We recognise the importance of tackling the impacts of our legacy business, as locked-in emissions pose a significant transition challenge if left unaddressed. To guide progress toward our net-zero goals, we have set an absolute emissions reduction target for scope 3 emissions from gas sales, aiming to reduce emissions by ~67% by 2030 (baseline 2018) and by ~90% by 2040. To mitigate potential risks associated with locked-in emissions, we focus on measurable performance and avoiding additional locked-in emissions by not entering into new gas sourcing agreements that would contribute to additional locked-in emissions.

The lower consumption of coal compared to 2023 was mainly driven by the shut down of the coal-based Esbjerg Power Station from September 2024 as well as our other coal-based generation capacity in Q4 2024. In addition, we have resumed biomass usage at Studstrup Power Station, replacing coal consumption since April 2023. Total energy consumption from renewable sources increased by 27% in 2024 compared to 2023. The increase was primarily driven by 30% higher fuel consumption from biomass at our CHP plants, driven by improved spreads from decreasing wood pellet prices as well as increased biomass usage at Studstrup Power Station in 2024, as we have resumed using biomass after the fire in the wood pellet silo that lead to lower biomass usage in 2023. The 15% increase in energy intensity from activities in high climate impact sectors is due to a 3% increase in total energy consumption (numerator) and a 10% reduction in revenue (denominator).