Jeroen Dijsselbloem drums up support for billion-euro TenneT sale plan: 'This is our chance for innovation'
It takes a moment to adjust: Jeroen Dijsselbloem, the man long regarded as the guardian of European budget rules, is now unveiling one of the most aggressive investment plans in years. The former Finance Minister and ex-President of the Eurogroup has set his sights on the sale of TenneT, the operator of the high-voltage grid. And he wants only one thing: to use the proceeds – ideally €10 billion – to establish a new investment giant from the ground up. No boring austerity measures, but daring and vision.
Why TenneT? Why now?
The sale of the German part of TenneT has been on the cards for a while. Our eastern neighbours are keen to take the grid into their own hands, and the Netherlands finally seems willing to cooperate. That means a substantial sum of money is heading towards The Hague. Where normally such an amount would disappear straight into the treasury to reduce government debt, Dijsselbloem sees a golden opportunity. According to insiders, he argues: we shouldn't spend this money on current accounts, but invest it in the future. With that, he strikes a chord in a country grappling with its competitiveness and the energy transition.
Dijsselbloem, by now no stranger to the business world, is actively promoting this plan. He wants the Netherlands to finally have its own powerful investment fund, like they've had in Norway and Denmark for years. But with a specific focus on what we're good at: energy, tech, and infrastructure.
The billion-euro plan at a glance
What exactly does it involve? In The Hague circles, speculation is rife about the following structure:
- Start-up capital of €10 billion, coming from the sale of TenneT. Not borrowed money, but the state's own equity.
- Focus on innovation and energy: the fund should invest in hydrogen, smart grids, battery technology, and other key technologies for the energy transition.
- Public-private partnership – the fund attracts private investors to finance projects, making public money go further.
- The long game: the fund isn't aimed at quick profits, but at long-term returns, both financial and social.
Dijsselbloem stresses that this isn't free money for businesses. There will be a sharp focus on returns and strategic importance. The idea is for the Dutch state to become a co-owner of crucial, innovative companies and technologies, thereby strengthening our position in Europe.
Gamechanger or gamble?
Of course, there is criticism too. Some economists warn that the government shouldn't be providing risk-bearing capital; that's a job for the market. But proponents – and after all these years in the financial world, I count myself a little among them – see it as a necessary step. Look at Germany, France, or the Scandinavian countries: they all have state investment funds supporting strategic sectors. The Netherlands is lagging behind. With this plan, Dijsselbloem could close that gap in one go.
Furthermore, the energy transition requires an incredible amount of money. Grid operators, innovative startups, and large industrial players need capital to make the switch. A public fund could accelerate those investments and simultaneously ensure that the benefits – think new jobs and export opportunities – stay in the Netherlands.
The coming months
It's now up to the politicians. The cabinet and the Lower House must decide whether to embrace this plan. Dijsselbloem will undoubtedly use his diplomatic experience from the Eurogroup to convince the parties. The coming months will be crucial. If he manages to steer this billion-euro plan through the Hague machine, it might just turn out that the level-headed Dijsselbloem is one of the most visionary thinkers in the Netherlands. I'll be watching closely.
One thing is certain: the name Jeroen Dijsselbloem will be on many lips in the coming period. And this time, not because of a rescue operation in Southern Europe, but because of an aggressive investment agenda that could put the Netherlands on the map. Brace yourselves.