Energy company returns millions back to customers
In the first half of 2022, waste and energy company ARGO realized a large profit from its waste-to-energy plant in Roskilde due to high market prices for electricity. ARGO wants to make sure that waste and heating customers share in this profit already this year.
The board of ARGO has decided that from September 1, the company will return the equivalent of DKK 36 million to customers, who will then share in the company's profits. As consumers do not buy heat or deliver waste directly to ARGO, the money will be returned to municipalities, companies and the district heating company VEKS from September 1.
2022 is a tough year for our customers because, among other things, the war in Ukraine means higher prices for electricity, heating and natural gas. So when ARGO is doing well, our customers should of course also feel it, especially in difficult times. That's one of the reasons why we're sending back 36 million kroner already now.
Niels Hörup, Chairman of the Board in ARGO
Keeping district heating prices stable
This is not the first time ARGO has returned a large part of its profits to customers. At the beginning of the year, the waste and energy company already returned 39 million kroner of its 2021 profits to its customers. This was partly due to the high electricity prices that have continued into 2022.
Among other things, international factors are pushing up the market price of electricity. For the same reason, ARGO's revenue from electricity sales is higher than expected, which is why the company is going against the flow and will return money to customers.
Actually, we could easily wait until the turn of the year to return the money, but when we generate as much profit as we do now, it must also be felt by the customers. The price of electricity is market-determined, and we can't change that.
Trine Holmberg, Director in ARGO
One of the companies receiving a refund is the district heating supplier VEKS, which supplies heat equivalent to the consumption of approximately 170,000 households.
"Most district heating plants are currently facing rising fuel prices - and this is also pushing up the price of district heating. With its price reduction, ARGO is helping to ensure that the district heating price in VEKS' supply area is likely to remain stable in 2022 - something all VEKS' customers greatly appreciate in these uncertain times"
Lars Gullev, CEO of VEKS
In addition to returning money to district heating customers, ARGO will also reduce the fees for the delivery of household waste and commercial waste suitable for incineration. Specifically, the tariff will be lowered from DKK 420 per ton of waste to DKK 360 per ton of waste.
Facts about ARGO
- ARGO I/S is a waste and energy company that treats waste for citizens and companies in nine municipalities on Zealand (Greve, Holbæk, Kalundborg, Køge, Lejre, Odsherred, Roskilde, Solrød and Stevns).
- ARGO handles waste according to the prioritization: Direct reuse before recycling before energy recovery and finally a final residue for safe disposal.
- In 2021, ARGO handled over 700,000 tonnes of waste at its recycling centres, recycling facilities, CHP plant and environmental centre.
- Of this, the CHP plant utilized almost 343,000 tonnes of residual waste for energy. This corresponds to 64,400 households' electricity consumption and 50,300 households' district heating without the use of oil, gas and coal.
- In the same year, ARGO had 1.5 million visitors at its 14 recycling centres.
- ARGO collaborates with, among others, municipal job centres and the probation service to bring people closer to labour market.
- Read more about ARGO at www.argo.dk
For further comments:
Director Trine Holmberg, ARGO, mobile 2928 8844