Germany needs $325 bln of power grid investments by 2050, KfW says (updated)

Elia SA

09/07/2024 08:16

(Adds details from paragraph 4)
       FRANKFURT, July 9 (Reuters) - Germany needs investments
of around 300 billion euros ($325 billion) by the middle of the
century to equip its power grids for decarbonisation, state bank
KfW  KfW.UL  said on Tuesday.
    "The necessary expansion of renewable energies makes
suitable and flexible transmission and distribution networks
necessary and requires high investment," KfW said at a capital
markets conference at its headquarters in Frankfurt.
    "The means for that cannot come from public funds alone but
must for the larger part be mobilised via private investors or
the capital market," it added.
    The comments came as more than 150 representatives of
infrastructure and pension funds, insurers, banks and energy
companies gathered at KfW to discuss investment opportunities as
Germany pivots away from fossil fuels and towards renewables.
        Among the participants at the event are Deutsche Bank
 DBKGn.DE  CEO Christian Sewing, Allianz  ALVG.DE  CEO Oliver
Baete, Uniper  UN0k.DE  CEO Michael Lewis and German Economy
Minister Robert Habeck.
  
        Germany aims to be carbon neutral by 2045 and wants to
raise the share of green energy sources in the country's power
mix to 80% by 2030, from more than half in 2023.
  
        
  
($1 = 0.9238 euros)

 (Reporting by Vera Eckert and Christoph Steitz, Editing by
Friederike Heine and Rachel More)
 ((vera.eckert@thomsonreuters.com; +49 30 2201 33654;
@EckertVera;))