Danske Commodities delivers strong financial results in a year with market stabilisation

2023 was a year of stabilising energy markets. After the turbulent year of the European energy supply crisis in 2022, markets began to stabilise and move towards pre-crisis price levels. The stabilisation was mainly driven by reduced energy demand, high gas storage levels and a mild winter. Energy prices and market volatility continued to decrease throughout the year.

Under these market conditions, Danske Commodities delivered earnings before tax (EBT) of EUR 359 million for 2023. By expanding into new markets and investing in new systems, Danske Commodities was able to deliver the second-best financial results in company history. The strong 2023 results come from a gross turnover of EUR 40 billion and are supported by an equity ratio of 64%, up from 38% in the record year of 2022.

“The results for 2023 demonstrate the strength of our business. In a year, when markets started to stabilise after the energy crisis, market participants had to adjust to a new reality with declining energy prices and decreasing market volatility. Thanks to the trading expertise and great adaptability of Danske Commodities, we succeeded in delivering strong results while also contributing to stabilising the European energy markets,” said Danske Commodities’ CEO Helle Østergaard Kristiansen.

Declining energy prices and reduced market volatility led to more stable energy markets. With markets stabilising, Danske Commodities focused on building an even more solid and diversified business.

“In 2023, we invested further in systems for weather analysis, algorithmic trading and flexible asset management, such as batteries and power-to-X. Together with our skilled people, these investments enabled us to successfully enter new markets and grow our portfolio by 20%. It also meant that we entered 2024 with a contract portfolio of 12 GW, with about 85% deriving from renewables, and trading activities on five continents,” said Østergaard Kristiansen.

With a broad portfolio and a strong system platform in place, Danske Commodities is well positioned to support the energy transition and its parent company Equinor’s strategic ambitions to become a leading producer of renewable energy.

“At Danske Commodities, we specialise in managing renewables. We bring the energy to the market, we balance the production in order to avoid disruptions, and we trade the energy across borders. This is key to making sure that energy is produced and consumed as efficiently and sustainably as possible,” said Østergaard Kristiansen before concluding:

“The combination of renewables, flexibility and efficient energy markets are key to a secure energy future.”

Danske Commodities is active in 42 countries, including Australia, the US, Brazil, Japan and all major European markets.

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Danish press release (PDF)
German press release (PDF)
Portuguese press release (PDF)