The Leipzig-based gas wholesaler VNG closed the 2024 financial year with a strong result despite difficult political conditions. Adjusted operating earnings before interest and taxes amounted to €321 million, as the company announced in Leipzig. The Group result amounted to 232 million euros - both key figures fell short of the record figures from 2023.
In the previous year, VNG had achieved a Group result of 380 million euros and an operating result of 447 million euros.
"2024 was an eventful year that brought with it challenging conditions due to political developments," said CEO Ulf Heitmüller. Nevertheless, the company managed to deal flexibly with the market conditions and secure the gas supply. Sales fell significantly to around 16.1 billion euros (2023: 23.2 billion euros) as a result of lower market prices.
Investing in the green future with reservations
The Group says it will continue to focus on expanding renewable and decarbonized gases. "Although we are sticking to our strategic course towards green gases, we continue to face major uncertainties as long as there is no reliable regulatory framework," said Heitmüller. Stable political and economic framework conditions are needed to restructure the energy supply.
Unless the right conditions are in place, VNG plans to invest up to five billion euros in Central and Eastern Germany by 2035. As early as 2024, 329 million euros will be invested in infrastructure projects and the biogas and hydrogen business.
East Germany as a hydrogen hub
One of the most important projects is the Bad Lauchstädt energy park in Saxony-Anhalt, where a 30-megawatt electrolyser is to be built by the end of 2025. Leipzig-based transmission system operator Ontras plans to commission a 25-kilometer pipeline to Leuna in April. "This will also be the first section of the hydrogen core network in eastern Germany," explained Chief Technology Officer Hans-Joachim Polk.
Another project is an electrolyzer in Lutherstadt Wittenberg. From 2029, around 50,000 tons of green hydrogen are to be produced there annually.
VNG's traditional gas business was also stable. Sales amounted to around 352 billion kilowatt hours. In addition to Norwegian gas, VNG has also been sourcing pipeline gas from Algeria since 2024 - the first German company to do so. Storage, grid and biogas business also contributed positively to the result.
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