The German government will buy the country’s largest energy network for €20 billion

The German government is close to signing an agreement with the Dutch energy network operator Tennet Holding to buy out its entire German business, Bloomberg reports, citing its own sources. The transaction amount should be about €20 billion.

Germany’s power grid is controlled by four companies, and Tennet owns the largest network in the country. The operator’s networks span the whole of Germany, from the Danish border in the north to the Alps in the south.

According to agency sources, the parties are seeking to conclude an agreement as quickly as possible so that the Dutch parliament has time to approve it before the start of the holidays at the end of October and before the general elections in the country, which are scheduled for November 22.

Tennet confirmed the fact of negotiations, but did not provide details of the negotiation process. The governments of the two countries refused to comment on this information.

German authorities are seeking to take control of the energy grid in order to be independently responsible for energy security and achieving the goal of achieving zero emissions into the atmosphere, which will require restructuring and modernization of the country’s entire energy infrastructure.

Kirill Sarkhanyants