Two XMM-Newton observations of the black-hole binary GRS1915+105 were triggered in 2004 (April 17 and 21), during a long "plateau" state of the source. We analyzed the data collected with EPIC-pn in Timing and Burst modes, respectively. No thermal disc emission is required by the data; the spectrum is well fitted by four components: a primary component (either a simple power law or thermal Comptonization) absorbed by cold matter with abundances different than those of standard ISM; reprocessing from an ionized disc; emission and absorption lines; and a soft X-ray excess around 1 keV. The latter is not confirmed by RGS (which were used in the second observation only); if real, the excess could be due to reflection from the optically thin, photoionized plasma of a disc wind, in which case it may provide a way to disentangle intrinsic from interstellar absorption. Indeed, the former is best traced by the higher abundances of heavier elements, while an independent estimate of the latter may be given by the value we get for the disc wind component only, which roughly coincides with what is found for lower-Z species.