EU Energy Sector Specialist Commentary

Research evidence excerpt

EU Energy Sector Specialist Commentary

IDR and senior unsecured debt rating at 'BBB' and subordinated debt rating at 'BB+'.

- The revision of the Outlook mainly reflects Orsted's timely execution of its asset rotation plan and the strong financial structure.

Moreover, the company has done tangible progress on Revolution Wind, which is now nearing completion. As a consequence,

Fitch sees reduced risk related to Orsted's strategic plan execution. They expect the company to maintain sufficient leverage

headroom over 2026-2027 to accommodate potential negative developments in the US or sporadic project delays, while

maintaining credit metrics that are commensurate with the 'BBB' rating.

- Under Fitch’s conservative rating case, they forecast funds from operations (FFO) net leverage will be on average below 3.0x

over 2026-2028.

E.ON - to deploy charging infrastructure for electric trucks in Germany

- E.ON yesterday said it has been awarded a contract alongside Autobahn Tank & Rast Gruppe GmbH & Co KG to build and

operate charging infrastructure in Germany for battery-electric trucks. E.ON 0secured the contract as part of the German

government's Deutschlandnetz tender.

- No financial details of have been disclosed. The contract covers 195 charging points across 24 locations with E.ON and Bonn,

Germany-based motorway services provider Tank & Rast each responsible for half of the sites.

- The first location is scheduled to go live in 2027, with 101MW charging points set to be deployed. This charging infrastructure

will also be accompanied with 32 combined charging system charging points with an output of 400kW to provide a flexible

option during shorter stops, along with 62 CCS charging points with an output of 150kW for cost-efficient charging during longer