Enexis realised a net profit of € 122 million in the first half of 2024; an increase of € 107 million compared to the first half of 2023. The purchasing costs in connection with grid losses increased significantly in the first half of 2023 due to the strong increase in energy prices also as a result of the war in Ukraine. These higher costs were not completely recouped in the tariffs in 2023. The tariffs are now more in balance with the costs in 2024, also due to the new method decisions that the Netherlands Authority for Consumers & Markets (ACM) published on 23 December 2023 following the decision of the Trade and Industry Appeals Tribunal (CBb).
Capital expenditures increased further from € 515 million over the first half of 2023 to € 648 million over the first half of 2024. This increase is largely attributable to the expansion and upgrading of the electricity grid. Enexis receives a delayed compensation for these investments via the tariffs. As a result, the cash flows from operational activities and investments in tangible and intangible fixed assets in the coming years are expected to be negative. This cashflow was € 286 million negative in the first half of 2024 (2023: € 240 million negative). We have various measures available to maintain our creditworthiness at at least policy level and thus meet our financing needs.
