Stable results in turbulent times

·       This year only, an extended reporting period from 1 January 2022 to 31 March 2023. Proforma results from 1 April 2022 to 31 March 2023 are unaudited.

·       Implementation of One Planet Plan is on schedule, including a reduction of 3.2 megatonnes of CO2 emissions to 10 megatonnes.  

·       Eneco took Virtual Power Plant into use and saw growth in home batteries in Germany and in sales and installations of heat pumps (including hybrids).

·       New developments: incorporation of Eneco Diamond Hydrogen, a joint venture with Mitsubishi Corporation for the production of green hydrogen, and participation with Equinor in the IJmuiden Ver offshore wind tender.

·       Profit after income tax: 15-month period €380 million, pro forma reporting period 2022: €272 million (2021: €209 million).

·       Profitability of investments: 7.2% Return on Average Capital Employed (ROACE) in pro forma reporting period 2022.

·       Profit as a percentage of revenue: 15 months 2.9%, pro forma reporting period 2022: 2.5% (2021: 4.0%).

·       Investment and acquisitions rose to €642 million in the 15-month period (€519 million in renewables), €553 million in pro forma reporting period 2022 (2021: €532 million).

Eneco is reporting stable results for the extended reporting period of five quarters. It was an exceptionally turbulent year, mainly as a result of the terrible war in Ukraine. Concerns about security of supply pushed up wholesale and retail prices to unprecedented levels. Consequently, the number of people in energy poverty rose and we faced growing concern about our consumer prices. After an investigation, the regulator, the Netherlands Authority for Consumers and Markets (ACM), concluded that Eneco’s prices for Dutch consumers were not unreasonable. Despite the turbulence we made good progress with implementing our One Planet Plan.

Eneco and its staff contributed in various ways to combatting energy poverty including the social debt collecting policy (for which we were awarded the Warm Incasseren quality mark). As a co-founder we actively participate in SchuldenlabNL and the Nederlandse Schuldhulproute, we initiated and supported the Tijdelijk Noodfonds Energie, and increased our participation in Energiebank Rotterdam. We also supported the development and implementation of the price ceiling.

Strategy: customers becoming greener, growth in assets and system integration

Eneco’s strategy is built on three pillars: helping our customers decarbonise, increasing the production of renewable energy and balancing and optimising the energy system. Significant results were achieved in all three areas.

In the retail domain, we acquired 100% of the equity shares of Suniverse, which operates under the name ‘Energie in Huis’. This allows us to step up the large-scale installation of heat pumps (including hybrids), often in combination with solar panels. In Germany, we responded successfully to the demand for home batteries.

The growth in our renewable energy assets continued and we are on target to doubling our asset base compared with 2019. During the reporting period, our installed sustainable capacity grew to 2,121 MW at 31 March 2023 (31 December 2021: 1,926 MW), mainly through solar farms and onshore wind. A significant development was the completion of the Maasvlakte 2 near-shore wind farm. The Ecowende consortium (a joint venture of Shell and Eneco) also won a tender for a new offshore wind farm (Hollandse Kust West) with an expected capacity of 760 MW. Today we announce that Eneco and Equinor will join forces for the offshore wind tenders for the IJmuiden Ver Alpha and Beta offshore wind sites in the Netherlands. The combination of Eneco’s strong presence in the Netherlands and Equinor’s scale in Europe and beyond brings a trusted and complimentary partnership for a CO2 -free electricity sector by 2035 in the Netherlands.

To be well positioned for the production and supply of green hydrogen, Eneco and Mitsubishi Corporation are today presenting a new joint venture: Eneco Diamond Hydrogen B.V. Mitsubishi Corporation and Eneco are bringing together their European green hydrogen activities in this company to enhance their mutual strengths, including participation in the NorthH2 consortium,  which aims to produce 3 to 4 GW of green hydrogen by around 2030.

Balancing and optimising the power grid requires flexibility in supply, demand steering and storage solutions. To this end, in 2023, Eneco took into use its Virtual Power Plant, which was developed in-house and will be expanded in future years. In Belgium, Eneco has started developing and installing large corporate batteries under the name Eneco Business Battery.

One Planet

The implementation of the One Planet Plan is on target. CO2 emissions (scope 1, 2 and 3) fell to 10.0 megatonnes, which is 3.2 megatonnes less than in 2021. This significant reduction is partly a result of reduced demand for natural gas because of the energy crisis and the mild winter. CO2 emissions associated with district heating also fell, from 26.9 kg to 25.9 kg CO2 per Gigajoule. 53% of our total electricity generation now consists of in-house and purchased sustainable generation, thus achieving an ambitious target. In addition, Eneco has a new biodiversity target: from 2025 every new sustainable investment must have a net positive effect on biodiversity. Here too, we are a leader in the energy sector.


The reporting period was marked by the energy crisis. Prices on the energy market were rising at the end of 2021 and this accelerated after the outbreak of the war in Ukraine. Consequently, energy companies were confronted with much higher risk levels across the value chain. The shortage of piped imports on the European gas market was largely offset by additional purchases of liquefied natural gas (LNG) and lower consumption by customers brought about by higher prices and the mild winter of 2022/2023.

As increasing amounts of sustainable energy are being generated, by both Eneco and its customers, the weather has a greater impact on prices. Generation of more sustainable energy is a positive thing and good for the planet. However, the financial risks for energy companies are much greater as a result of dependence on wind and sun, and strongly increased prices. Risks are increasing for all energy companies and, given the interdependencies, these risks will become more systemic in nature. In addition, more and more trading is being done on exchanges. Increasing amounts of collateral are required for both private supplies and exchange trading in the form of bank guarantees or advance payments (known as ‘margining’), and these may involve hundreds of millions. Eneco is positioned well to limit these risks and to continue meeting its financial obligations given the experience on balancing risks, a healthy financial position and the backing of strong shareholders.

Financial results

Eneco has changed to the reporting period of its largest shareholder, Mitsubishi Corporation, which runs from 1 April to 31 March. Consequently, for this year only, Eneco has to publish figures for an extended reporting period of fifteen months. This means that this reporting period’s figures are not directly comparable with the previous year’s. The comparison of profits between calendar year 2021 is exaggerated as the 15-month period includes two first quarters.

Eneco traditionally earns the bulk of its annual results in the first quarter. This is partly because the volumes of gas and heat supplied are much higher in the winter and the wind is much stronger in the winter months than in the summer and so Eneco can sell more self-generated electricity in the winter.

Key results:

Income statement (x €1 million)

15-month period

Pro forma reporting period 2022 (unaudited)


Total revenues




Gross margin and other operating revenues




Operating expenses








Depreciation, amortisation and impairment




Operating profit (EBIT)




Profit after income tax




as a percentage of revenue




15-month period: 1 January 2022 to 31 March 2023. Pro forma reporting period 2022: 1 April 2022 to 31 March 2023 (performance year for management purposes). Comparative figures for 2021: 1 January 2021 to 31 December 2021.

Revenue in the 15-month period was €13.219 billion. In the pro forma reporting period from 1 April 2022 to 31 March 2023, revenue was €10.779 billion which is €5.6 billion (107%) higher than in calendar year 2021. The increase was mainly because prices were much higher as a result of the energy crisis than the relatively low prices during much of 2021. Revenue from trading activities rose by €1 billion. The price ceiling introduced by the government was applied from 1 January 2023 and  does not affect revenue.

Higher prices meant that customers significantly reduced their consumption, in both the retail and business markets and in every country. The volumes of gas, electricity and heating sold fell by 28%, 10% and 11% respectively between 2021 and the pro forma reporting period.

Gross margin and other operating revenues for the 15-month period was €2.040 billion. In the pro forma reporting period, it was €1.627 billion, an increase of €0.4 billion or 33% compared with calendar year 2021. This increase is mainly attributable to trading activities in the Netherlands and Germany. The newly-purchased company Nordgröön also made a positive contribution to the margin. Nordgröön offers services for optimisation, synchronisation and integration of sustainable energy from sources in Germany by selling energy on the German market on behalf of owners of wind turbines, solar farms and biogas plants.

The margin on deliveries of gas and electricity to customers fell in the Netherlands, was almost unchanged in Belgium and was somewhat up in Germany.

As a result of the increase in market prices, Eneco is less dependent on SDE-subsidies. New offshore wind farms are now built without government subsidies. The government guaranteed minimum prices for wind farms built in the past but since market prices have risen above the minimum threshold, the government no longer has to supplement. This involves large sums: in 2020 Eneco received a subsidy of €125 million while in the reporting period it was some €13 million.

Operating expenses (excluding depreciation and amortisation) rose by €419 million during in the 15-month period compared with calendar year 2021. The increase was caused in part by inflation, a larger workforce, increased support from external staff, and greater credit risk and project costs.

Employee benefit expenses rose significantly, by €120 million, during the 15-month period. The increase in the pro forma reporting period was €52 million (20%) compared with calendar year 2021, mainly a result of the growth in activities and the related 13% increase in staff numbers from 2,970 FTE at 31 December 2021 to 3,340 FTE at 31 March 2023. The highest growth was in Germany, where we are expanding our operations, and at the Field Operations business unit, which helps our customers with sustainability, for example by installing heat pumps. In addition, average salaries rose as a result of collectively negotiated increases and promotions.

Overall, operating profit (EBIT) was €480 million (3.6% of revenue) for the 15-month period and €345 million (3.2% of revenue) for the pro forma reporting period compared with €222 million (4.3% of revenue) in 2021.

Eneco Group’s net profit was €380 million (2.9% of revenue) for the 15-month period and €272 million (2.5% of revenue) for the pro forma reporting period, compared with €209 million (4.0% of revenue) in 2021.


Eneco’s investment, largely in renewables, was €642 million in the 15-month period, which was 60% of cash flows generated. The main areas of investment were:


€ 157 million in offshore wind farms in the Netherlands

o    €131 million for Hollandse Kust Noord, which is expected to come on line in the summer of 2023

o    €26 million for Hollandse Kust West:

€ 126 million in onshore wind farms in the Netherlands

€   48 million in onshore wind farms in Belgium

Solar:€   26 million
District Heating Networks:€ 124 million
Sustainable heat generation:€   38 million

Furthermore, €17 million was invested in flex assets and €50 million was invested in intangible assets, mainly in software that Eneco uses to improve operational efficiency and service to our customers.

Further information:

See for documents, a video message with As Tempelman, and in-depth interviews: https://yearreport2022.eneco.com/