Financial statement 2021 - Climate objectives require pace and scale

This is an English excerpt of the financial statements 2021. A full version of Energinet's annual report is available in Danish only.

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2021 was characterized by speed and change for both Energinet and the energy sector in general. New Danish and European legislation - and businesses growing appetite for investments in green energy help accelerate the green transition. To ensure that we are at the forefront of the development, Energinet adjusted its dynamic strategy in 2021 with an even sharper focus on important topics such as digitalization, sector coupling, sustainability, and speed - all of which will help drive the development towards 2030.

Also, the serious crisis in Ukraine is affecting society in general and the European energy sector in particular. The development can have a major impact on Energinet's role in society and confirms the importance of our strategic direction – and further emphasize the need for speed in relation to the green transition of our energy systems.

Status of Energinet's key activities - and looking ahead

Energinet’s annual report provides a status on Energinet's key activities and the progress in terms of building key infrastructure in an integrated European energy market.

Key milestones and activities in 2021

  • Baltic Pipe is hit by a partial halt to the construction work, which has affected the project both in terms of time and financially. A new environmental permit restarted construction on the halted parts on 1 March 2022 
  • In November, Energinet signs new cooperation agreements with the Belgian TSO, Elia and the German TSO, 50Hertz, which means that interconnections to the Danish energy islands have moved a big step closer
  • Construction work on the Viking Link connection to England is well underway
  • Energinet proposes a modernisation of the Danish tariff structure to better reflect the costs of the producer’s disposal and use of the grid - and reward consumers for offering flexibility
  • The implementation of a new business model will strengthen Energinet's ability to deliver more, faster

In addition, there was good progress in strategically important areas that will prepare Energinet for the future and support the green transition of our energy system.

  • A number of initiatives to continuously strengthen sector coupling, digitalisation and cooperation with external stakeholders. This is critical to ensure balance in a future energy system that is built on renewable energy
  • Investments in the existing electricity grid to prevent it from becoming an obstacle to the green transition.
  • Preparations for a new economic revenue framework regulation (taking effect from 2023), which may challenge Energinet's ability to live up to expectations.

The approval of the Minister for Climate, Energy and Utilities is outstanding.

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