E.ON Launches EUR 6 Bln Long-term Grid Upgrade Plan

(RTTNews) - E.ON SE (EONGY), a German electric utility company, on Tuesday announced that it has launched a major procurement initiative worth over 6 billion euros to support Germany's energy transition.

The company launched the procurement initiative to modernize Germany's power grid and support the energy transition.

The company has selected a wide range of German and European suppliers for the modernization initiative, include major companies such as Siemens AG, ABB AG, Schneider Electric GmbH, Hitachi Energy Germany AG, and Prysmian, along with over 25 other specialized manufacturers of cables, transformers, and switchgear.

The plan also supports local jobs and allows flexible upgrades with new technologies.

E.ON has signed long-term contracts for key grid infrastructure components, including transformers, switchgear, local network stations, and medium- and low-voltage cables.

The procurement covers more than 100,000 kilometers of cables, tens of thousands of digital local network stations, over 500 medium-voltage circuit breaker systems, and about 29,000 transformers.

These components will be integrated into Germany's distribution grid to enable the expansion of wind and solar energy, support the growth of electric vehicles and heat pumps, and connect battery storage systems and data centers.

E.ON is currently trading 0.09% lesser at EUR 16.13 on the XETRA.