Elia Group Gearing up for quantum RAB growth
Elia will report FY23 results on 6 March, the first report since BE/GE regulators updated their remuneration frameworks. At the December CMD Elia detailed the ambitious 30.1bn 5-year Capex plan, financed in part by a 4bn capital injection (Elia share). However, the first transaction will not happen in FY24. The Publi-T shareholder prepares a 2H24 capital increase supported by federal and regional investment funds. The Belgian elections on 9 June could shuffle the political deck to the right. Unlike in The Netherlands, we do not believe this will have an impact on the investment plan. The German elections in 2025 might have a bigger impact if the AfD wins a landslide, but by then the capex program should be well under way. We like the strong RAB and profit growth. The dividend growth (CPI%) will trail behind profit growth and fuel auto-financing by 2030. The Elia CFO will attend our Real-Assets conference in BXL on 19/3.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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