Elia Group Elia raises FY24 outlook to upper end of the range
In its 3Q24 trading update, Elia now guides to the upper end of the previous net profit range of EUR 355m to 390m. Mainly thanks to lower costs in the Holding. The CAPEX outlook remained unchanged at 4.7bn, but has shifted 300m towards the German 50Hz division. 50Hz typically has a higher ROE (8-10%) vs. ETB (7-8%). However, Elia now uses a lower base rate for the GE regulatory return of 2.60% vs. 2.79% in the previous guidance. Both factors largely seem to have cancelled out (slightly positive). Elia will present a new CAPEX update at the FY24 results on 7/3. Elia has paused the HVDC orders for the Elisabeth Island in order to give the Belgian politicians some room as they are negotiating a new government. Elia also appointed a third party to investigate the cost development. We commented on this issue in our last note of 15/11 in which we upgraded to Buy.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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