ENBW ENERGIE BADEN-W▄RTTEMBERG AG

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Delayed Xetra  -  11:36 2022-08-17 am EDT
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German utility EnBW plans 31% electricity bill hike - report

08/05/2022 | 05:01am EDT
Flags of German power supplier EnBW Energie Baden-Wuertemberg AG are pictured at the company's headquarters in Karlsruhe

BERLIN (Reuters) - Customers of Germany's EnBW could see their electricity bills jump by almost a third from October 1, according to a media report, as power utilities hike prices to pass on soaring energy costs.

EnBW's basic supply tariff is set to increase by an average of 31.1%, and other tariffs will see a similar increase, the Stuttgarter Zeitung reported, citing the company.

A spokesman put the number of customers affected in the "lower million range", the newspaper said.

EnBW did not rule out further price hikes as a result of the Ukraine war, which has set Germany on a quest for alternative energy sources.

Inflation in Europe's largest economy edged up in July to 8.5%, and Chancellor Olaf Scholz has promised low-income households more support to foot energy bills. [L8N2Z96VP] [L8N2Z33A3]

In order to stop prices spiralling further, "we must now do everything in our power to ensure that we become completely independent of Russian imports as quickly as possible and massively expand renewable energies," said EnBW board member for sales Colette Rueckert-Hennen.

The development of regenerative energy sources would even have "a cost-reducing effect" in the long term, the Stuttgarter Zeitung quoted her as saying.

(Writing by Rachel More, Editing by Miranda Murray)


ę Reuters 2022
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Financials
Sales 2021 32 368 M 32 918 M 32 918 M
Net income 2021 363 M 369 M 369 M
Net Debt 2021 4 704 M 4 784 M 4 784 M
P/E ratio 2021 56,7x
Yield 2021 1,45%
Capitalization 27 031 M 27 490 M 27 490 M
EV / Sales 2020 1,20x
EV / Sales 2021 0,78x
Nbr of Employees 24 663
Free-Float 0,37%
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Managers and Directors
Frank Mastiaux Chairman-Management Board & CEO
Thomas Andreas Kusterer Chief Financial Officer
Lutz Peter Feldmann Chairman-Supervisory Board
Bernd-Michael Zinow Member-Supervisory Board
Dietrich Herd Deputy Chairman-Supervisory Board
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