Trekantområdets Varmetransmissionsselskab TVIS Due Diligence

Run due diligence on Trekantområdets Varmetransmissionsselskab TVIS: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Fredericia Kommune, Kolding Kommune, Middelfart Kommune, and Vejle Kommune (Denmark) · tvis.net · 11 vendors

TVIS (Trekantområdets Varmetransmissionsselskab) is a municipally owned district heating transmission company operating under Danish heat supply law (Varmeforsyningsloven). It operates the district heating infrastructure across the Trekantområdet region, serving the municipalities of Fredericia, Kolding, Middelfart, and Vejle. The company is focused on green energy transition, supplying and transmitting heat through an extensive pipeline network in the Triangle Region of Denmark.

Resilience scores

Digital Sovereignty: 36
Digital Resilience: 5
Financial Resilience: 7

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Insights

Last updated 2026-09-13 · revision 2

11 direct vendors, 123 subvendors

Direct vendors by controlling owner country (sample)

Denmark: 1
United States: 7
United Kingdom: 1

Subvendors by controlling owner country (sample)

Switzerland: 2
Bangladesh: 1
Luxembourg: 1

Compliance

8 in-scope frameworks identified; showing 3.

Financials

Three-year financials

2025: revenue DKK 866M, EBIT DKK 37M, equity DKK 0
2024: revenue DKK 882M, EBIT DKK 38M, equity DKK 0
2023: revenue DKK 914M, EBIT DKK 37M, equity DKK 0

Financial Resilience Score: 7/10

TVIS operates under the Danish 'hvile-i-sig-selv' (non-profit) regulatory model, which by design produces zero equity and zero net result, with any over- or under-recoveries settled with customers through future tariffs. This makes traditional financial ratios less meaningful but provides exceptional structural stability: the company cannot go bankrupt in a conventional sense because its four municipal owners (Fredericia, Vejle, Kolding, Middelfart) guarantee its debt via KommuneKredit, giving TVIS access to very low-cost financing. As essential district-heating infrastructure serving a growing Danish region, its cash flows are highly predictable and demand is inelastic. Operationally the business is resilient: certifications in ISO 55001 (asset management) and ISO 27001 (cybersecurity), long-lived transmission assets (~278 km pipeline network), a very low CO2 profile (1.3 kg/GJ), and long-dated supply rights to Ørsted's Skærbækværket biomass plant through 2037 all support long-term stability. Heat volumes have grown ~30% since 2019 and gross margins have trended upward from 16% to 19%. However, the balance sheet shows structural fragility: zero equity, DKK 1.32bn of interest-bearing debt, and a negative net liquid position (-DKK 5.8m at YE-2025 with only DKK 3,000 in cash). The company relies heavily on short-term credit facilities and a small number of upstream heat suppliers (Ørsted, Crossbridge Energy, Energnist), creating concentration risk demonstrated by the 2024 Energnist shutdown that added DKK 14.5m in costs. Volume risk from mild winters and political/regulatory exposure to Danish heat-supply legislation are additional vulnerabilities, though the municipal-guarantee backstop provides significant downside protection.

Key strengths: Municipal ownership by four Danish municipalities with debt guarantees via KommuneKredit, Regulated cost-plus (hvile-i-sig-selv) model eliminates commercial profit/loss risk, Essential infrastructure with inelastic demand and long-lived assets, Long-dated biomass heat supply rights from Ørsted Skærbækværket through 2037, ISO 55001 and ISO 27001 certifications strengthen operational and cyber resilience, Stable EBIT band of DKK 32-38m since 2019, Very low CO2 profile (1.3 kg/GJ) aligned with regulatory tailwinds, Heat volumes grew ~30% from 2019 to 2025

Risk factors: Zero equity by regulatory design; DKK 1.32bn interest-bearing debt, Negative net liquid position (-DKK 5.8m at YE-2025) with only DKK 3,000 cash, High customer concentration on 4 municipal downstream utilities, Supplier concentration on Ørsted, Crossbridge Energy, and Energnist, Volume risk from mild winters (2024 -250 TJ, 2025 -190 TJ vs budget), Regulatory/political exposure to Danish heat-supply legislation changes, Large upcoming capex programme will further raise gearing, Ørsted's 2025 withdrawal from state CCS tender halted potential new heat contract

Revenue by geography

Denmark: 100%

Revenue by product/service

Salg af varme (variable heat sales): 63%
Fast produktionsafgift (fixed production charge): 22%
Fast driftsafgift (fixed operating charge): 17%
Fast anlægsafgift (fixed capacity/installation charge): 4%
Regulatory adjustments (over-/underdækning): -6%

Workforce by country

Denmark: 27

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