Financial Statement 2022: An extraordinary energy year
This is an English excerpt of the financial statements 2022. A full version of Energinet's annual report is available in Danish only.Download report
In the annual report, Energinet takes stock of an extraordinary year in which security of supply was put under pressure – and where the green transition took a key position in European and Danish energy and security policy. A development which sets historically high expectations for Energinet's contribution to society.
2022 was in many ways a turbulent energy year for Denmark and the rest of Europe. The geopolitical development has put the security of supply under pressure – and in order to make Europe independent of Russian energy as soon as possible, the EU and government leaders have taken a number of ambitious measures during the year. In Denmark, this summer's climate agreement has thus moved the goal line for an almost 100 percent green energy system from 2040 or 2050 to 2030.
A high pace has thus become an extremely high pace when Energinet is to perform its core task – to convert the energy system to renewable energy with a high level of security of supply and at an affordable price. At the end of 2022, Energinet therefore set a strong course for the company introducing a new strategy: Energy in time. It will ensure that Energinet prioritizes and focuses its activities on what is important – and ensure that the organisation is geared up to deliver on many more and new complex tasks.
Important milestones and activities in 2022
- A solid and fast contingency plan helped maintain a high level of security of supply throughout 2022. Among other things we managed to fill the gas storage facilities for the winter of 22/23 in an intense dialogue with the market players and the gas storage customers – despite massive price increases over the summer.
- On 30. November, the Baltic Pipe gas pipeline went into operation ahead of time despite challenges in the construction project. It can now send up to 10 billion cubic metres of gas a year from Norway to Poland.
- Energinet was given the green light to invest in seven new gas plants to handle the increasing volume of biogas. The new plants are expected to be commissioned as soon as possible and no later than 2026.
- The Danish Utility Regulator approved Energinet's proposal for the so-called producer payment, which means, among other things, that owners of solar parks and wind turbines (as a result of the political decisions made in the Climate Agreement from 2020) must pay more of the expenses their plants entail for the electricity grid.
Several continuous strategic efforts and initiatives will help enable Energinet to increase the pace and deliver on expectations - including large investments in the electricity transmission grid, so it does not hamper the green transition.
- Outsourcing of tasks worth DKK 10 billion to companies that will deliver turnkey transmission lines and high-voltage substations.
- An interdisciplinary collaboration between authorities aimed at reducing the processing time on the many new construction projects.
- Extensive efforts across Energinet's IT landscape to prepare the company for the future.
The approval of the Minister for Climate, Energy and Utilities is outstanding.