The cooperative energy group Andel, which is behind Cerius, Clever, and Energi Danmark, ended 2024 with a deficit of 1.1 billion kroner. This is evident from the group's newly published annual report. It is the second consecutive year that Andel has reported a loss. In 2023, the deficit was 5.5 billion kroner.
According to CEO Jesper Hjulmand, the deficit is mainly due to significant losses on the company's ownership stake in Ørsted. The declining Ørsted shares alone caused Andel an unrealised loss of over 1 billion kroner in 2024. At the same time, lower electricity prices and reduced production from its own wind and solar parks dragged the result down. In an interview with Børsen, Hjulmand describes the result as "satisfactory under the circumstances," and he asserts that Andel is staying the course on the green transition.
Despite the deficit, Andel significantly increased its investments in 2024. According to the annual report, the group invested 4.8 billion kroner - 39 percent more than the previous year. The money was mainly used to expand the electricity grid in Eastern Denmark, install new charging stations for electric cars via Clever, and establish new solar parks and Power-to-X facilities. Andel is also preparing to further increase the investment level in 2025, where investments are expected to reach 5.3 billion kroner.
Status on solar park at Grænge
Andel is in the process of constructing a large solar park at Grænge on Lolland, but the construction has been hit by challenges. Originally, the project was developed in collaboration with Better Energy, but the partnership came under pressure when parts of the Better Energy group were taken under reconstruction in December 2024, and two companies in the group subsequently went bankrupt. Andel is now working alone to complete the park, which, along with three other solar projects, was planned through the joint company Better Energy Andel P/S. According to Andel's annual report, the park at Grænge is still expected to be ready during 2025 or 2026, but work continues with delays and under new conditions.
Ørsted is an expensive acquaintance
Ownership in Ørsted plays a central role in Andel's economy. Andel owns about 5 percent of Ørsted and has since the stock market listing in 2016 gained over 10 billion kroner in profits and dividends. However, in 2024, the shareholding developed negatively, which contributed significantly to the year's deficit. Andel also received no dividend payment from Ørsted last year, which is a significant change compared to previous years.
At the same time, Andel continued to attract new customers. At the end of 2024, the group had 3.2 million customer relationships, according to the annual report. The growth was mainly driven by more connections to fibre networks and charging solutions for electric cars. Electricity consumption among private customers also increased, which puts pressure on the electricity grid and requires increased investments.
Although Andel is navigating economically challenging waters, the group declares itself ready to continue the fight for a greener future. "The green transition will not become easier. But we have the courage to take responsibility," states Jesper Hjulmand in the foreword of the annual report.
