Energy supplier - Energy supplier Wemag continues to invest in green electricity expansion
"Municipalities benefited from Wemag Energy Supplier and Grid Operator's previous business year in 2023. The municipal company closed the business year with a surplus of 35.5 million Euro. The result after taxes was approximately 10 million Euro lower than the previous year, but exceeded expectations, according to the company based in Schwerin. Nearly half of the surplus was distributed to the 201 member municipalities in the region and the similarly municipal Thüga AG, which holds a quarter of the shares. The consolidated revenue was reportedly around 2.2 billion Euro.
"We see that the broader positioning of the company is increasingly paying off. Our strategic focus on energy grids, investments in our own ecopower plants, glass fiber build-out, and sustainable customer solutions such as PV systems, small batteries, and heat pumps ensure stability and can offset result fluctuations," explained Caspar Baumgart, the commercial managing director of Wemag.
High Investments in Power Grids
According to the company leadership, 96 million Euro were invested in the power grid in the previous year. To further reinforce the grids for the energy, mobility, and heating transition and ensure a secure transport of eco-power to major consumers in the south and west, further high investments are necessary. The tariffs for grid fees are among the cost drivers for power supply. For a fair, nationwide load distribution, there have been discussions for years.
According to Baumgart, there were more than 11,000 connected renewable energy generation facilities in the Wemag area in 2023. Applications for additional connections are pending. The installed capacity of photovoltaic, wind, and biomass power plants was approximately 2.6 gigawatts. According to Baumgart, this would be sufficient to supply about 1.3 million households with eco-energy for a year. According to its own statements, Wemag currently supplies approximately 216,000 end customers with power, gas, and internet."
- The surplus from Wemag's financial year 2023 was partially distributed to the 201 member municipalities in the region and to Thüga AG, which holds a quarter of the shares in Mecklenburg-Western Pomerania's Municipality.
- Wemag investments in ecopower plants, glass fiber build-out, and sustainable customer solutions, such as PV systems, small batteries, and heat pumps, helped offset result fluctuations during the financial year and contributed to the distribution of green electricity.
- During the previous year, 96 million Euro was invested in the power grid in the Mecklenburg-Western Pomerania Municipality, with further high investments required to reinforce grids for the energy, mobility, and heating transition.
- The Municipality of Mecklenburg-Western Pomerania, through Wemag, currently supplies approximately 216,000 end customers with power, gas, and internet, utilizing more than 11,000 connected renewable energy generation facilities, producing approximately 2.6 gigawatts of green electricity.
