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1、JULY 10,2025Capital challenges and strategic decisions for Europes electricity TSOsNavigating growth 1Copyright 2025 by Boston Consulting Group.All rights reserved.Objective of this document 321Author team contactsProvide an impartial view of the European electricity TSO landscape,benchmarking size,

2、capital structure,investment levels,and ownership structuresExamine key group trends,including investment outlooks,capital allocation priorities and tradeoffs,and funding mechanisms Analyze how these trends present strategic challenges and opportunities for TSOs into the future TSO=Transmission Syst

3、em Operator This publication is based on publicly available data MauriceBernsManaging Director&Senior PartnerLondon RebeccaFitzPartner and DirectorWashington DCTomBrijsPartnerBrusselsBenGottesdienerProject LeaderNew YorkJonas GeerinckManaging Director&Senior PartnerBrusselsBas SudmeijerManaging Dire

4、ctor and PartnerLondonSam VandezandeConsultantBrussels 2SCOPE|Benchmark covers the 15 largest European electricity TSOs across 10 countries covering 175B in fixed assets and 345B of capex to 2029Note:Companies included in analysis based on size3Capital expenditures at the 15 largest European TSOs ar

5、e set to triple in the coming five years vs.the past five yearsTSOs are forecast to deploy 345B over 2025-29;capex levels have already begun to accelerate,with 2024 capex 50%above 2023Capex plans represent 300%of operating cash flow,creating a 250B capital gap;TSOs are pulling all traditional fundin

6、g levers to meet needsSource:BCG CEI analysis 3.5x345B300%Scale of InvestmentFinancing Capacity Consumer AffordabilityFinancial Returns Growth MandateBond Proxyvs.vs.vs.European TSOs are entering a period of unprecedented growth in capital deploymentbut the financial model is under strain,as policy