Financial position

Development in debt position

The net debt position rose by €88 million to €3,961 million at year-end 2024 (31 December 2023: €3,873 million). This small increase is a direct result of the €919 million received in 2024 in the sale of Kenter. Without this sale, net debt would have increased by nearly €1 billion. This also clearly indicates that the normal operating cash flow is nowhere near sufficient to cover investment expenditures.

The redeemed leases are paid rental obligations that are recognised based on IFRS 16 as repayment of the financial lease obligation. These repayments increased by 60% relative to 2023, due to redemption of two leasehold contracts.

The development of the net debt position during 2024 is shown in the graph below.

Development of the net debt position (€ million)

Net debt position

Alliander has a €5 billion medium-term note (EMTN) programme. As at 31 December 2024, the carrying amount of the outstanding bonds was €2,932 million (nominal value €2,950 million).

Alliander has two euro commercial paper (ECP) programmes totalling €1,500 million, which can be used to issue short-term debt instruments. In addition to the standard ECP programme there is also a separate programme to issue green ECP debt instruments. In the latter case, the funds obtained are used to finance assets that are further specified in the Green Finance Framework. At year-end 2024, no use was made of this programme. At year-end 2023, €500 million in ECP loans were outstanding. They were repaid in 2024.

Interest-bearing debt

The repayment schedule for the interest-bearing debt as at year-end 2024 was as follows:

Repayment schedule for interest-bearing debt (€ million)

The amounts scheduled for repayment in 2026, 2027, 2028, 2030, 2032 and 2034 mainly relate to bond loans. The other amounts relate to the repayment of shareholder loans and other loans.

Available green financing capacity

Alliander has arranged eight green financing facilities since 2016, including seven publicly issued green bond loans. The proceeds of these financing facilities have been used to fund various assets that are defined in more detail in the Green Finance Framework. These assets and financing facilities are accounted for in separate reports. A summary referred to as the allocation table is part of these reports. This summary details the size and composition of Alliander N.V.’s green asset portfolio and green financing facilities.

Allocation table: use of funds available from green financing facilities

The table shows that the net weighted carrying amount of green assets as at 31 December 2024 was €6,029 million. This represents an increase of €3,257 million relative to 31 December 2023 (€2,772 million), mainly caused by changing the weighting factor to 100%. Previously, we chose to apply a weighting factor to the net carrying amount of our electricity grids in proportion to the share of renewable generation in the total electricity production landscape in the Netherlands. Because the Dutch electricity grids are classified as EU taxonomy-eligible activities, it was decided to include the full net carrying amount from the start of the 2024 financial year.

As a result, €2,579 million in green financing capacity was available as at year-end 2024. The changes in 2024 in total green financing of €3,450 million relate to the green subordinated perpetual bond loans with a nominal value of €500 million that we arranged. A new long-term green financing facility was also arranged in October 2024: a green bond loan for a nominal amount of €750 million.