E.ON sets four-year investment plan at $30.4bn
German energy company E.ON said November 22 that it set its investment target for the 2022-2026 period at approximately $30.4bn.
The company said it adopted new earnings and growth targets of its core business group through 2026. On top of its investment target, E.ON expects 2026 adjusted EBITDA at about $8.8bn, envisioning a compound annual growth rate of around 4% between now and 2026.
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Its core business components are energy networks, customer solutions and corporate functions.
The company in its report for the third quarter said investments over the first nine months of the year had increased by about $564mn from year-ago levels to $3.2bn.
Early this year, the German company said green financing is a core element of its funding strategy and its updated Green Bond Framework allows green bonds to become an integral part of its financing mix. It expects to cover more than half of its annual funding requirements with green bonds going forward.
Elsewhere, E.ON CEO Leonhard Birnbaum is a member of the CEO Alliance, a 12-member group in the EU backing climate measures from Brussels. Speaking from Paris in July ahead of a “Fit for 55” report from the EU, a legislative package outlining a 55% reduction in carbon emissions by 2030 relative to 1990 levels, Birnbaum said E.ON’s project within the alliance is to set up an EU-wide market for green hydrogen.
By October, E.ON subsidiary Avacon said it would start adding hydrogen to a local German grid in December. Levels would reach 20% hydrogen in the network incrementally.