Norlys a.m.b.a. and Eurowind Energy have joined forces to establish a new company – Norlys Energy Trading A / S. The ambition is to create a European powerhouse in the field of renewable energy and commercial energy trade.
Headquartered in Aalborg, Denmark, the new company will be tasked with managing energy trading and risk management for the commercial energy business in Norlys and for Eurowind Energy’s trading function. The ambition is to achieve significant market synergies between the production and consumption stages of the green value chain.
“The expansion of renewable energy requires enormous investment funds in the coming decade, as electrification in Denmark becomes optimised . That is why it is crucial that we manage our market risks and take part in the value creation that the European market provides,” said Niels Duedahl, Norlys CEO and future board chairman of Norlys Energy Trading. “We need increased profitability in order to maintain a very high level of future investment. In our new trading setup, we will be able to handle market development to a much greater extent than today.”
Norlys and Eurowind are already closely linked and are expanding their close relationship with the establishment of the new trading company. In 2019, SE and Eniig merged to become Norlys. The energy companies continued their renewable energy activities by sharing a 50% ownership interest in Eurowind Energy. The activities consisted primarily of onshore wind turbines, and the Eurowind Group’s portfolio of onshore wind turbines throughout Europe increased to approximately 600 MW in operation, with the establishment of an additional 400 MW production underway.
As the electrification required for the greener society of the future gathers pace, the establishment of a joint trading company became the next step in exploring common synergies between the two companies.
“Electrification accelerates both the production and consumption of renewable energy. There is a need for flexibility and balance in this value chain, where the fluctuations are greater than in the energy system we know today – both in time and capacity,” said Jens Rasmussen, Eurowind Energy CEO and future Deputy Chairman of Norlys Energy Trading. “Norlys and Eurowind Energy already play a major role in ensuring the adequate capacity and profitability of the energy system, with energy increasingly flowing across national borders. We look forward to expanding and strengthening this role by bringing together our activities within balancing, risk management and renewable energy production management.”
Norlys is Denmark’s largest integrated energy and telecommunications group, with almost 800,000 electricity and gas customers. Norlys owns 50% of Eurowind Energy, which is a top 10 European player in renewable energy production.
After obtaining the approval of the relevant authorities, both parties will become co-owners of Norlys Energy Trading, each with a 50% ownership interest. Norlys CEO Niels Duedahl will become chairman of the board, while Eurowind Energy founder and CEO Jens Rasmussen will step in as deputy chairman.