Note 36 Events after balance sheet date

Termination of Cross Border Lease

Alliander exercised the contractual option whereby the remaining Cross Border Lease contract was terminated on 2 January 2025. The CBL concerned all electricity assets in the Randmeren area in Flevoland. Two transactions will take place due to the termination of the CBL.

With the entry into force of the Independent Network Operation Act (WON) on 1 January 2008, responsibility for managing the regional network operators’ 110 kV and 150 kV high-voltage networks was transferred to TenneT. At the time, however, Liander retained the management of networks under a CBL due to a transitional clause in the WON. The networks will now be transferred following the termination of the CBL on 2 January 2025. Legal operation of the networks transferred to TenneT at the start of January and will be run under an operating lease until their sale, which is expected to occur in the second quarter of 2025. Until the end of 2025, Alliander will have contractual contingent and unconditional rights and obligations of $170 million in relation to the settlement of the contract.

As part of the disposal of Kenter B.V., transformers are to be transferred. This transaction has not yet been carried out as the transformers in question formed part of the CBL, but it can now go ahead following the termination of that arrangement. In 2024, Alliander received an advance payment of €65 million on this transfer. This amount is recognised in the balance sheet at the end of 2024 as an advance payment. The transaction is expected to take place in the first six months of 2025.