A greater degree of unpredictability and pace in the expansion of green energy production and consumption in Denmark and the world around us means that Energinet are increasingly being tested on our ability to focus – and to balance. When we balance the expansion of the electricity grid at a rapid pace with shortage of components and prices soaring. Balance the important consideration for citizens and biodiversity with renovating and building a lot of new power lines and stations. Balance increased digitization and sharing of much more data with increasing cybercrime. And specifically, when balancing an electricity grid that will soon be based on fluctuating energy sources such as wind and solar. Just to name a few.

In other words, it has become more difficult to deliver on our core task without losing our balance when converting the energy system to green energy with a high level of security of supply at an affordable price. We therefore follow the course set by our strategy, Energy in time, when we plan, build, and operate the energy infrastructure of the future.

Here are some of the key milestones and activities

• In 2023, Denmark became a transit country for both electricity and gas. After three years of construction work and some bumps in the road, the Baltic Pipe gas pipeline is now fully operational, sending 6.3 billion cubic meters of gas from Norway to Poland this year. We have also started exchanging electricity with the British. Together with our English partner, National Grid, Energinet has established the world's longest submarine cable - the 765 km long electricity connection, Viking Link, which was commissioned at the turn of the year.
  
  
• This summer's political agreement on the establishment of a hydrogen infrastructure in Denmark is an important step in developing a well-functioning green energy system towards 2030. It is also a major and important task for Energinet, as we will be responsible for a piped infrastructure across the country for a hydrogen storage facility and connections abroad on land and at sea.
  
  
• The Danish Supply Authority approved Energinet's proposal for "differentiated grid access", which means that large electricity consumers connected to the electricity transmission grid in the future can get away cheaper in transporting electricity - in exchange for less certainty of security of electricity supply.
  
  
• Great efforts have continued to strengthen and consolidate our IT foundation, just as we also in 2023 had a strong focus on exploiting the opportunities in data and digitization. Among other things, we launched a digital customer portal.
  
  
• 2023 was the first year in which Energinet worked under a new revenue framework regulation for the activities that are part of electricity and gas transmission. This means that a bottom line is introduced, which is defined on the basis of Energinet's ability to deliver within a predetermined revenue framework (based on historical costs).
  
  

THE ACCOUNTS

Revenue in 2023 was DKK 11,066 million. This is lower than in 2022, which was a wild year with an energy crisis and Russian invasion of Ukraine, which led to large increases in energy prices and political decisions to multiply electricity production from wind turbines and solar cells.

Conversely, revenue is significantly higher than just a few years ago, e.g. in 2020 when it was DKK 5.7 billion. The significant increase in just a few years reflects the dramatic acceleration of transforming energy systems and connecting them more strongly with our neighbours.

Similarly, Energinet ended 2023 with a profit of DKK 1,474 million before tax. This is DKK 400 million more than expected. The reasons are, among other things, increased sales of storage capacity in the subsidiary Gas Storage Denmark and lower expenses than expected, primarily because Energinet's plants in 2023 have unusually not been affected by accidents or damage, e.g. submarine cables damaged by ship anchors or the like.

The result for the year is based on financial regulation and supervision by Energinet's owner (the state) and the Danish Supply Authority – and is in accordance with the preliminary announced framework in the revenue framework regulation to which Energinet became subject on 1 January 2023.

Read more about the financial results here.