European Energy has published its annual report for the year 2022. Key financial indicators show an increase in EBITDA from EUR 81 million to EUR 135 million and profit before tax from EUR 63 million to EUR 110 million. Profit before tax for the current year reaches the upper target of the outlook of EUR 100 million +/- 10%, while EBITDA reached the exact target of EUR 135 million.

The company’s growth has occurred despite unpredictable market conditions. Given the volatility of the market, forecasting logistics and component prices was nearly impossible. However, electricity prices remained high in the markets where European Energy produces electricity, which is reflected in the result.

European Energy’s construction program saw significant growth during 2022. European Energy invested almost EUR 800 million in the green transition in 2022. The company also connected 655 MW in 2022 – almost five times more than in 2021. In total, European Energy put more than 1.3 GW of renewable energy capacity under construction in 2022, up from 0.8 GW in 2021.

“We increased our activity in all parameters in 2022. This result was achieved thanks to the extraordinary work of our talented staff. As a result, European Energy recorded its best annual results to date,” says Knud Erik Andersen, CEO of European Energy.

“In 2023, we will focus on connecting an even higher volume of renewable energy to the grid than in any previous year, as well as starting our Power-to-X operations in Denmark.

The number of employees increased to 550 at the end of 2022, from 343 at the end of 2021. This growth was reflected across the company, with a large part of the new hires being hired in local markets. European Energy’s geographical distribution is also reflected in the number of offices the company has around the world. In total, eight new local offices were opened in 2022, bringing the total number of offices to 23 in 18 different countries.”

Power-to-X is an area where European Energy expects to make significant progress in 2023. The company has been at the vanguard of development in this area. With the production of green hydrogen as well as e-methanol planned for 2023, European Energy has established itself in a few years as a major developer in the Power-to-X space, a fact stressed by the partnerships that have been concluded with shipping companies of tier 1, such as Maersk and HMM.

“In 2022 and 2023, we hope to install almost as much new green energy as in the last 18 years of activity, to the benefit of the climate and the global demand for more independent green energy,” said Jens Due Olsen, chairman of the board of directors of European Energy.

“At European Energy, we remain optimistic about the prospects for investing in renewable energy. Despite the many challenges along the way, one thing is certain: Our society needs more renewable energy, and we are here to provide it.

“For 2023, European Energy expects a significant increase in all parameters. However, there are factors that have a negative effect, including increased financial market volatility, regulation, as well as delays in permits or supply chains. Taking into account these risk factors, European Energy expects an EBITDA of EUR 180 million and a pre-tax profit of EUR 140 million for 2023. We believe that the risks and increased volatility mentioned above could have a impact on achieved results with a margin of +/- 20% compared to prospects.

“We are proud of the achievements of European Energy A/S globally and we intend to use all our experience and know-how in Romania as well, where European Energy has approximately 1.7 GW in renewable energy projects in various stages of development. More precisely, a 20 MW photovoltaic project is in the construction phase, a 125 MW photovoltaic project and a 125 MW wind project have technical approvals for connection to the grid, several other projects are advancing in the development process,” says Ioannis Kalapodas, head of European Energy’s Bucharest office.