Enexis got off to a flying start in 2025. We expanded the electricity grid faster than ever before, opened a new materials reuse facility in Best and gave customers real-time insight with our Grid Checker. Thanks to our district approach and modular construction methods, our gross investments increased 37% in the first half of the year compared to the same period in 2024. Nevertheless, we continue to face major challenges in ensuring future access to energy for all. Limited space for grid expansion, complex permit procedures, and a persistent shortage of skilled workers at Enexis and our partners are hindering our ability to make faster progress.
Colleagues and safety
We need a lot of people to expand and upgrade the electricity grid. Enexis is seen as an attractive employer. Many new colleagues are joining us, but we still need more people. We are fishing in a small pond, particularly when it comes to technical and IT staff.
The relatively high influx of new, inexperienced employees puts pressure on our ability to train everyone properly. We are also working more often on gas-free and de-energised systems to ensure a safe working environment; during such work, the power or gas supply is temporarily switched off. Despite this, we recorded more incidents, mainly those with minor injuries, than in the first half of 2024. Safe working practices continue to be our highest priority, every incident is one too many.
Procedure and permits
In the first half of this year, we built 520 MVA of grid capacity. As anticipated, this was lower than in 2024. In addition to the shortage of skilled workers, the lack of space and the lengthy permit procedures are slowing us down. This is why we are collaborating more closely with local authorities. In April, we signed a covenant with the Association of Netherlands Municipalities (VNG), allowing us to operate more uniformly across the country, with permit procedures running more smoothly as a result. A transformer house is a vital part of the local power grid, so it must remain in place and is only moved in exceptional circumstances. After all, hundreds of households and businesses depend on it. Over the past six months, we have entered into a cooperation agreement with 77 municipalities. These agreements outline our shared commitment to accelerating the upgrade of low-voltage and medium-voltage grids, and we are determined to work together to achieve this goal.
Another obstacle is nitrogen. Due to nitrogen restrictions, urgently needed grid expansions are still being postponed. But this cannot go on. We are urging politicians to act swiftly on the nitrogen issue.
Vulnerable stations
We are having to take measures at an increasing number of transformer stations to prevent overloading. This happens in spring on very sunny days, when customers feed electricity back into the grid, and in winter on extremely cold days, when energy consumption is high. Of our 140 stations, 33 are under ‘heightened monitoring’. We are alleviating the load on these vulnerable stations until they have all been upgraded, which is expected to take place within the next five to six years. In the meantime, we are cooling them with large fans and supporting them with batteries. These measures are proving effective at the most vulnerable stations, as demonstrated this spring. We are now preparing for winter and want to involve local authorities and customers in this process well in advance.
We are also actively engaging large business customers in congestion management. Initially, participation was on a voluntary basis, but it has recently become mandatory – against compensation – in five areas in North Brabant and Overijssel, as is the case at vulnerable stations. Large consumers of electricity provide flexible capacity during peak times on the grid. This helps us to prevent overloading. We have also found that once we indicate which vulnerable stations are affected, municipalities tend to respond quickly.
Despite the increased risk of outages, we were able to avoid them, thanks in part to the dry spring. The annual outage duration (AOD) over the first six months was 10.5 minutes (first half of 2024: 12.8).
Flexible use of the grid
In addition to expanding the grid, making more flexible use of the electricity grid creates extra capacity. The potential here is significant: up to 500 megawatts of capacity could be freed up each year. That is as much as the capacity of a city like Eindhoven. This is also a faster and more cost-effective solution than building new infrastructure. We continue to explore smart ways to optimise grid use. We are doing this in two ways. First, as a grid operator, we are managing the grid more smartly ourselves, increasing the load where possible. Second, we aim to encourage customers to adopt more flexible consumption habits.
For example, we are encouraging more business customers to sign flexible contracts. This remains a challenge, which is why we are developing a product range to increase uptake. Other flexible solutions include dynamically switching off solar parks during peak times and conducting pilot studies on flexible consumption among consumers. Examples of this include solar dimmers and grid-aware charging.
Priority and insight
Although we are expanding at a record pace, demand for electricity is growing even faster. As a result, over 9,000 business customers are currently waiting for a new or more powerful connection. The waiting time for business customers is even increasing. At the end of June, the ACM presented a new draft prioritisation framework, which gives certain social projects, such as fire services and healthcare, priority access for connections. This framework will come into effect in 2026. We are currently reviewing it and look into the possible consequences for Enexis and its customers.
We realise how important it is for customers to have insight into waiting times. This is why we have developed the Grid Checker. This tool allows consumers and small businesses with expansion or sustainability plans to check whether their location falls within a congested area. This gives them a clearer picture of the expected lead times, enabling them to adjust their plans accordingly.
Reusing materials
The opening of our new reuse facility in Best marks an important milestone. Here, colleagues dismantle the replaced transformers and switchgear installations, and recycle either the usable parts or complete installations. This has already saved more than € 20 million and prevented 200,000 kg of CO₂ emissions. The Best facility is situated in the heart of a region experiencing grid congestion. We were able to establish the site with the support of two large batteries.
Collective Heat Supply Act
It is important that the Netherlands makes choices for a new future-proof and sustainable energy system. This should be a system that relies less on fossil fuels and raw materials, and reduces CO2 emissions. Enexis wants to help shape this transition and sees great potential in sustainable molecules that can be transported via the gas network and district heating. In early July, the House of Representatives approved the Collective Heat Supply Act (Wet collectieve warmte, Wcw). This marks a significant milestone in the heat transition. The Wcw enables the nationwide rollout of sustainable district heating, requires municipalities to include heat plans in their Regional Energy Strategies, and empowers grid operators to connect and carry out projects. This means we can now truly get started with the heat initiatives in which we are closely involved. Over the past six months, we have launched collaborations in Drenthe, Overijssel, North Brabant, Groningen and South Limburg. Affordability remains a critical concern for district heating, and we will continue to advocate for this in national politics.
Financial results
In the first half of 2025, we saw an increase in investments, primarily driven by the expansion and upgrade of the electricity grid. Gross investments for the first half of the year totaled € 889 million, € 241 million more than in 2024. Net profit for the first half of 2025 was € 192 million. This represents a € 70 million increase compared to the same period last year. This is because the 2025 tariffs include a deferred compensation for 2022, 2023 and 2024.
Due to the delay in tariff regulation, which Enexis uses to compensate for its investments, net profit is insufficient to cover the investments. That's why cash flows from operating activities and investments in (in)tangible fixed assets were negative at € 434 million in the first half of 2025 (2024: negative € 286 million). This is a direct consequence of the pre-financing of investments necessary for the energy transition.
To finance these investments, we issued two new green bonds in April, each worth € 500 million. We are also very grateful to our shareholders for approving our amended dividend policy. This will give Enexis the financial scope to invest fully in the energy transition.
Change in the Executive Board
CFO Mariëlle Vogt stepped down from the Executive Board this summer. We would like to thank Mariëlle for her tireless dedication and commitment to our company and her colleagues. We are pleased to welcome Marjanne van Ittersum as her successor, effective 1 June.
Driven by energy and trust
Our ambition to continue providing everyone with affordable and sustainable energy gives us renewed energy every day. We would like to thank all our colleagues and partners for their efforts over the past six months. The road to a future-proof and affordable energy system still presents many challenges, but we are confident that we can overcome them together.
Executive Board Enexis Holding N.V.
Rutger van der Leeuw
Marjanne van Ittersum
Han Slootweg
Jeroen Sanders