The profits have exploded among companies involved in energy supply. In total, 1066 companies in the industry had a total profit of 60.7 billion. DKK in 2022. The year before, the total result ended as a deficit of one billion. DKK. This is shown by a data extract from the CVR register prepared by the auditing company Beierholm and Dataminds.
The deadline for submitting annual accounts for last year expired for the vast majority of companies on Friday, June 30. The extract includes companies for which there is data for both 2021 and 2022. In total, data from 104,105 companies across industries is included in the analysis.
In total, 45 percent of companies across industries have experienced an improvement in their results. Within energy supply, 66 percent of the companies earned more in 2022 compared to the previous year.
Tremendous numbers
And some of the companies have apparently not just experienced a small improvement. Because while the average result for companies in the energy industry was minus 900,000 kroner in 2021, it had increased to an average profit of 57 million kroner in 2022.
That is the largest average improvement across all industries in the extract. And according to Søren V. Pedersen, CEO of Beierholm, it is also unprecedented growth.
- Those are tremendous numbers. And it is not something we have experience of seeing otherwise. I have not seen it before, he says.
Beierholm still needs to receive the final accounts for 2022 before the analysis is complete. But the overall picture will be the same, believes Søren V. Pedersen.
Fluttered energy prices have opened up the possibility of large profits
Energy prices have fluctuated wildly since Russia invaded Ukraine in February 2022. If we look at the annual price increases, which are calculated by Statistics Denmark each month, the increases in energy prices peaked in September. Here, the prices of electricity, gas and fuel had increased by 73 percent. over the course of a year.
It is precisely the large fluctuations in energy prices that have created the ground for unusually large profits for companies that trade in energy. And that has pulled up the overall profit in the industry.
- There is much to indicate that it is about the major fluctuations that have occurred in the energy market and the opportunities that this has given energy traders to create profit (profit, ed.), says Søren V. Pedersen.
There are examples of Danish energy trading companies that have increased their profits five-, ten- and 33-fold from 2021 to 2022. For example, Aarhus-based InCommodities' result increased almost tenfold to 7.9 billion DKK in 2022.
The two largest energy trading companies in Denmark, Energi Danmark and Danske Commodities, earned 8.8 and 10.9 billion DKK respectively after tax in 2022.
/ritzau/
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