German energy and telecommunications group EWE AG plans to invest some EUR 7 billion (USD 8.5bn) in the coming years, with more than half of that in renewables and grid expansions, in a drive to become climate-neutral by 2035. The first step would be to exit all coal-fired power production and pay more attention to renewable energies such as onshore wind and green hydrogen. A portion of the above-mentioned investment will be directed towards energy-efficient services, sustainable mobility solutions for customers and digitalization.
Oldenburg-based company says that more than 95% of the energy needed in its grid area is covered by renewables, including solar photovoltaic (PV) and wind power. It deals with the intermittent nature of these sources by using energy storage systems and even has a dedicated unit called restorage GmbH. EWE has been storing gas in underground caverns for more than 40 years and plans to do the same, on a large scale, with green hydrogen in the future.