01.12.2017

Interim statement: Q3 2017

Elia is positive on the 2017 Group results

  • Elia is positive on the 2017 Group results
  • Nemo Link, joint venture between Elia and National Grid, starts laying subsea cable between UK and Belgium
  • Elia awards submarine cable installation contract for Modular Offshore Grid
  • South-West Interconnector fully commissioned
  • Elia invests in Enervalis, an energy software start-up that develops smart solutions for the energy system of the future
  • Roberte Kesteman appointed independent director of the Elia Group
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    Financial forecast
    As stated in the press release on the 2017 half-yearly results, the Elia Group cannot make profit forecasts because the annual results depend on parameters that will only be known or can only be calculated at the end of 2017 (i.e. the average Belgian 10-year interest rate, the beta factor of the Elia share, and inflation). The outlook for our 2017 results remains optimistic, especially taking into account the expected solid results in Germany with the regulatory framework remaining stable through 2017.

    Nemo Link, joint venture between Elia and National Grid, starts laying subsea cable between UK and Belgium
    Nemo Link, the joint venture between Elia and National Grid poised to operate the first electricity interconnection between Belgium and the United Kingdom (UK), has started laying the first 59 km of the double subsea cable between the UK onshore landing point and the French offshore section.

    On 11 September, the cable was successfully pulled in at Pegwell Bay (Kent, UK), a key milestone of the project. The remaining 71 km of double subsea cable will be installed in Belgian territorial waters during spring 2018. The electricity interconnector is scheduled to be commissioned in early 2019, allowing bidirectional energy flows between the UK and Belgium.

    Elia awards submarine cable installation contract for Modular Offshore Grid
    In August, Elia and Dredging International, which is part of the DEME Group, signed a submarine cable contract for the Modular Offshore Grid (MOG) in the North Sea. The contract, which is worth approximately €130 million, is one of the largest concluded with regard to the construction of the Modular Offshore Grid and covers the supply, installation and maintenance of approximately 85 km of submarine cable. The Modular Offshore Grid is scheduled to be commissioned in 2019.

    50Hertz’ South-West Interconnector fully commissioned
    Following a challenging approval process spanning several years, the South- West Interconnector, which runs from Bad Lauchstädt (Saxony-Anhalt) via Erfurt-Vieselbach and Altenfeld (Thuringia) to Redwitz (Bavaria), has reached its full potential with the commissioning of the second electrical circuit in mid- September 2017. The first electrical circuit became operational in December 2015.

    The 380-kV power line, also known as the Thuringian Power Bridge, was declared a European priority project and is a key element of the Power Grid Expansion Act (EnLAG). It is now the second line connecting the north-east of Germany to Bavaria, significantly boosting transport capacities along the north-south axis and reducing load on the power grid.

    Elia invests in Enervalis, an energy software start-up that develops smart solutions for the energy system of the future
    Elia acquired a minority stake (8.86%) in the start-up Enervalis in early September. Enervalis develops innovative software-as-a-service solutions that will support market players in optimising their energy bill while helping to meet growing flexibility needs with a view to managing the balance between supply and demand on the system. The software solutions enable Enervalis’ customers (e.g. energy suppliers and equipment manufacturers) to automatically optimise the supply, storage and demand flexibility of devices such as heat pumps, electric vehicles and solar PV systems to better match prosumer energy needs.

    By partnering with Enervalis, Elia is striving to innovate and shore up its knowhow and therefore better contribute to the development of a future electricity system in which digitalisation and decentralisation will play an increasingly important role. Elia paid a consideration of €0.4 million to acquire this minority stake.

    Roberte Kesteman appointed independent director of the Elia Group
    Roberte Kesteman was appointed as an independent director for a period of six years at the Elia Group General Meeting on 27 October. Following Ms Kesteman's appointment, Elia's Board of Directors now has 14 members, half of whom are independent directors.

    Financial calendar
    Publication of 2017 annual results: 23 February 2018
    Availability of 2017 Annual Report: early April 2018
    Annual general meeting on 2017: 15 May 2018

    Press Release in English (pdf, 160 KB)
    Press Release in French (pdf, 164 KB)
    Press Release in Dutch (pdf, 160 KB)