Investor Relations – Contacts
FAQ: Your questions, our answers!
Finance and strategy
In the period from 2024 to 2030, we plan to invest a total of around €40 billion. 60% of this is attributable to the expansion of the electricity grids in the segment System Critical Infrastructure and around 30% of the total will be invested in the construction of wind farms, solar parks and hydrogen-ready power plants in the segment Sustainable Generation Infrastructure. Most of the remaining 10% will go on the expansion of electromobility in the segment Smart Infrastructure for Customers. The vast majority of investments will be made in Germany, with around 10% in our other markets abroad. Consequently, our goal for taxonomy-aligned investments is ≥ 85%. In addition, we are targeting EBITDA of €3.2 billion (2025) and €5.5 - 6.3 bn (2030).
What are EnBW's investment ambitions?
A dividend of €1.50 per eligible share was approved for the 2023 financial year at the Annual General Meeting on May 7, 2024. The dividend was paid on 10 May 2024.
How much is the dividend, and when will it be paid? When is the next Annual General Meeting?
Retail investors can purchase EnBW's senior bonds.As EnBW does not issue a Key Information Document, private investors are not able to acquire subordinated bonds.
What opportunities are there for private bond investors to invest in EnBW?
EnBW is rated by Moody's and Standard & Poor's: 'Baa1/stable' by Moody’s and 'A-/stable' by Standard & Poor’s. EnBW continues to have one of the strongest credit ratings among integrated energy supply companies in Europe.
What are EnBW's credit ratings?
EnBW aims to maintain solid investment grade ratings.
EnBW's key performance indicator for this purpose is debt repayment potential. This is the ratio of retained cash flow to net debt. EnBW uses this key performance indicator to measure its ability to meet its payment obligations from current earnings.
By ensuring compliance with the quantitative requirements of the rating agencies for EnBW's financial profile, EnBW aims to achieve controlled earnings growth in line with its targets while at the same time safeguarding solid investment grade ratings. For this reason, EnBW regularly checks that the target value for the debt repayment potential is in line with the current requirements of Moody's and S&P. The current target value for the debt repayment potential is ≥ 15.
What is EnBW's credit rating target?
Since 2018, EnBW has successfully issued several green bonds with a total volume of €7.8 bn0As of 20 November 2024.. In accordance with our Green Financing Framework, the proceeds from our green bond issues are used exclusively in the areas of renewable energy, clean transport and, as a new project category added in 2022, electricity grids. More details on the allocation of these funds can be found in our annual Green Bond Impact Report.
Does EnBW issue green bonds and if so how are the funds invested?
These include the Debt Issuance Programme (abbreviated DIP, through which bonds are issued), subordinated bonds, private placements, promissory notes, commercial paper programs, credit lines and bank loans.
Further informations about our emission programmes can be found here.
More details on the financing instruments can be found here.
What financing instruments does EnBW use?
ESG
EnBW aims for a 70% reduction in emissions by 2030 and climate neutrality with regard to our own emissions (Scope 1 and 2) by 2035 at the latest. In 2023, the carbon intensity of our own electricity generation decreased by 29.3% compared to the previous year to 347g/kWh. To reach our goal of climate neutrality by 2035, EnBW invests significantly to accelerate the expansion of renewable energies and the grids. At the same time, we are maintaining grid stability and the security of supply. We take sustainability criteria into account in all investment decisions.
How and when does EnBW plan to achieve climate neutrality?
EnBW is planning to gradually phase-out of coal by 2028, provided that the framework conditions set by the German government allow this. Compliance with our climate protection targets confirmed by SBTi is a top priority here.
When is EnBW’s coal phase-out planned?
Currently, EnBW has 6.5 GW0Installed capacity from renewables as of 31 December 2023 incl. reallocated 0.5 GW pumped storage in January 2024 and new onshore/solar additions in June 2024. of renewable generation capacity, representing approx. 55% of the total generation capacity (as of 30 June 2024). Our goal is generation capacity of 6.5 – 7.5 GW by 2025 and 10 – 11.5 GW by 2030.
How large is the share of generation capacity accounted for by renewables and what are the targets for increasing this capacity?
In 2023, the share of coal in total revenue was 4%. Coal accounted for 36% of the total installed capacity (31 December 2023). The generation capacity of our remaining coal-fired power plants is 4.3 GW (31 December 2023).
What is the share of coal in total revenue and installed capacity? How high is the generation capacity from coal?
In March 2023, we published our climate protection targets confirmed by the Science Based Targets initiative (SBTi). We aim to follow a 1.5 degree-aligned path for scope 1 and 2 emissions and a well below 2 degree-aligned path for scope 3 emissions.
Are EnBWs climate targets validated by SBTi?
Taxonomy-aligned investments accounted for 87% of the total in 2023.
What proportion of the 2023 investments are taxonomy-aligned?
The Sustainable Development Goals (SDGs) define the global framework for sustainable development. As a sustainable and innovative infrastructure partner, we aim to contribute to the achievement of these goals through our activities
while also creating value for our stakeholders. Specifically, we make a contribution to four key SDGs:
- SDG 7: Affordable and clean energy
- SDG 9: Industry, innovation and infrastructure
- SDG 11: Sustainable cities and communities
- SDG 13: Climate action
These four central SDGs each have at least one key performance indicator assigned to them, based on which we measure progress towards our corporate targets.