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Capital Markets Day

The management explains EnBW’s business strategy and the current market environment to its investors and analysts.

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EnBW held its Capital Markets Day in Hamburg on 16 October 2019.

In the first presentation of the event, CFO Thomas Kusterer spoke about EnBW’s corporate and finance strategy.

The transformation phase of the 2020 Strategy, focusing on expansion in renewable energies and grids, is on the home straight. In the form of Valeco and Plusnet, EnBW has already made two growth acquisitions this year in renewables and smart customer infrastructure. These are already contributing to the strategy’s ongoing implementation through to 2025, in which EnBW is evolving into a sustainable and innovative infrastructure partner. Financing needs will increase during the growth phase with investment of some €12 billion between 2021 and 2025. This means that the company will actively manage its financial headroom against debt repayment capacity. EnBW is sticking to its conservative financial policy and hence to the objective of a solid investment grade rating.

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EnBW's commitment to the renewable energy sector

In the second presentation, Dirk Güsewell, Head of Generation Portfolio Development at EnBW, began by reporting on highlights in the renewable energy business during 2019. Güsewell then provided a detailed look at Valeco, which is a French onshore wind and solar installation developer and operator. Valeco has a well-filled project pipeline totalling 1,700 MW. A management team from the two companies is working closely together in the post-merger integration process. EnBW is also making good progress in the solar business. Construction of Germany’s biggest solar farm, the 180 MW Weesow-Willmersdorf project in Brandenburg, is a sealed deal. With a large volume of onshore wind projects in the pipeline in Germany, EnBW expects to be able to implement its organic growth there going forward. An important aspect in light of this is the selective internationalisation that the company has set in motion. This has already led to successful entry into the onshore wind sector in France and Sweden. Offshore wind projects are to follow in Taiwan and the USA.

Perspectives in offshore wind activities

The concluding presentation saw Dr. Hannah König, Head of Wind and Maritime Technology, review EnBW’s offshore wind activities. In a combined project totalling 610 MW, EnBW has completed the Hohe See and Albatros wind farms that are scheduled to be hooked up to the grid before the end of 2019. Meanwhile, preparations are underway for the next offshore wind project, He Dreiht. The final investment decision is planned for mid-2023. With some 900 MW, He Dreiht will be the largest of the wind farms and is planned to go into operation by the end of 2025. Its location in direct proximity to Hohe See and Albatros will enable major synergies at the operating stage. EnBW submitted a zero bid for He Dreiht in 2017. This will make it the first wind farm in Germany to do without state subsidies. At the same time, EnBW is working in a joint venture with Trident Winds on development of the 650-1000 MW Morro Bay offshore wind project off the central Californian coast. This involves the development of floating foundation technology, enabling offshore wind turbines to be operated at greater depths and take advantage of even better wind conditions.

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The Capital Markets Day 2018 was held in Stuttgart-Münster on the 17 October 2018.

In the first presentation of the day CFO Thomas Kusterer showed how the financial discipline of EnBW is linked to an evolving corporate strategy and a challenging capital markets environment.

In the next presentation CEO Dr. Frank Mastiaux focused on the strategic roadmap of EnBW’s expanding on the status and giving a view ahead.

This was followed by two expert presentations:

  • Dr. Lothar Rieth, Group Expert Sustainability, illustrated that sustainability is an integral part of EnBW’s strategy.
  • Following up on this, the sustainability aspects of EnBW’s generation portfolio were highlighted in the last presentation held by Georgios Stamatelopoulos, Senior Vice President Generation.

A question and answer session on the current development of EnBW and the market completed the presentation part of the Capital Markets Day 2018.
Finally, in the afternoon the programme featured a guided tour through the waste-to-energy plant in Stuttgart-Münster.

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The Capital Markets Day 2017 was held in Stuttgart on the 20 September 2017.

First CFO Thomas Kusterer gave a deep dive into the financial alignment of the EnBW group and the current status of the 2020 strategy execution. The presentation of CEO Dr. Frank Mastiaux focused on EnBW’s strategic focus towards 2025 and the related earnings targets.

In this year’s expert presentation Stefan Kansy, Director New Projects, then provided details of the main commercial and technical drivers of success in the offshore wind business. A question and answer session on the current development of EnBW and the market completed the event.

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The Capital Markets Day 2016 was held in Frankfurt on the 29 September 2016.

CEO Dr. Frank Mastiaux and CFO Thomas Kusterer gave a deep dive into the strategic and financial alignment of the EnBW group. They answered the questions of the attending analysts and investors about the current development of EnBW and the market.

Dirk Güsewell, Senior Vice President – Generation Portfolio development, rounded off the event with a presentation on the business segment of renewable energies at EnBW.