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Alpiq felt the effects of weaker economic growth in Europe and lower energy prices in 2024. (archive picture)
Keystone
The energy group Alpiq recorded significantly lower revenue and earnings last year. The market situation continued to normalize after the European energy crisis in 2022.
The Group's net revenue fell by 26 percent year-on-year to CHF 6.6 billion in 2024, as the company announced on Wednesday. As a result, the operating result EBITDA fell by 23 percent to 1.4 billion.
Various positive special effects had an impact here; without these, the operating result would have amounted to just CHF 962 million (-19%). "The market environment was characterized by a further decline in prices, accompanied by significantly lower price volatility compared to the previous year," it says.
Income exploded in 2022 in the wake of a sharp rise in prices. At the time, Russia's attack on Ukraine led to a partial loss of Russian gas supplies, and numerous French nuclear power plants were out of operation for longer periods. There had also been a prolonged dry period with little rainfall.
The negative valuation effects from previous years were reversed and made a positive contribution of 223 million at net profit level in 2024, it was reported on Wednesday. In the previous year, the special effect amounted to plus 468 million.
The decommissioning and waste disposal funds generated a performance of 115 million after 48 million in 2023. The bottom line in 2024 was a net profit of 943 million after 1.3 billion in the previous year (-29%).
According to Alpiq, the overall weak economic growth across Europe has dampened demand for energy and led to a lower price level. At the same time, renewable energy projects continue to be implemented across Europe, which has led to low electricity prices and high demand for balancing energy, particularly in the summer months of 2024.
Despite the major geopolitical uncertainties, Alpiq expects "good results" in the three business divisions Assets (production and trading), Trading (proprietary trading) and Origination (energy procurement and sales for third parties) in the current year.
Meanwhile, CFO Luca Baroni will leave the Group in the course of the year. The succession process is being initiated. Baroni will "ensure a seamless transition" and leave Alpiq by November 1, 2025 at the latest.
26.02.2025, 08:13
