July 31, 2020 / 7:23 AM / 15 days ago

Tennet to spend up to 5 bln euros a year on German, Dutch grids

AMSTERDAM, July 31 (Reuters) - TenneT, the largest electrical grid operator in the Netherlands and Germany, said on Friday it planned to invest 4 billion euros to 5 billion euros ($4.8 billion-$6.0 billion) a year to prepare grids for renewable energy and increase interconnections in northern Europe.

TenneT, which is 100% owned by the Dutch state, is in talks for the German government to take an equity stake as it seeks to fund its investment programme, much of which will be in Germany.

The company reported first half operating profit of 414 million euros, up from 407 million euros in the same period a year earlier.

$1 = 0.8410 euros Reporting by Toby Sterling; Editing by Edmund Blair

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