Federal authorities considering potential decisions for TenneT and Amprion, two significant powergrid entities.
German Government Plans to Acquire Minority Stakes in TenneT Germany and Amprion
The German federal government is planning to acquire minority stakes in the two major grid operators, TenneT Germany and Amprion, through multi-billion-euro capital increases. This move would give the government a seat at the table for all four major German transmission system operators (TSOs), including its existing stakes in 50Hertz and TransnetBW.
The main motivation behind this move is to accelerate and better coordinate the expansion of the electricity grid, which is crucial for Germany’s energy transition, and to influence shareholder structures in these critical infrastructure companies.
Timeline and Current Status
The German federal government has already submitted an expression of interest in taking these stakes, but the exact timing and size of any capital increases this year have not been disclosed. This concept aligns with the current governing coalition agreement (CDU/CSU and SPD), which includes pledges to explore strategic stakes in grid operators as part of supporting the energy transition. There is no detailed public timeline yet for when these acquisitions or capital increases will formally occur or conclude.
Implications for Grid Expansion and Shareholder Structures
By owning stakes in all four main TSOs (TenneT Germany, Amprion, 50Hertz, and TransnetBW), the German government could better coordinate grid expansion projects, including funding and regulatory oversight, to meet the country’s ambitious renewable energy targets. Having a blocking minority position could allow the government to block shareholder decisions that conflict with national energy goals or grid development plans.
This government involvement could alter existing shareholder structures by blending public investment with private-sector capital, potentially stabilizing these operators’ financial and operational planning during the energy transition. However, the current shareholders at Amprion have expressed that "the current setup works well," indicating some industry resistance or caution about changes.
Additional Context
The German government currently holds stakes in two TSOs: 20% in 50Hertz (via Belgium’s Elia) and 25% in TransnetBW (owned by EnBW), both held through the state-owned KfW development bank and both recently completed capital increases. TenneT Holding, operating grids in both the Netherlands and Germany, reported strong financial results in early 2025, with a 50% year-on-year increase in adjusted EBIT to 1.5 billion euros for the first half of 2025.
No relevant updates or specific announcements about Amprion’s capital increase timing or size have been made public yet. There is no indication that antitrust regulators are currently blocking or reviewing these planned acquisitions.
On the other hand, TenneT has mandated investment bank Lazard to launch a new sale process, with potential minority stakes for Dutch pension fund APG, Norway's sovereign wealth fund Norges, and the German government. Amprion's existing shareholders injected 850 million euros in fresh equity last year, and written commitments have been secured from all shareholders, including RWE, for the 2025 capital increase.
Transmission system operators are typically valued at about 1.2 times their regulated asset base (RAB). The exact size and timing of these capital increases for TenneT Germany and Amprion remain undisclosed, but it is expected that they will play a significant role in shaping the future of Germany's energy transition.
The German government, with the aim of accelerating and coordinating the expansion of the electricity grid, plans to purchase minority stakes in TenneT Germany and Amprion, leveraging these investments to influence shareholder structures in critical infrastructure companies within the finance and energy sectors. These multi-billion-euro capital increases could potentially blend public investment with private-sector capital, providing stability to these operators' financial and operational planning during Germany's energy transition.
By acquiring minority stakes in TenneT Germany, Amprion, 50Hertz, and TransnetBW, the German government could alter existing shareholder structures and better coordinate grid expansion projects, including funding and regulatory oversight, to meet the country's renewable energy targets, thereby playing a significant role in shaping the future of Germany's energy transition.
