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DC Annual 2021

A defining year for energy markets

In 2021, energy markets saw unprecedented volatility, which drove prices up by more than 400% across power and gas markets.
Market participants were faced with increased risk and an extreme pressure on liquidity to make margin calls.
Navigating these market conditions, Danske Commodities helped bring balance and liquidity to energy markets while delivering strong results.

Strong performance in defining year for energy markets

Danske Commodities delivered adjusted EBIT of EUR 272 million in a year with unprecedented market volatility. Extreme weather events and a faster-than-expected economic bounce-back from Covid-19 combined with low gas storage levels resulted in historically high energy prices, which created both opportunities and challenges for energy market participants.

Financial highlights

  • DC Group
  • DC US
  1. 2017
  2. 2018
  3. 2019
  4. 2020
  5. 2021
Energy markets & business highlights
Price developments in 2021

Unprecedented price volatility across energy markets

In 2021, European energy markets saw unprecedented price volatility across commodities. By the end of the year, prices were spiking at record highs, producing price levels times ten. A combination of strong recovery in demand, extreme weather events, unplanned supply outages and underperforming Russian gas deliveries into Europe created a perfect storm for the tightest gas market in recent decades – and unprecedented volatility in energy prices.

2021 price developments and main drivers
  • Power (German day-ahead)
  • Gas (TTF day-ahead)
  • EUAs
Gas & EUAs
Faster-than-expected bounce-back from Covid-19
Extreme weather events fuel gas demand
Lowest gas storage levels in a decade
Dependency on Russian natural gas
Low winds across Europe
Phased-out conventional assets switch back on
Cold weather enters the mix
Nuclear reactors shut down
Certification process of Nord Stream 2 suspended
  1. Jan
  2. Feb
  3. Mar
  4. Apr
  5. May
  6. Jun
  7. Jul
  8. Aug
  9. Sep
  10. Oct
  11. Nov
  12. Dec

Insight cases

Business activities

Bringing energy to where it’s needed most

Danske Commodities realises the full potential of energy resources by offering energy-related services to customers and trading power and gas in global energy markets.

active power markets

active gas markets

TWh power traded in 2021

TWh gas traded in 2021

People & Sustainability

People like no other

In 2021, our people navigated safely through unprecedented market volatility – and a pandemic – and together we delivered outstanding results. As our people are an essential driver of Danske Commodities’ success, we strengthened our focus on providing every employee with tailormade opportunities to grow by having interesting tasks, responsibility from day one and highly capable colleagues. This also resulted in continued record-high employee motivation, with a score of 81 out of 100 in our annual people engagement survey, placing Danske Commodities significantly above the top-in-class benchmark.

Creating strong results in the markets we’ve seen in 2021 requires highly capable people collaborating across the entire value chain – and at Danske Commodities, we have built a learning-based culture where people development is a strategic focus area and where there’s room for diverse ideas to grow. That’s how we succeed together.
Marie-Louise Brebøl Christensen
VP, Head of People & Culture
dedicated people

different nationalities

73 %
with a master’s degree or higher

Meet some of our people


Making a difference

More information

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Annual report for Danske Commodities Group
Want to get the full overview of our 2021 financial results for the Danske Commodities Group? You can download the annual report below.
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Annual report for Danske Commodities US
Looking for all the 2021 financials for Danske Commodities’ US activities? Click below to download the full overview.
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Explore our financials page including annual report archive
Go to our financials page to view annual reports from previous years, learn about our risk culture and find our market access overview.
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