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Eurowind Energy imagines itself as a Power Major

Eurowind Energy announces an impressive result for 2021-2022, with a gross margin of €127.4 million.
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Eurowind Energy announces an impressive result for 2021-2022, with a gross margin of €127.4 million.

Sustained growth

Eurowind Energy reports a pre-tax profit for 2021-2022 of €115.5 million compared to €21 million for the previous year. Return on equity for the year was 26.8%. Activity appears to be very high in all markets.

This is the first full year with the Norlys Energy Trading subsidiary in operation. Net operating assets increased by 24%. Thus, they increase from 696MW in 2020-2021 to 852MW in 2021-2022.

An ambitious strategy

Jens Rasmussen, CEO of Eurowind Energy Group, says:

“The result of the year allows us to further accelerate our strategy. We will invest every euro we earn in more capacity, generating more affordable green energy for consumers. Our long-term strategy is to retain our generation assets to generate recurring revenues, significantly accelerate development and construction activities and benefit from an energy trading subsidiary. This gives us the best start to continuously increase the level of activity in all markets and technologies. While the demand for electricity is expected to continue to grow, the demand for fossil fuels will decline over the next few generations. As a result, the energy industry will see the emergence of new “Power Majors” and eventually replace the “Oil Majors” as the dominant force. The “Power Majors” business will be based on renewable energies and will cover a complete value chain from green field project development to energy trading in several markets. Eurowind Energy is well positioned to become a Power Major.”

The company defines a “Power Major” as a company with a minimum of 20GW of generating capacity. But also a development portfolio of at least 100GW and an annual construction activity of 4GW.

In the coming year, Eurowind Energy expects to continue the strong growth of the activity level. The company hopes to enter one to two new markets each year and to see significant growth in the operating portfolio. Pre-tax profit in 2022-2022 is expected to reach €400-500 million, compared to €115 million in the last fiscal year.

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