Eurowind Energy A/S published the results for the financial year 2022/2023 with a revenue of EUR 232 million compared to EUR 173 million the year before. The profit before tax was EUR 315 million against EUR 116 million in 2021/2022.

The results include the end of the summer and the fall of 2022, when the European energy markets experienced an unrest unmatched since the oil crisis in the 1970’s.

Jens Rasmussen, CEO of Eurowind Energy, said:
“Every Euro we make will be reinvested in the next solar panel or wind turbine. We will use the profit to increase our activity level. In all our markets there is great demand for what we can deliver: cheap green energy, which is also the cure for the disturbance on the energy market. The earnings from our existing facilities and Norlys Energy Trading help accelerate the green transition.”

The increase in profit originates from an increased activity level, higher power prices, and income from the ownership of Norlys Energy Trading.

“Our results show that we have a strategy that is also is valid when the seas are high. That is positive but let me emphasise that we also consider it positive that the prices came down fairly quickly. Neither producers nor consumers benefit from market conditions like the ones we saw in August-September 2022 in the long term. There will always be price variations in a free market, but what we experienced was an almost physical reaction from the immediate weaning from Russian gas, a “cold turkey” if you will,” said Jens Rasmussen.

Chairman of the Board of Directors, Gert Vinter Jørgensen, is also satisfied with how Eurowind Energy has navigated the troubled waters in the past financial year.

“It is very satisfactory that our strategy is robust when the world is marked by unrest. It is by no means a natural law that energy companies get through troubled times this well. Now Eurowind Energy is well equipped to increase the activity level even more in the coming years. We expect to invest hundreds of millions of Euros already in the current financial year. That is great for the green transition in all of Europe and the USA.

At the end of the financial year, Eurowind Energy had energy parks with a combined capacity of more than 1.1 GW, of which 1,047 MW were wind farms. Together, the parks produced more than 2 TW/h in 2022-2023, which corresponds to the consumption of approximately 515,000 European households.

The portfolio of development projects jumped from 25,507 MW on June 30th 2022 to 34,451 MW per June 30th in 2023 with a technology distribution of 50% wind, 44% solar PV, and the remaining 6% in biogas and storage.

Eurowind Energy expects profit before tax to reach EUR 60-100 million in 2023/2024. The outlook for 2023/2024 is to a great extend a result of the normalisation of the European energy markets.

KeyFacts Energy: Eurowind Denmark country profile