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DC Annual 2022

Bringing balance to challenged energy markets

CEO letter

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.

Adjusted EBT
Financial figure includes Danske Commodities Group and Danske Commodities US
In 2022, we delivered adjusted earnings before tax (EBT) of EUR 2,245 million, up from EUR 265 million in 2021. Earnings were driven by extreme market volatility and high commodity prices, spiking in August at 309 EUR/MWh for TTF gas and 699 EUR/MWh for day-ahead power. Navigating such unprecedented markets in terms of price levels and volatility, the people of Danske Commodities worked with determination and skill to optimise and balance markets while delivering a strong trading performance.
Table overview
Gross turnover
Financial figure includes Danske Commodities Group and Danske Commodities US
In 2022, we generated a gross turnover of EUR 67,014 million, up from EUR 32,311 million in 2021. The increase was driven by the high price levels in 2022, with yearly average prices up by more than 150% compared to 2021. Gross turnover reflects sales contracts with physical delivery. In 2022, volumes were at the same level as in 2021, meaning that the increase in gross turnover was mainly driven by the higher commodity prices.
Table overview
Average capital employed
Financial figure includes Danske Commodities Group and Danske Commodities US
In 2022, we increased average capital employed to EUR 3,502 million, up from EUR 638 million in 2021. The extreme price levels in 2022 required significant capital and financial robustness to stay active in the energy markets. When energy prices peaked during the summer, Danske Commodities’ invested capital exceeded EUR 9 billion. As capital employed is a measure of how much capital is invested to operate the business, the increase in average capital employed from 2021 underlines that substantial investments were required to stay active in the market throughout 2022.
Table overview
Adjusted equity
Financial figure includes Danske Commodities Group and Danske Commodities US
In 2022, we bolstered adjusted equity to EUR 5,794 million, up from EUR 529 million in 2021. The strengthened equity was driven by profit for the year and a capital injection of EUR 3,500 million from our parent company, Equinor. Significant capital was needed in 2022 to post collateral for counterparties and energy exchanges and to keep markets liquid as prices reached extreme levels. Backed by Equinor, Danske Commodities helped bring balance and liquidity to energy markets and fulfilled our obligations as a financially solid market participant.
Table overview
Market developments in 2022

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.

2022 price developments and main drivers
  • Power (German day-ahead)
  • Gas (TTF day-ahead)
Political unrest increases
Scarce gas supply sends energy prices soaring
Market begins to stabilise
  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 by trading power and gas in global energy markets.

active power markets

active gas markets

TWh power traded in 2022

TWh gas traded in 2022

People &

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.

dedicated people

different nationalities

75 %
with a master’s degree or higher

Top in Class’ satisfaction and motivation score

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.”


Get more details

Annual report for Danske Commodities Group
Want to get the full overview of our 2022 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 2022 financials for Danske Commodities’ US activities? Click below to download the full overview.
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