Amprion GmbH can look back on a positive financial year. In 2017 we again succeeded in operating our transmission network safely and further expanding it in response to customer needs. On this basis, we have returned stable business results: at 13,030 million euros Amprion GmbH’s 2017 revenues and income reached a new high point, two per cent up on the 2016 figure. Revenues from the handling of the EEG (Renewable Energy Sources Act) balancing mechanism, which have a neutral effect on net income, fell in financial year 2017 amounting to 10,390 million euros. In contrast, revenues from the power grid side of the business rose markedly, coming in at 2,541 million euros. The company’s net profit amounted to 174 million euros. The key driver here was the increase in the company’s capital base due to our network expansion investments.
As a transmission system operator, 2017 posed major challenges for us right from the start: the effects of an exceptionally cold winter were exacerbated by very low feed-in from renewable energy sources and unscheduled shutdowns of conventional power stations both in Germany and abroad. Working intensively with other European transmission system operators, Amprion succeeded in mastering this extreme situation through a range of operational measures at domestic and international levels.
In view of the tight supply situation, it is all the more important for grid expansion to gain further impetus. Our total of 350 projects made good progress in 2017. We commenced our public relations activities for the A-North project to provide a new direct current connection from Lower Saxony to the Rhineland, engaging in constructive dialogue with many members of the public at a wide variety of events. Based on their feedback, we have developed a preferred route for the A-North corridor, on the basis of which we were able in March 2018 to commence the initial approval phase, the Federal Planning for Transmission Systems process.
We have also made substantial progress on ongoing planning processes: in 2017 Amprion was given the green light to construct around 60 kilometres of line. Moreover, through its landmark decisions the Federal Administrative Court has ratified the approval granted to a series of major projects, such as the one from Wehrendorf to St. Hülfe.
The implementation of our ongoing construction projects also continued apace, as demonstrated by the Kriftel and Oberottmarshausen substations, both of which we are commissioning in 2018. On the power line construction front, the new cross-border connection from Wesel to Doetinchem in the Netherlands took shape, and will be connected to the grid in autumn 2018. In total we implemented construction projects representing an investment volume of 701 million euros in financial year 2017 – a new record figure.
Sound financing is needed to ensure that the grid expansion process is successful. In 2017, Amprion undertook two capital market transactions involving fixed-interest promissory note loans and registered debentures to a total value of €400.0 million. Our positive ratings (Moody’s A3, Fitch A-) made an important contribution to this process.
However, the energy transition is a project spanning generations which will require more than just the expansion of renewable energy sources and the associated power grid. At Amprion, we intend to bring all our expertise to bear in the search for solutions. We aim to provide advice, while also demonstrating through our technical innovations that our systems function well in practice. This goes to the heart of how we see ourselves.
Amprion’s success is only possible thanks to the efforts of our 1,300-strong workforce. Their skills and creativity, team spirit and know-how create the conditions which enable us to fulfil our statutory mandate. We would like to take this opportunity to offer them our heartfelt thanks and express our great appreciation. In light of the above, we are optimistic that our company can continue to enjoy positive progress throughout financial year 2018.
Dortmund, 10 April 2018
Dr Hans-Jürgen Brick
Chief Commercial Officer and Chief Financial Officer
Dr Klaus Kleinekorte
Chief Technical Officer