Study on comparative review of investment conditions for electricity and gas Transmission System Operators (TSOs) in the EU : final report

The overall objective of the assignment is to assess the investment requirements of the European TSOs in relation to their financing capabilities. In concrete terms, the study seeks to provide answers to the following research questions: Financial capacity: are TSOs able to realise the projects that are considered in the network development plans? How would this affect their balance sheet and their financing cost given the existing financing structure? Which financing sources do they use and is the appetite of these investors sufficient for the envisaged projects? How does the ownership structure potentially affect future investments? ; Realisation of PCIs: which part of the overall investment (also compared to historic investments by the TSO) does it represent and what influence will it have on financing costs and capacity? ; Country-specific situation: what are the factors negatively affecting the financing of transmission infrastructure projects? ; Impact on tariffs: what is the potential impact on the tariffs of the TSOs, if the PCIs/all projects are realised? What impact would the tariff increase have on the consumers per Member State, if put in relation to housing costs, costs for energy (gas and electricity only) compared to overall budget, purchasing electricity, etc.? Based on its findings, the study contains recommendations at TSO and country-specific levels. Therefore the national characteristics (e.g. currency, ratings, interest rates, etc.) that affect the scope and modalities of investments are taken into account.