Germany’s largest energy supplier, E.ON, plans to invest $46 billion in the energy transition across Europe beginning this year until 2028.

The investment was made with a focus on expanding the electricity grid, the company said on Wednesday.

The previous five-year plan pictured about 33 billion euros between 2023 and 2027.

The aim is to invest in a secure, competitive and sustainable energy system.

The €42 billion, €34 billion was to be channelled into the grid business, with 25 billion euros earmarked for investment in Germany.

“What Europe needs now is an intelligent energy infrastructure for sustainable, secure and affordable energy,” said E.ON chief executive Leonhard Birnbaum.

“This is exactly what we have focused E.ON on, and we are consistently pursuing the course, Mr Birnbaum said.

“This means that we will continue to invest massively to meet the rapidly growing demand for energy infrastructure,” Mr Birnbaum added.

E.ON confirmed the key figures for the 2023 financial year, presented in early February.

According to which earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for one-off effects rose by 16 per cent year-on-year to €9.4 billion.

Adjusted net profit increased by 12 per cent to €3.1 billion, and shareholders received a dividend of €0.53 per share.

In the current year, E.ON is expected to make an adjusted group EBITDA of between 8.8 billion euros and €9.0 billion.

The energy giant had announced that adjusted group earnings should rise to over €11 billion by 2028.

According to information, E.ON is one of Europe’s largest distribution network operators, with around 1.6 million kilometres of electricity and gas lines in nine European countries.

In Germany, the company is the largest distribution network operator. Of almost 1.9 million kilometres of electricity grid, E.ON operates almost 700,000 kilometres.

E.ON also manages 100,000 kilometres of gas network.

(dpa/NAN)