GS Utilities Daily: E.ON: Power distribution capex (and returns) may be set to rise. Buy // Germany to raise maximum renumeration in new gas

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GS Utilities Daily: E.ON: Power distribution capex (and returns) may be set to rise. Buy // Germany to raise maximum renumeration in new gas

Goldman Sachs GS Utilities Daily

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E.ON: Power distribution capex (and returns) may be set to rise. Buy

On July 2, Germany’s coalition government presented an economic reform package;

power distribution grids were a central part of this paper, which argues for a capex

upgrade. We believe this is likely to improve the outlook for this business, which

accounts for around half of EON’s profits, through both higher organic spending and

potentially more supportive regulated returns. We therefore raise our capex

assumptions in domestic power distribution, and we now see total 2026-30 investments

at c.€53 bn, which compares with current guidance of €48 bn. We upgrade our earnings

estimates, conservatively leave our PT unchanged at €24 and reiterate our Buy rating.

Over 2025-30, we now estimate an underlying EPS CAGR of +8%. More here.

Germany to raise maximum renumeration in new gas tenders

Germany is intending to lift the maximum renumeration it will provide to new gas power

plants in its upcoming auctions. The increase will be to €244k/MW, an increase from

€173k/MW. The bill is expected to be voted on in parliament on July 9th, with the

tender’s scheduled to take place on September 8 and December 29th.