The current energy crisis caused by the conflict in the Middle East is not on the same scale as the crisis that followed the outbreak of the war in Ukraine four years ago. That is, at least, the view of Claude Seywert, director of Encevo.

Speaking during the presentation of the energy group’s annual results, Seywert said that electricity prices, which fell last year, are not expected to rise this year. As for gas prices, he said more caution is needed, though no major spike is expected.

According to its latest financial results, Encevo recorded a net profit of €154 million last year. While this is down from the €194 million reported the previous year, it still marks the company’s third-best result to date.

Despite this, the group deliberately reduced its dividend payout to just 26% of profits. According to Jeff Feller, chairman of Encevo, the move reflects the major investments required for the energy transition.

In 2025, Encevo also invested €311 million, with well over two-thirds of that amount going into the electricity grid. The group said it has rarely invested so heavily and is aiming to raise investments to around half a billion euros this year.

Encevo also plans to invest in hydrogen, not only in infrastructure and pipelines. Through its subsidiary Creos, the group is also planning to produce hydrogen.

When it comes to green electricity, Encevo said it has reached one terawatt-hour of production, equivalent to the country’s entire residential electricity consumption.

The group also noted that new digital solutions and more flexible energy use have already led to changes in customer behaviour.