Uploaded November 2025 | Updated September 2026, 3 weeks ago
What does it take to future-proof Europe’s electricity grid? How do you finance €65 billion in infrastructure without driving up consumer electricity costs? And can the permitting process be sped up to become fast enough for the energy transition?
This week on Cleaning Up, Michael Liebreich sits down with Tim Meyerjürgens, CEO of TenneT Germany, the country’s largest transmission system operator, to explore the physics and finance behind decarbonising Europe’s power networks.
From billion-euro transmission lines to the domestic and international politics of connecting the North Sea’s vast offshore wind potential with Germany’s industrial heartland, Meyerjürgens offers a rare inside view of one of Europe’s most complex and capital-intensive transitions.
The conversation dives into:
• How TenneT split its Dutch and German operations to attract €9.5 billion in equity from investors like Norges Bank and GIC
• The challenge of accelerating grid buildout from 20-year to 5-year timelines
• The delicate balance between regulation, investment, and public acceptance
• Why building our transmission across Europe is key to energy resilience
This episode was supported by TenneT Germany.
Leadership Circle:
Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP of Portugal, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live.
Discover more:
• TenneT Germany’s website: https://www.tennet.eu/de-en/home
• TenneT Germany successfully concludes syndication of €12 billion revolving credit facility: https://www.tennet.eu/de-en/news/tennet-germany-successfully-concludes-syndication-eu12-billion-revolving-credit-facility
• The £60 Billion Plan To Rewire Britain | Ep227: John Pettigrew: youtube.com/watch?v=S7Lg1A958aA
• Can Europe Survive the Renewables Transition? Ep201: Nikos Tsafos: youtube.com/watch?v=dUvKzs82Mi0
Chapters:
00:00 - Coming Up
01:18 - Introduction
02:26 - Tim Meyerjürgens and TenneT
04:26 - Germany’s Unique Grid Structure
06:21 - Financing The Grid
12:38 - Who Invested?
13:21 - Why Is So Much Money Needed?
17:02 - Who Pays For It?
20:49 - How Long To Build?
25:46 - Anticipatory Demand
28:27 - Net Zero 2045
31:29 - Why Can’t Anyone Get A Connection?
35:28 - Zonal Pricing
40:36 - Grid Resilience
45:44 - Pan-European Building
49:33 - AI Squeeze
54:53 - Where’s The Money Coming From?
1:00:00 - Future Plans
01:01:11 - Outro
What does it take to future-proof Europe’s electricity grid? How do you finance €65 billion in infrastructure without driving up consumer electricity costs? And can the permitting process be sped up to become fast enough for the energy transition?
This week on Cleaning Up, Michael Liebreich sits down with Tim Meyerjürgens, CEO of TenneT Germany, the country’s largest transmission system operator, to explore the physics and finance behind decarbonising Europe’s power networks.
From billion-euro transmission lines to the domestic and international politics of connecting the North Sea’s vast offshore wind potential with Germany’s industrial heartland, Meyerjürgens offers a rare inside view of one of Europe’s most complex and capital-intensive transitions.
The conversation dives into:
• How TenneT split its Dutch and German operations to attract €9.5 billion in equity from investors like Norges Bank and GIC
• The challenge of accelerating grid buildout from 20-year to 5-year timelines
• The delicate balance between regulation, investment, and public acceptance
• Why building our transmission across Europe is key to energy resilience
This episode was supported by TenneT Germany.
Leadership Circle:
Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP of Portugal, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live.
Discover more:
• TenneT Germany’s website: https://www.tennet.eu/de-en/home
• TenneT Germany successfully concludes syndication of €12 billion revolving credit facility: https://www.tennet.eu/de-en/news/tennet-germany-successfully-concludes-syndication-eu12-billion-revolving-credit-facility
• The £60 Billion Plan To Rewire Britain | Ep227: John Pettigrew: youtube.com/watch?v=S7Lg1A958aA
• Can Europe Survive the Renewables Transition? Ep201: Nikos Tsafos: youtube.com/watch?v=dUvKzs82Mi0
Chapters:
00:00 - Coming Up
01:18 - Introduction
02:26 - Tim Meyerjürgens and TenneT
04:26 - Germany’s Unique Grid Structure
06:21 - Financing The Grid
12:38 - Who Invested?
13:21 - Why Is So Much Money Needed?
17:02 - Who Pays For It?
20:49 - How Long To Build?
25:46 - Anticipatory Demand
28:27 - Net Zero 2045
31:29 - Why Can’t Anyone Get A Connection?
35:28 - Zonal Pricing
40:36 - Grid Resilience
45:44 - Pan-European Building
49:33 - AI Squeeze
54:53 - Where’s The Money Coming From?
1:00:00 - Future Plans
01:01:11 - Outro
