ACM investigation: heat suppliers did not earn unreasonable profits, ACM to continue to keep a close watch on financial returns

Dutch heat suppliers Duurzame Energie Veenendaal-Oost (DEVO), Ennatuurlijk, Vattenfall, and Westpoort did not earn unreasonable profits in 2024. An investigation by the Netherlands Authority for Consumers and Markets (ACM) shows that the suppliers’ calculated financial returns in 2024 were higher than the standard return. The suppliers used the difference for, among other purposes, compensating for start-up losses, repaying loans for investments in heat networks, and building up reserves for future expansions of heat networks. The difference therefore benefits the heat networks for current and future users, and was not used for extra dividend payments to shareholders. ACM continues to keep a close watch on the financial returns of heat suppliers, and will conduct another investigation if the financial returns of heat suppliers in 2025 turn out to be higher than the standard.

On January 14, 2026, ACM published its 2024 Financial-returns Monitor. Heat suppliers provide information for the Financial-returns Monitor. Using a standardized method, ACM calculates what the financial returns were for suppliers when supplying heat to households and other small-scale users. The Financial-returns Monitor revealed that the calculated financial returns of all suppliers ranged from -56 percent to +15 percent. At four suppliers, the calculated financial returns were higher than the reasonable return of 7.1 percent. ACM decided to conduct a further investigation into these four heat suppliers with a so-called return assessment. This investigation does not lead to the conclusion that there is an unreasonable profit. ACM will continue to keep a close watch on the heat suppliers’ financial returns in the coming years as well, and expects to publish the results of the 2025 Financial-returns Monitor this fall.

Manon Leijten, Member of the Board of ACM, explains: “Households that are connected to heat networks are not able to choose which supplier to take out their heat from. It’s important to protect these bound users against unreasonably high rates and excess profits of their suppliers. That’s why ACM keeps a close watch on the financial returns of heat suppliers.”

Protecting heat users

To protect heat users against unreasonably high tariffs, ACM sets maximum tariffs each year. These maximum tariffs apply to all households and other small-scale users that are connected to a heat network. However, these maximum tariffs do not apply to large-scale users such as large companies that are connected to a heat network. Heat suppliers are allowed to earn a reasonable return, but cannot use the maximum tariffs for households to make unreasonable profits. That is why ACM keeps an eye on the financial returns of heat suppliers with a yearly Financial-returns Monitor. If the Financial-returns Monitor finds a reason to do so, ACM will conduct an extra investigation with a so-called return assessment. In a return assessment, ACM looks back at the past five years to see whether there are valid reasons for the higher financial returns of heat suppliers. Suppliers could use the higher financial returns, for example, to compensate for the start-up losses from previous years. If the return assessment reveals there are no valid reasons for the higher financial returns, ACM can take action against them. In that situation, ACM can force the suppliers to refund the excess financial returns by giving a discount on the tariffs for the following year.