FRANKFURT, Feb 23 (Reuters) - TenneT, the Dutch government-owned operator of electrical grids in the Netherlands and Germany, said on Friday it planned to invest 28 billion euros ($34.42 billion) in new infrastructure over 10 years.
* In its annual report 2017, it said it posted strong revenue gains of 22.3 percent to 3.95 billion euros, derived from providing grid balancing services and drawing on a growing asset base.
* Grid expenses are levied on consumers who share the costs via their electricity bills, allowing Tennet “to continue to finance the necessary investments in the energy transition,” Chief Financial Officer Otto Jager said.
* This entails developing grids that can accommodate larger quantities of renewable energy in Germany, namely the onshore connections SuedLink and SuedOstLink.
* In Germany, where it owns 40 percent of high-voltage grids and spends the bigger part of investments, it expects to complete two new offshore grid connections to wind farms in the North Sea in 2019.
* This will bring total transmission capacity for offshore wind plants to over 7 gigawatts (GW) from currently more than 5 GW. Long-term, TenneT will operate more than 10 GW of German offshore power connections by 2025.
* It is pursuing half a dozen high-profile onshore wind projects in the Netherlands and due to connect some 3.5 GW of offshore wind installations to onshore grids in that country by 2023.
* Further ahead, it is consulting with the Dutch government about a future big push into more offshore capacity up to 2030, which is not included in current investment planning.
* TenneT is constructing two new offshore interconnectors, the NordLink subsea cable between Germany and Norway, to be ready in 2020, and the COBRAcable between the Netherlands and Denmark, to be ready in 2019.
* Investments into maintenance and expansion of grids totalled 1.77 billion euros last year. ($1 = 0.8135 euros) (Reporting by Vera Eckert; Editing by Edmund Blair)