On Wednesday 14 May 2025, Luxembourg energy player Encevo Group published its financial results for 2024.
Encevo noted that in 2024 it “reaffirmed its commitment to a sustainable energy future” and that despite a challenging geopolitical climate and market volatility, the group delivered a “strong financial performance”. Last year, the group posted a net profit of €193million, up from €171 million in 2023 (+12.87%). However, total sales volumes decreased by 26% from €5.1 billion in 2023 to €3.8 billion in 2024, following lower sales volumes and energy prices in European markets between 2023 and 2024.
Encevo reported that investments (€288 million) are mainly allocated to modernising the grid infrastructure (€205 million), expanding renewable energy assets (€45 million) and scaling technical services to optimise energy efficiency and customer solutions. The energy group stated that these investments are “fundamental to the group's ability to withstand the rapid changes in the energy market”.
The group remarked in its report that the geopolitical environment remained marked by persistent challenges and high levels of uncertainty and that, despite a difficult economic climate and high interest rates, the group maintained its investments in the photovoltaic sector and in the modernisation and expansion of electricity grids, in line with its objectives of decarbonisation and to contribute to the strengthening of the regional economy.
In relation to the re-normalisation and relative stabilisation of energy prices, the Encevo Group announced that it is seeking to provide its customers with solutions that enable them to optimise their energy consumption. The company reported that this approach is based on an integrated view of the energy value chain, offering the possibility of anticipating and responding to market fluctuations. It also noted that this demonstrated the group’s ability to guarantee price stability and security of supply for its customers through a combination of diversified supply sources, a forward-looking
purchasing strategy and strategic gas storage. Encevo also emphasised that innovation is at the core of the group’s strategy, with “smart” solutions that enable precise demand and resource management at network, renewable production and consumption levels, thereby reducing total system costs.
Encevo stated in its report that investment in grid modernisation is “crucial to meeting future energy needs and ensuring security of supply” and that the group’s total investment amounted to €205 million, of which €160 million was invested in Luxembourg. It noted that these strategic efforts are primarily aimed at modernising and reinforcing electricity networks to increase their capacity, as well as developing digital initiatives such as the national energy data platform LENEDA. The report detailed that Creos Luxembourg, which manages the connection and management of Luxembourg’s energy supply, continued its efforts to advance Project 380, which aims to increase cross-border electricity transmission capacity with Germany. Encevo reported that “the expansion and digitalisation of electricity networks are essential to ensure security of supply while enabling better integration of renewable energies” and “the development of hydrogen as a new energy carrier is another key element in achieving national and European decarbonisation targets”.
The group also reported that Creos Deutschland has continued to implement the construction of the hydrogen network mosaHYc and has obtained public subsidies for this purpose and that Creos Deutschland has been confirmed as a participant in the German hydrogen "Kernnetz". In 2024, Creos Luxembourg finalised its strategy for the development of the hydrogen infrastructure in Luxembourg. The HY4Link project, which stems from this strategy, consists of a hydrogen transport network crossing Luxembourg. The project was developed in collaboration with partners in France (NaTran) and Belgium (Fluxys) and has been integrated into the development plans for the wider European network. Encevo revealed that the use of digital and artificial intelligence (AI) solutions such as KOPR (the digital twin of its Luxembourg electricity network) now enable Creos to process more data, simulate and predict consumption peaks and optimise infrastructure management, planning and troubleshooting, with Luxembourg's national energy data platform, LENEDA, facilitating enhanced customer data access and optimising consumption management.
Morevover Encevo also reported that in 2024, Enovos launched MyEnovos, a mobile application that complements the customer portal, allowing customers to monitor their energy consumption and production and the associated costs, with a view to optimising their energy use. Enovos also launched new residential tariffs in 2024 and early 2025, offering its customers opportunities to optimise their electricity costs.
In the context of the energy transition and the slow recovery in the construction sector, the group announced that the continuous development of technical solutions and services is essential to meeting consumer expectations. It noted that the strategic acquisitions of C. Schanen Sàrl and e3consult Sàrl have enabled Teseos Luxembourg to offer a more comprehensive range of services. These facilitate the company’s ability to provide an integrated and coherent approach to sustainable energy, thereby consolidating the group's position across the entire value chain. Furthermore, Teseos started developing innovative products and services in the field of Home Energy Management Systems (HEMS), with the ambition of integrating these into their offerings in 2025.
Looking ahead to 2025, the Encevo Group stated that it “remains committed to the sustainable energy transition”, with investments in renewable energy, smart grids and hydrogen remaining strategic priorities. The group said it also intends to offer its customers greater access to their data, accompanied by expert advice to help them better understand and optimise their energy production and consumption. The introduction of dynamic pricing models, demand-side management solutions and local energy use offers, as well as improved digital tools, are deemed to be key to meeting the growing demand for energy efficiency and sustainable solutions.
The group also reported a number of changes to its Boards of Directors, with Jeff Feller as the new Chairman of the Board of Directors of Encevo SA, succeeding Marco Hoffmann, who will continue in his role as Chairman of the Board of Directors of Enovos Luxembourg SA and Carole Brückler was appointed to the position of Chairwoman of the Board of Directors of Creos Luxembourg S.A., succeeding Mario Grotz.
