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Press release

European Energy scales up its business in an extraordinary 2022

Feb 28, 2023

The annual result for 2022 shows a growth of more than 60% on key financial figures and a fivefold increase of new connected energy to the grid. 

European Energy has released its annual report for 2022. The key financials show a growth of EBITDA from EUR 81m to EUR 135m and profit before tax from EUR 63m to EUR 110m. The profit before tax for the year, meets the upper range target of the outlook which was EUR 100m +/- 10%, while EBITDA met the exact target on EUR 135m.

The growth in the company has come despite unpredictable market conditions. With the volatility in the market, price forecasting on logistics and components has been close to impossible. However, power prices have remained high across the markets where European Energy produces electricity, which is reflected in the result.

Building program

The building program of European Energy has seen a significant growth during 2022. European Energy invested nearly EUR 800m in the green transition in 2022. The company also connected 655 MW in 2022 – almost five times higher than in 2021. In total, European Energy had more than 1.3 GW of renewable energy capacity under construction at year-end 2022 compared to 0.8 GW in 2021.

– We have scaled up our business on all parameters in 2022. This result has been achieved thanks to the tremendous work of our talented staff. Consequently, European Energy has seen its best annual results to date, says Knud Erik Andersen, CEO of European Energy.

– In 2023, we will focus on grid connecting even more renewable energy than in any previous year as well as looking forward to the commencement of our Power-to-X operations in Denmark.

Employees and PtX

The number of employees expanded to 550 by the end of 2022 from 343 by the end of 2021. This growth was reflected across the company as a whole with a large share of new employees being hired in local markets. The geographical spread of European Energy also reflects in the number of offices that the company has across the world. In total eight new local offices were opened in 2022 bringing the total number of offices up to 23 in 18 different countries.

Power-to-X is an area where European Energy expects to have significant progress in 2023. The company has been at the forefront of the development in this area. With the expected production of both green hydrogen as well as e-methanol in 2023, European Energy has in a few years established itself as a significant developer in the Power-to-X space which is underlined by the partnerships that have been established with tier 1-shipping companies such as Maersk and HMM.


– In 2022 and 2023, we hope to install almost as much new green energy as we did in the previous 18 years of our business to great benefit for the climate and the global demand for more independent green energy, says Jens Due Olsen, chair of the board in European Energy.

– At European Energy, we remain optimistic about the prospects for investing in renewable energy. Despite the many challenges along the way, one thing is certain: Our societies need more renewable energy, and we are here to support that there is enough of it.

For 2023, European Energy expects significant growth across all parameters. However, there are factors that have an adverse effect including increased financial market volatility, regulatory responses as well as delays in permits or supply chains. Taken these risk factors into account, European Energy expect an EBITDA of EUR 180m and a profit before tax of EUR 140m for 2023. We assess that the aforementioned increased risks and volatility could impact realized results by a margin of +/- 20% compared to outlook.


Reports 2022 landing page: https://europeanenergy.com/reports-2022 


The amount of electricity generated by European Energy in 2022 also reached record high numbers. In 2022, the company produced 779 GWh from owned assets compared to 606 GWh in 2021. The production in 2022 corresponds to the electricity consumption of 200,000 households in Denmark. This also corresponds to the avoidance of more than 180,000 tons of CO2.

By the end of 2022, European Energy owned 905 MW of assets with more than 100 MW being added in January 2023, bringing the total to above 1 GW of assets. The countries in which European Energy owns assets are Denmark, Poland, Bulgaria, Germany, United Kingdom, Netherlands, Sweden, Lithuania, Italy, Spain and Brazil.

European Energy has strong development pipeline focused in Europe. More than 30 GW of renewable energy capacity is currently in the pipeline and that is not including the development projects which are being screened. This is a growth of more than 50% compared to the year before. In total, European Energy has development activities across 19 countries.

In 2022, Power-to-X proved its future potential to become a central area of the business. Just before Christmas, European Energy broke ground for our first green hydrogen plant in Esbjerg, Denmark, and a few days into 2023, the company broke ground in Aabenraa, Denmark, for what will become the world’s largest e-methanol plant when it starts to produce e-methanol at the end of 2023.


Ming Ou Lü

PR Manager

+45 3126 9376