European Energy has reported profit before tax of €110m in 2022, compared with €63m in 2021.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to €135m in 2022 from €81m in 2021.
The profit before tax for the year meets the upper range target of the outlook which was €100m +/- 10%, while EBITDA met the exact target on €135m.
High power prices in 2022 contributed to the results, which company CEO Knud Erik Andersen said were the best annual results to date for European Energy.
Last year European Energy invested nearly €800m in the green transition in 2022. The company also connected 655MW in 2022, almost five times higher than in 2021.
In total, European Energy had more than 1.3GW of renewable energy capacity under construction at year-end 2022 compared to 800MW in 2021.
“We have scaled up our business on all parameters in 2022,” said Andersen.
“This result has been achieved thanks to the tremendous work of our talented staff. Consequently, European Energy has seen its best annual results to date.
“In 2023, we will focus on grid connecting even more renewable energy than in any previous year as well as looking forward to the commencement of our Power-to-X operations in Denmark.”
Power-to-X is an area where European Energy “expects to have significant progress” in 2023, with the expected production of both green hydrogen as well as e-methanol in 2023.
“In 2022 and 2023, we hope to install almost as much new green energy as we did in the previous 18 years of our business to great benefit for the climate and the global demand for more independent green energy,” said chair of the board in European Energy Jens Due Olsen.
Taking risk factors into account, including market volatility and regulatory responses, European Energy expects an EBITDA of €180m and a profit before tax of €140m for 2023.
By the end of 2022, European Energy owned 905MW of assets with more than 100MW being added in January 2023, bringing the total to above 1GW of assets.
The countries in which European Energy owns assets are Denmark, Poland, Bulgaria, Germany, United Kingdom, Netherlands, Sweden, Lithuania, Italy, Spain and Brazil.