National grid company wants more cash, considers IPO
Wednesday 13 March 2013
The Dutch national grid operator Tennet is considering a potential stock market listing in order to raise more money for investments, its chief executive Mel Kroon told news agency ANP on Wednesday.
'The capital needed for investments in the Netherlands must be topped up in the relatively short term,' Kroon is quoted by ANP as saying. 'That can be done by a capital injection from the Dutch state as shareholder or an IPO.'
Tennet is 100% owned by the Dutch state. Finance minister Jeroen Dijsselbloem will decide whether or not to go for a listing this year, Kroon said. 'He will take a decision around the summer and we will wait for that,' Kroon said.
Dijsselbloem declined to comment on Kroon's statement, ANP said. Last week he told parliament the cabinet was reconsidering the previous government's option to partly privatise Tennet.
Kroon said floating a minority stake would raise €2.5bn. The grid operator has plans to invest some €13m in projects in the Netherlands and Germany over the next 10 years.