May 25 (SeeNews) - Romanian electricity and natural gas distributor Delgaz Grid, a member of Germany's E.ON group, said on Monday that it plans to invest 1.9 billion lei ($428 million/ 392 million euro) in its distribution networks by 2023.
"Out of this amount, 1.065 billion lei are intended for modernization of the electricity network, and 836 million lei for an upgrade of our natural gas network," Delgaz Grid general manager Csulak Ferenc said in a press release.
During 2019-2028, the company plans to install some 397,000 smart electric meters - an investment worth 126.5 million. Thus, over 700,000 customers, or half of all of the company customers connected to its electricity network, will have smart meters installed by the end of 2028.
This year's investment budget of approximately 456 million lei stands at about the same level as last year, with 249 million lei to be invested in further automation of the distribution system, in upgrades to transformer stations as well as for connecting new consumers to the grid. Investment in the modernization of over 350 km of natural gas pipelines and connections in 2020 is planned at 207 million lei.
Delgaz Grid operates a natural gas network of over 22,650 km and an 81,900 km electricity grid in northern Romania.
Since 2005, E.ON has invested about 1.7 billion euro ($1.85 billion) in the modernization of gas and electricity grids in Romania and paid over 2.3 billion euro in taxes.
(1 euro=4.8422 lei)