
  23. https://www.enbw.com/press/philippsburg-battery-storage-project.html
  24. https://renewablesnow.com/news/enbw-starts-up-58-mw-solar-portion-of-german-hybrid-energy-park-1282049/
  25. https://www.enbw.com/press/enbw-is-campaigning-for-appropriate-grid-yield.html
  26. https://world-nuclear.org/information-library/country-profiles/countries-g-n/germany
  27. https://www.worldbenchmarkingalliance.org/publication/electric-utilities/companies/enbw-energie-baden-wuerttemberg-2/
  28. https://www.swotandpestle.com/enbw-swot-pestle
  29. https://www.enbw.com/media/investors/documents/annual-general-meeting/hauptversammlung_2025/2025-agm-press-release.pdf
  30. https://www.enbw.com/investors/news-and-publications/enbw-closes-the-acquisition-of-valeco-in-france.html
  31. https://www.enbw.com/investors/news-and-publications/enbw-acquires-37-5-percent-stake-in-each-of-three-offshore-wind-p.html
  32. https://www.enbw.com/press/enbw-and-macquaries-bring-new-partner-for-formosa-3.html
  33. https://ammoniaenergy.org/articles/enbw-acquires-equity-and-offtake-rights-in-norwegian-renewable-ammonia-project/
  34. https://www.enbw.com/press/enbw-will-focus-future-offshore-wind-activities-on-europe.html
  35. https://www.ainvest.com/news/enbw-resilience-energy-transition-strategic-investments-earnings-pressures-2508/
  36. https://www.enbw.com/media/downloadcenter-konzern/factbook/enbw-factbook-2025.pdf
  37. https://tracxn.com/d/acquisitions/acquisitions-by-enbw/__7Vm34vMqhjzaL2d4mb00OG9gvVqEXIKJvncjcD8Z3fQ
  38. https://www.creditreform-rating.de/_ratingdownload/plgw8/en/19036/2024-08-21%2520Rating%2520Report%2520EnBW%2520Energie%2520Baden-W%25C3%25BCrttemberg%2520AG_Issuer_Issues.pdf
  39. https://www.tipranks.com/news/company-announcements/enbw-announces-major-voting-rights-shift-following-shareholders-agreement
  40. https://www.enbw.com/press/enbw-supervisory-board-appoints-georg-stamatelopoulos-as-new-ceo.html
  41. https://www.enbw.com/company/who-we-are/georg-stamatelopoulos.html
  42. https://www.enbw.com/investors/news-and-publications/adhoc-capital-increase-2025.html
  43. https://www.linkedin.com/pulse/enbw-completes-31bn-capital-increase-support-investment-marcel-m%25C3%25BCnch-6o2me
  44. https://www.enbw.com/media/investoren/docs/news-und-publikationen/6m-2025/pressemitteilung-6m-2025.pdf
  45. https://www.enbw.com/company/who-we-are/dirk-guesewell.html
  46. https://www.enbw.com/company/who-we-are/colette-rueckert-hennen.html
  47. https://www.enbw.com/presse/enbw-vorstand-verstaendigt-sich-auf-neue-geschaeftsverteilung.html
  48. https://www.enbw.com/media/investoren/docs/hauptversammlung/hauptversammlung-2025/2025-hv-enbw-verguetungsbericht-2024.pdf
  49. https://www.enbw.com/investors/events/reporting/
  50. https://www.enbw.com/annual-report-2024/
  51. https://www.enbw.com/media/report/report-2024/downloads/enbw-annual-report-2024.pdf
  52. https://www.enbw.com/media/report/report-2024/downloads/financial-statements/tables-2024.xls
  53. https://www.enbw.com/investors/
  54. https://www.enbw.com/media/report/report-2022/downloads/financial-statements/income-statement.pdf
  55. https://www.enbw.com/integrated-annual-report-2023/performance-indicators/multi-year-overview.html
  56. https://www.enbw.com/press/enbw-with-exceptionally-strong-earnings-in-2023-financial-year.html
  57. https://www.enbw.com/integrated-annual-report-2023/performance-indicators/
  58. https://www.cleanenergywire.org/news/germanys-former-reactor-operators-lukewarm-merzs-nuclear-dismantling-moratorium-idea
  59. https://www.enbw.com/press/enbw-issued-with-license-for-dismantling-of-unit-ii.html
  60. https://www.enbw.com/press/fuel-assemblies-transferred-to-on-site-interim-storage-facility.html
  61. https://www.energy-storage.news/enbw-proposes-400mw-800mwh-bess-at-legacy-power-plant-in-germany/
  62. https://www.world-nuclear-news.org/Articles/Agreement-reached-over-German-nuclear-phase-out-co
  63. https://www.cleanenergywire.org/news/further-runtime-extension-german-nuclear-plants-no-longer-possible-enbw
  64. https://www.enbw.com/company/topics/coal-phaseout/
  65. https://www.globalconstructionreview.com/german-firm-to-spend-e1-6bn-converting-power-plants-to-hydrogen/
  66. https://www.enbw.com/company/topics/coal-phaseout/altbach-deizisau-combined-heat-and-power-plant/
  67. https://www.group.sener/en/noticias/enbw-awards-contract-hydrogen-ready-combined-cycle-gas-turbine-plant/
  68. https://www.enbw.com/company/topics/coal-phaseout/heilbronn-combined-heat-and-power-plant/
  69. https://www.gem.wiki/Walheim_power_station
  70. https://www.enbw.com/company/topics/coal-phaseout/walheim-sewage-sludge-combined-heat-and-power-plant/question-and-answers.html
  71. https://www.enbw.com/company/topics/coal-phaseout/stuttgart-gaisburg-combined-heat-and-power-plant/
  72. https://www.gevernova.com/gas-power/resources/case-studies/replacing-coal-with-hydrogen-altbach-deizisau
  73. https://www.enbw.com/press/enbw-hydrogen-ready-gas-turbine-stuttgart.html
  74. https://www.enbw.com/media/report/report-2024/downloads/investor-relations/press-release-full-year-2024.pdf
  75. https://www.enbw.com/geschaeftsbericht-2024/lagebericht.html
  76. https://www.enerdata.net/publications/daily-energy-news/enbw-installs-first-turbine-960-mw-offshore-wind-project-germany.html
  77. https://www.enbw.com/annual-report-2024/highlights-2024/
  78. https://www.enbw.com/company/topics/wind-power/
  79. https://www.enbw.com/company/topics/wind-power/onshore-wind-power-turkey/
  80. https://www.enbw.com/company/topics/solar-energy/
  81. https://www.enbw.com/investors/news-and-publications/ir_press_release_opening_solar_park_gundelsheim.html
  82. https://de.statista.com/themen/1263/enbw/
  83. https://www.enbw.com/company/topics/hydropower/
  84. https://www.transnetbw.de/en/company/portrait/who-we-are
  85. https://www.enbw.com/press/suedwest-konsortium-acquires-transnetbw-share-from-enbw.html
  86. https://www.enbw.com/press/government-purchases-minority-stake-in-transnetbw-from-enbw.html
  87. https://www.transnetbw.de/en/transparency/market-data/structure-data
  88. https://www.transnetbw.de/en/world-of-energy/system-control-centre
  89. https://www.transnetbw.com/en/world-of-energy/nova-principle
  90. https://www.enbw.com/company/topics/coal-phaseout/marbach-grid-stabilization-plant/
  91. https://fuelcellsworks.com/2025/08/01/news/enbw-project-plan-large-scale-battery-storage-system-at-philippsburg-energy-park
  92. https://www.enlit.world/library/enbw-strengthens-smart-grid-portfolio-with-enersis-acquisition
  93. https://press.siemens.com/global/en/pressrelease/siemens-and-netze-bw-make-distribution-grids-more-sustainable-and-smarter
  94. https://www.enbw.com/company/
  95. https://renewablesnow.com/news/enbw-to-invest-up-to-eur-50bn-in-energy-transition-projects-by-2030-1275002/
  96. https://www.enbw.com/company/who-we-are/group-strategy/
  97. https://fuelcellsworks.com/2025/04/11/clean-energy/enbw-officially-commissions-one-of-germany-s-first-hydrogen-ready-gas-turbine-power-plants
  98. https://www.enbw.com/media/investoren/docs/news-und-publikationen/20181017_enbw_green-financing-framework-2018.pdf
  99. https://www.enbw.com/media/presse/pressemappe/fuel-switch/20230331_startschuss-fuer-milliardeninvestition-in-energiewende-und-versorgungssicherheit.pdf
  100. https://www.enbw.com/press/enbw-annual-general-meeting-2025.html
  101. https://www.enbw.com/unternehmen/themen/windkraft/zufallsstrom.html
  102. https://uk.finance.yahoo.com/news/enbw-calls-reliable-regulation-core-070423704.html
  103. https://www.enbw.com/media/investoren/docs/news-und-publikationen/enbw-investor-presentation-commerzbank-german-corporate-day-2024.pdf
  104. https://www.neimagazine.com/news/german-utilities-offer-decommissioning-services-5809655/
  105. https://news.bloomberglaw.com/antitrust/enbw-probed-on-suspicion-it-abused-market-position-to-hike-price
  106. https://financialpost.com/pmn/business-pmn/german-regulator-probes-possible-abuse-of-power-price-spikes
  107. https://www.dw.com/en/high-electricity-prices-a-threat-to-germanys-industry/a-71644198
  108. https://www.cleanenergywire.org/factsheets/main-stories-germanys-energiewende
  109. https://www.agenzianova.com/en/news/germania-enbw-si-e-espressa-a-favore-della-riduzione-dei-costi-della-rete-elettrica/
  110. https://www.enbw.com/media/presse/press_docs/common-press-releases/2025_3/summary-study-aurora-incl-derivations-by-enbw.pdf
  111. https://www.bloomberg.com/news/articles/2025-06-18/germany-risks-higher-power-prices-if-green-goals-are-cut-study
  112. https://www.rechargenews.com/wind/enbw-offshore-wind-chief-uk-projects-a-lot-more-challenging-after-inflation-hit/2-1-1746915
  113. https://www.enbw.com/media/presse/pressemappe/bpk/2021/downloads/20230327_pr_enbw_proves_resilience_in_a_challenging_year_2022_eng.pdf
  114. https://windeurope.org/news/renewables-step-into-the-breach-to-counteract-power-plant-problems-during-europes-heatwave/
  115. https://www.reuters.com/business/energy/enbw-head-urges-speed-new-german-power-plant-plan-2025-02-10/
  116. https://www.globalbankingandfinance.com/GERMANY-ENERGY-EWORLD-ENBW-e2a6ec0c-38fb-4b02-9670-512ef0d510f0
  117. https://www.heise.de/en/news/EnBW-boss-sees-public-acceptance-of-the-Energiewende-at-risk-9859305.html
  118. https://www.cleanenergywire.org/news/german-energy-companies-say-2030-wind-power-targets-impossible-achieve-without-chinese-hardware
  119. https://www.world-nuclear-news.org/Articles/EnBW-could-fight-for-its-oldest-reactor
  120. https://www.enbw.com/integrated-annual-report-2023/management-report.html
  121. https://www.enbw.com/media/downloadcenter/presentations/2023_8/investor-presentation-december-2023.pdf
  122. https://www.enbw.com/media/report/report-2024/downloads/investor-relations/investor-and-analyst-presentation-2024.pdf
  123. https://www.enbw.com/media/investoren/docs/news-und-publikationen/investoren-praesentation-oktober-2025.pdf
  124. https://www.enbw.com/annual-report-2024/management-report.html
Add your contribution
Related Hubs
User Avatar
No comments yet.