Elia Group CMD Feedback
Elia hosted its virtual capital markets day to give more background on the recent announcements on the ROE formula's BE and GE, the steep increase in GE Capex and the recent energyRe deal in the US. The event showed that, despite the recent departure of the previous CEO, the company can execute on its plans. The key message was that the company does not expect to raise capital over the next 12 months. That most likely explains the positive market reaction as fears of overhang eased. However, Elia still expects to raise 4bn in capital over the next 4 years. We interpret the reference to “equity-like” products as hybrid bonds. The timing of EU grants could also shift the timing out. The company will also increase the leverage in its holding and now steers on a FFO/Net Debt limit for the holding and Eurogrid of 6% instead of the 9% that will be maintained for ETB (BBB+).Elia System Operator develops, operates and maintains very-high-voltage (380 kV, 220 kV and 150 kV) and high-voltage (70 kV, 36 kV and 30 kV) networks, providing its customers with consultancy and engineering services. Whether in Belgium, Germany or elsewhere in Europe or the U.S., Co. ensures that electricity flows reliably from energy producers to distributors and large corporate customers. Co.'s main activities include transmission operator, system operator and market facilitator, developing and maintaining grid infrastructure, connecting electrical installations to grids, providing transparent access to grids, while taking initiatives to improve electricity market operations.
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