Eneco Says It Will no Longer Invest in Renewables

  • Business & Finance

Dutch energy company, Eneco, said it will no longer invest in renewable energy projects since that is not possible without losing money and jobs, the Dutch media reported.

This was announced by Eneco’s CEO Jeroen de Haas after consultations with high officials of the Ministry of Economic Affairs on Wednesday.

Namely, according to a decision by Economy Minister Henk Kamp, the company should split into two separate businesses, one being a network company and the other an entity responsible for the sale of electricity to customers. The aim is to protect consumers from the influence of mighty corporations in the energy market.

Splitting the company would mean losing some 800 to 1,000 jobs at Eneco, de Haas pointed out. Also, the investment in renewables would be downsized by EUR 400 million, meaning that Eneco would not build any more offshore wind farms.

”Further growth is no longer possible,” said Haas, ”and that growth is really necessary to meet the objectives of the Energy Agreement.”

Offshore WIND Staff; Image: Eneco

Related news

List of related news articles