Elia Group Press article on Publi-T capitalisation (repeat of 6/10/23)
A detailed report in “De Tijd” newspaper mentions plans from the federal(FPIM) and regional (PMV) investment vehicles to strengthen respectively
the Publi-T capital and some Flemish municipal shareholders. Publi-T owns 44.8% of Elia and has committed to stay at this level. A similar article appeared on 6/10/23 and we published a note at the time. The only minor difference is that insurance company Ethias is mentioned as co-investor in Transco. The name of Ethias is not surprising as it is also Government owned, but it is already a shareholder in VEH. These capital injections aim to prepare Publi-T for the capital increases over the next 4 years (4bn Elia Share). The transmission grid needs investments of >30bn (BE+GE) for the energy transition (EV's, Heat pumps, Data Centers, etc..). See our graph from our note 6/10/23 below. We like the fact that these negotiations are progressing. With the BE elections in sight it is best to set some agreements in stone. As the polls predict a shift to extreme right, the negotiations on a new government could drag on for a long time.
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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