BAYREUTH (dpa-AFX) - According to the Dutch grid operator Tennet, talks on the nationalization of its German transmission grid have failed. Following the end of more than a year of fruitless negotiations with the federal government, Tennet now wants to find new ways of financing the multi-billion euro grid expansion in Germany. This was announced by Tennet's Dutch headquarters on Thursday. The company put the capital required for the expansion of its grids in both countries up to 2033 at 160 billion euros.

Tennet took over the German part of its grid from Eon in 2010. The owner of Tennet's parent company is the Dutch state, but the costs of expanding the grid in Germany have become too expensive for it. In February 2023, the company therefore made public its desire for the federal government to take over its German transmission grid. The Dutch government had already stated in 2020 that it would prefer the federal government to participate. It was not clear from the announcement what caused the talks to fail and why.

The immense cash requirement is to be covered partly by loans and partly by increasing equity. The company is now examining the entry of investors or an IPO, according to the press release.

The German transmission grid - i.e. the high-voltage and extra-high-voltage lines - has been awarded to four grid operators. Tennet operates the grid in the largest of these four zones in terms of area, stretching from the North Sea to the Austrian border. The German subsidiary is based in Bayreuth. The German government initially welcomed the move.

The company tried to dispel fears from the outset that the failure of the talks could jeopardize the expansion of the grid. According to Tennet, the money required for this and next year is covered by a loan of 25 billion euros granted by the Dutch state as a shareholder. Tennet intends to stick to its planned investments in Germany and the Netherlands./cho/DP/men