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Alpiq performs very well in a still fragile market

Lausanne – Alpiq looks back on a very good 2023 financial year. The past year’s measures focusing on the core business, risk management and group management brought about the desired progress. The direct dependence on electricity prices was also significantly reduced. Despite significantly lower adjusted total revenue at CHF 8.42 billion, Alpiq increased adjusted EBITDA to CHF 1.184 billion. The company recorded an adjusted net income of CHF 820 million. Operating liquidity remains extremely solid at CHF 1.944 billion and Alpiq was net cash positive of CHF 347 million by the end of 2023.

The decision at the end of 2021 to focus on the core business in certain countries, the adjusted risk management and the new company management along the entire value chain bore fruit in the 2023 financial year. This in turn made Alpiq more resilient. Although electricity prices decreased significantly on the markets in 2023 and are currently close to the pre-sanitary crisis levels again, the company was able to improve operating result at all levels. In addition to the great commitment of the entire workforce, the key to this success was the high availability of the flexible power plant portfolio, the good positioning in electricity and certificate trading and intensive market management in the large-customer business, which is characterised by strong customer loyalty.

Adjusted results (excluding non-operating effects)

Net revenue (in CHF million)8,42014,899
EBITDA (in CHF million)1,184473
EBIT (in CHF million)1,072353
Net income (in CHF million)820172

Strengthening security of supply

By managing along the value chain across business divisions, Alpiq has been able to capitalise on its strengths. The powerful and flexible hydropower plants (storage system and pump storage) and the efficient gas-fired combined-cycle power plants in Italy, Spain and Hungary had high availability. This meant they were able to contribute significantly to integrating the strong development of renewable energy production from solar and wind into the energy system. Alpiq continued to play a key role in strengthening the security of supply in 2023 by providing a hydropower reserve for the critical winter months in Switzerland as well as ancillary services for grid stability. The safe and reliable operation of the power plants is key for the security of supply and requires continuous investments in all power plants. After Alpiq already invested over CHF 700 million in hydropower and nuclear power plants between 2017 and 2021, it was able to invest a further CHF 316 million in the maintenance, renovation, and energy efficiency of the numerous power plants across 2022 and 2023; a good three quarters of this investment was in Switzerland (CHF 240 million).

Antje Kanngiesser, CEO of Alpiq

“Our very good results enable us to invest heavily in the pressing need for winter production and in additional storage systems. This then means we can integrate renewable energy into our energy system, which in turn helps the security of supply and climate protection.”


Alpiq’s highest priority is to expand power production capacity in winter. In Switzerland, this includes the projects of “Runder Tisch Wasserkraft” (Hydropower Round Table), focussing on the Gornerli project near Zermatt that is already at an advanced stage. In terms of Alpine photovoltaic installation, Alpiq relies on strong cooperation with local partners at selected locations. The Alpine photovoltaic installations all show a very high proportion of winter production. There is also the Bel Coster wind farm project in the Canton of Vaud, which has nine turbines that will one day generate between 60 and 80 GWh of electricity, about 70% of which will be generated in the winter months.

Management along the entire value chain: Assets – Trading – Origination

In terms of the value-chain element Assets, Alpiq’s adjusted EBITDA of CHF 1.04 billion meant the company was able to generate electricity when it was needed thanks to its highly flexible power plant portfolio. In addition, the good anticipation of market requirements in asset trading, i.e. in active power plant management, contributed to a significantly better result compared to the previous year. In terms of the value-chain element Trading, Alpiq is well positioned in energy and certificate trading and achieved a good result of CHF 54 million. The poorer results from the previous year were significantly exceeded this year thanks in particular to trading in the Western Europe region and in cross-border capacities. In terms of the value-chain element Origination, strong portfolio management and proximity to large customers are paying off. The somewhat calmer market environment helped the customer business in 2023. The large-customer business in France, the markets in Italy, Spain and Hungary, as well as day-ahead market access deals and flexible products in Germany contributed significantly to the good result of CHF 169 million.

Luca Baroni, CFO of Alpiq

“Over the last two years we have adjusted our risk management, improved our financial resilience, and, through our management along the entire value chain, we have also become less dependent on electricity prices. These measures have paid off. This is evident in the strong result from last year. I am especially happy with our very solid liquidity and our net cash situation. This is unique in our company history and is down to our employees’ great commitment.”

Significant positive, non-operating effects in the IFRS result

While the non-operating effects were still negative at CHF -61 million in 2022, they were clearly positive at net income level in 2023, amounting to CHF 516 million. As announced in previous years, the previously negative valuation effects have now been reversed and will contribute to a positive of CHF 469 million in the accounts in 2023. The decommissioning and waste disposal funds (STENFO) also made a positive value contribution of CHF 47 million. In the previous year, the non-operating effect from the fund performance amounted to CHF -231 million. Overall, 2023 ended with a net income (IFRS) of CHF 1.336 billion. The Board of Directors of Alpiq Holding Ltd. will propose to the Annual General Meeting that a dividend of CHF 116 million be distributed for 2023.

Alpiq is well positioned in the fragile market environment

Alpiq is optimistic for the 2024 financial year after the very good result in 2023. The highly flexible and reliable power plant portfolio is one reason for this as it contributes to ensure security of supply in large parts of Europe. In addition to the value-chain element Assets, where a good result is once again expected, the well-positioned trading business and the firmly established origination business based on long-term customer relationships will also help. In line with its strategy, Alpiq is continuing to focus on its core markets. The company is strengthening along the entire value chain through targeted investments in its flexible asset portfolio, the expansion of its trading business and origination activities. The Alpiq Board of Directors confirmed these strategic directions in 2023 and supports its further development as a provider of low-carbon flexibility solutions with its assets, trading and origination business.

Alpiq wants to drive forward the security of supply in Switzerland and accelerate the much-needed decarbonisation of European energy systems. The energy transition will fail if the growing production from wind and solar energy cannot be integrated into the energy system. This fluctuating production from renewable energies must be harmonised with the constant demand for electricity from all customers, and this is where Alpiq wants to play a more crucial role. For decades, Alpiq has been a leading provider of flexibility solutions in the European market thanks to its large and highly flexible hydropower plant portfolio. In recent years, it has been able to expand this base in order to strengthen its position by providing a broader range of new assets and commercial solutions for systems and customers. Future investments in storage systems mean more green energy can by fed into the system. Alpiq wants to be a pioneer and integrator for the clean, better, decarbonised and reliable energy system of tomorrow.

Despite the easing on the energy markets, there is still uncertainty about developments in 2024, and this may also have an effect on Alpiq. Nevertheless, the company expects good liquidity and net cash in 2024. This is thanks to its greatly decreased dependence on wholesale prices, its strong financial position and primarily its positive cash flow from operating activities.

Sustainability Report comprehensively adapted

Alpiq has published its Sustainability Report at the same time as its Annual Report. For the first time, it includes a comprehensive CO2 balance, including all relevant Scope 3 emissions, i.e. all those caused indirectly by business activities. In terms of further development of the strategy, last year Alpiq set itself the goal of making the company net zero by 2040. This means the company would have a neutral emissions balance. Alpiq also used the past year to create the necessary conditions in the area of sustainability reporting in order to comply with the comprehensive new statutory reporting obligations in Switzerland from 2024 and those in the EU from 2026 (for the 2025 reporting year).

About Alpiq

Alpiq is a leading Swiss energy services provider and electricity producer that operates throughout Europe. It offers its customers comprehensive and efficient services in the fields of energy generation and marketing as well as energy optimisation. Alpiq has been generating climate-friendly and sustainable electricity from carbon-free Swiss hydropower for more than 100 years. The power plant portfolio also comprises shares in two Swiss nuclear power plants as well as flexible thermal power plants, wind farms and photovoltaic facilities in Europe. Alpiq Holding Ltd. is a private stock corporation in majority private ownership. It is fully controlled by the three shareholder groups of Schweizer Kraftwerksbeteiligungs-AG (SKBAG), the Consortium of Swiss Minority Shareholders (KSM) and EOS Holding SA (EOS). The Alpiq Group has around 1,200 employees and is headquartered in Lausanne.

Annual Report of the Alpiq Group 2023