Germany backs out of deal to buy power grid
Negotiations between the German government and Dutch state-owned power grid operator TenneT over the sale of TenneT’s German transmission grid have failed.
TenneT announced on Thursday that the negotiations between the company and the German state-owned development bank KfW on behalf of the federal government regarding a complete sale of Tennet Deutschland had ended.
The German government had informed the Dutch state that it would not be able to carry out the planned transaction due to budgetary problems, according to the company.
TenneT had sought the deal because it viewed the high costs of grid expansion in Germany as too expensive for the firm, which is the primary grid operator in the Netherlands.
In February 2023, the company made public its interest in selling its German transmission grid to the government.
As previously announced, TenneT Holding prepared tapping into public or private capital markets for a structural funding solution for its German operations.’
The company said in a statement that the German government was committed to supporting such alternative solutions.
(dpa/NAN)
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