No more uncapped bonuses – new Energi Danmark CEO | Montel

In light of the trading firm’s record profits last year – EUR 1.2bn – Hanh told Montel in an interview she accepted that a debate on whether such companies should be taxed more on their large revenues, as had been the case for energy producers, was unavoidable.

“I completely understand that this comes up for discussion but I think it’s important to remember that something quite extraordinary happened last year. And if you want to introduce this kind of regulation, you shouldn’t do it in turbulent times.”

However, the Danish trading sector needed to explain more clearly to the outside world the role it played in energy supply and security, said Hanh, with the sector having seen record profits last year amid sky high commodity prices inflated by the fallout from the Ukraine war. 

“Extraordinary events”

“The extraordinary events we have been through mean that many people now have an interest in the energy market which they did not have before. 

“That is what creates this whole situation and it is an area that is difficult to understand, just as the financial markets are difficult to understand,” she added.

“It was an excellent result for 2022, and it was due to extraordinary events on the energy market, so I do not expect that we will see the same level again.”

The record profit was the backdrop to the dispute with the three traders – who demanded EUR 30m each and are subsequently suing the company – which led former CEO Jorgen Westergaard to step down after 23 years in February. 

Possible expansion?

Hahn, who started her role this week, said the firm would now “review exactly what kind of trading activities we have and which ones need to be scaled up if possible. Any geographical expansion will be addressed in a strategic review, which will start now”.

The plan was for Energi Danmark to cement and expand its position as one of the leading energy trading houses in Denmark, she added.

“If you look at the accounts for previous years, the trading business has contributed positively to the result throughout. Therefore, it will continue to be an area of focus.” 

Hahn was previously CEO of GlobalConnect Danmark, a job she left in December last year. She has also held senior management roles at Danish utility Orsted and was a board member at Denmark’s Lind Capital and European Energy.