Energinet came in significantly below its own expectations in 2025, with both the economy and infrastructure under pressure. The profit before tax was DKK 495 million against a target of DKK 1,542 million and a realized result of DKK 785 million the year before. This is stated in Energinet's annual report for 2025.
The lower result is mainly due to decisions from the Danish Electricity Supply Authority, which have reduced the revenue limits for electricity and gas transmission in 2023 and 2024. Energinet has chosen to fully recognize the decisions in the accounts based on a precautionary principle, even though the company disagrees and has appealed to the Complaints Board. If Energinet is successful, it could positively affect the result at a later date.
At the same time, the subsidiary Gas Storage Denmark delivered a result significantly below expectations with a profit of DKK 17 million against DKK 89 million expected. This is due to lower revenue due to challenging market conditions.
Power grid under pressure
The financial pressure coincides with significant challenges that Energinet has been struggling with in expanding its energy infrastructure. Projects are delayed by an average of 31 months, and 52 percent exceed budgets, while 81 percent of the projects are delayed.
At the same time, demand on the power grid has grown sharply. By the end of 2025, there were applications for 33.5 GW of new consumption capacity, equivalent to around eight times Denmark's current electricity consumption, which exceeds the capacity that Energinet can make available in the short term. At the same time, demand is characterized by large fluctuations, which increases the uncertainty in planning.
- We must strengthen our ability to execute and accelerate the expansion of the electricity grid even more - without compromising the Danes' security of supply. But the task is so enormous that it is not possible to build enough electricity grids to meet demand, quickly enough. Therefore, we as a society need to discuss what, how, for whom and in what order we should build electricity grids, says Thomas Egebo, CEO of Energinet.
The challenges with the expansion of the electricity grid have led to a temporary pause in new connections at the beginning of 2026. At the same time, Energinet is changing the principles for grid connection from first come – first serve to first ready – first serve in order to better utilize capacity.
Energinet is also investing 1.6 billion DKK in securing and monitoring critical infrastructure in line with a heightened threat landscape.
- In a turbulent time in world history, where we must also take into account new and complex threats to our infrastructure, we are today faced with increasing demands for security of supply and rapid green transition. It is a responsibility we take on - but it is not a task we can undertake alone. It requires strong cooperation across Europe and the entire energy sector, says Mogens Lykketoft, outgoing chairman of Energinet.
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