Energy trading company Danske Commodities ended with a profit of 26.9 million euros last year. This is shown in the annual report published on Thursday morning.
This corresponds to 200 million kroner and is a decrease of 82 percent compared to the previous year. This is the third year in a row that the company has experienced a noticeable decline in the bottom line.
Energy traders make money by buying electricity or gas and then selling it on at a higher price. When there are large fluctuations in energy prices, it is possible for traders to make a lot of money. Last year, however, the opposite was the case.
- Although the markets experienced periods of low wind as well as periods of high solar energy, it was not enough to increase volatility significantly, the company writes in a press release.
- As a result, both gas and electricity prices remained relatively calm throughout the year.
Danske Commodities was one of several Danish energy traders that profited heavily from the energy crisis in 2022. Here, the energy markets were characterized by extraordinarily large fluctuations in prices. That year, the company earned 10.9 billion kroner - or more than 54 times as much as last year.
The current geopolitical unrest with war in the Middle East has once again caused energy prices to rise noticeably. This is also something that the Danish energy trader has taken note of.
- It has given us a good financial start to the new year, says CEO Jakob Sørensen in the announcement.
Danske Commodities was founded in 2004 and has been part of the Norwegian energy giant Equinor since 2019. The company is headquartered in Aarhus and is present in over 40 markets, including Australia, the USA and major European markets.
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