Danish trader MFT Energy P/s boosted its profit for last year more than eightfold as price volatility soared amid the energy crisis.

The firm posted earnings before financial income and expenses of €576 million ($615 million), it said in a statement. That compares with €65.4 million in 2021. It also announced that Bo Palmgren will take over as chief executive officer from Torben Nordal Clausen on Thursday.

MFT is based in Aarhus, Denmark — Europe’s center for short-term electricity trading. It is the latest firm to report huge profits as prices and volatility for everything from natural gas to electricity and coal surged last year, only to plunge since the start of 2023 as demand has waned.

“During a period with a substantial increase in energy prices, we helped balance the markets and offset the price differentials,” Nordal Clausen said in the statement.

Profits at energy traders have received significant attention in Denmark as smaller companies and households have struggled with record bills. MFT said it paid more than €125 million in taxes even though 99% of the companies activities occur abroad.

Founded in 2017, MFT trades energy in almost 40 markets, with offices in Aarhus, Singapore, Turkey, and Australia.