Bringing balance to challenged energy markets
Strong performance while bringing balance and liquidity to energy markets
In 2022, the people of Danske Commodities worked with determination and skill to navigate a European energy supply crisis. A crisis that firmly underlined the need for substantial investments in renewable energy and the vital role that trading companies play in connecting supply and demand through cross-border trading.
3,502Average capital employed(EURm)
European supply crunch caused extreme market volatility
Europe saw deliveries of Russian natural gas decline in 2022 as sanctions were imposed on Russia following the invasion of Ukraine. Combined with a hot, dry summer and fears of a cold winter, energy prices started to spike, with both gas and power prices peaking in August. The high prices and a subsequent mild winter led to demand destruction, and markets began to stabilise towards the end of a year of extreme volatility.
- Power (German day-ahead)
- Gas (TTF day-ahead)
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 by trading power and gas in global energy markets.
Unlocking the potential of energy
In 2022, our people navigated market turmoil and helped soften the blow of the energy crisis while creating strong results. More than ever, we relied on their capabilities, underlining our strategic focus on people development. By providing challenging and meaningful tasks, sparring and collaboration with highly skilled colleagues as well as planned learning, we supported the growth of our people. We also focused on strengthening our culture where diverse teams thrive and employees feel welcomed, respected and that they can make a difference. That’s what we believe creates the best and brightest ideas and enables us to build a viable energy future together.
People like no other
Doing our part
Among the biggest tax contributors
In 2022, we made a positive impact on society by paying more than EUR 453 million in corporate taxes. EUR 439 million was paid to the Danish State, which means Danske Commodities is expected to be among the five biggest corporate tax contributors in Denmark.
According to Head of Group Tax Hans Peter Christensen, more than 95% of Danske Commodities’ earnings stem from export activities, yet we pay 96% of our tax contributions in Denmark, the country in which we are headquartered. He explains: “My job is to make sure we are compliant and transparent when it comes to our contributions. We are happy to pay our taxes and we do not speculate in limiting payments.”
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