Lausanne – For the third successive year, Alpiq can report a very good result, with adjusted EBITDA of CHF 962.4 million in 2024. The market environment was characterised by another decline in prices, accompanied by significantly lower price volatility compared to the previous year. The very good result underlines the strong operational performance and shows that the strategic focus on flexible assets in Switzerland and the European markets is paying off, even in a less volatile market environment. Based on the company’s very solid financial situation, Alpiq was able to repay bonds to the amount of CHF 910 million last year.
Alpiq’s strategic focus on flexible assets in Switzerland and Europe is paying off, even in a comparatively less volatile energy market. The market environment continues to be characterised by ongoing geopolitical instability worldwide, which is leading to uncertainties with consequences for the economy. The generally weak economic growth throughout Europe has weighed on demand for energy and resulted in a lower price level. At the same time, renewable energy projects continue to be implemented across Europe. This led to low prices and high demand for balancing, especially in the summer months of 2024.
Flexible capacities and storage systems are essential to integrate renewables into the system and to keep the power grid stable.
Last year, Alpiq was able to benefit in this changing environment thanks to its highly flexible power plant portfolio: the considerable leeway provided by the short-term use of the power plants meant the flexible hydropower and gas-fired power plants could be leveraged as a system stabiliser to strengthen the security of supply and add value for the company as well. The second positive driver was the Origination business, which again achieved a very good result, particularly in France, Spain and Germany, thanks to customer proximity and a balanced offering portfolio.
Overall, Alpiq posted adjusted EBITDA of CHF 962.4 million, with adjusted net revenue of CHF 6,365.7 million in the 2024 financial year. This resulted in an adjusted net income of CHF 605.7 million. The absolute figures are below the previous year’s level, partly due to electricity prices. Nonetheless, the result for the year is again very good under the current circumstances.
| 2024 | 2023 | |
| Net revenue (in CHF million) | 6,365.7 | 8,396.1 |
| EBITDA (in CHF million) | 962.4 | 1,183.8 |
| EBIT (in CHF million) | 847.9 | 1,071.5 |
| Net income (in CHF million) | 605.7 | 819.5 |
| Net cash flows from operating activities (in CHF million) | 1,031.1 | 618.4 |
Assets comprise production and the associated marketing activities. With adjusted EBITDA of CHF 972.1 million, this element made a material contribution to the very good result. Alpiq’s highly flexible power plant portfolio made a difference in this regard. The above-average inflow volumes from Swiss hydropower plants and the high availability of nuclear power plants in Switzerland were key to the result in 2024. The flexible capacity of the gas-fired power plants in Italy, Spain and Hungary was accessed increasingly by grid operators to stabilise the grid in 2024. Last year, Alpiq produced an above-average volume of electricity with its power plant portfolio. Heavy rains combined with snowmelt caused severe floods in the Alps in summer 2024, which partly impacted Alpiq’s portfolio. All plants are back in operation, and the unexpected outages of hydropower plants were more than offset by the high power production overall. Despite the challenge posed by the much lower price volatility, actively managing the power plants again contributed to the very good result and allowed room for manoeuvre in the market. The result was impacted by the dispute settlement agreement, including a new long-term supply contract with a one-off payment from Alpiq to WWZ of CHF 50 million.
The Trading element, which comprises electricity, gas and certificate trading, also achieved a positive result in a very difficult market environment, with adjusted EBITDA of CHF 30.1 million. This result is much lower than in the previous year and is below expectations. In contrast to 2023, 2024 was marked by much lower prices and especially by lower price volatility.
In Origination, Alpiq’s strong portfolio management and proximity to large customers paid off once again. The company is fostering the integration of renewable energies by concluding various long-term power purchase agreements (PPAs) and adopting competent risk management for customers by managing their production facilities. Despite lower margins, adjusted EBITDA came to CHF 86.5 million, therefore meeting expectations. The company’s large-customer business in France and Spain made a material contribution to this result, although short-term market access transactions, such as PPAs and flexible solutions in Germany, also played a part.
As in the previous year (CHF 516.0 million), the non-operating effects were well into positive territory for net income at CHF 337.6 million. The negative valuation effects from previous years were reversed and contributed to a positive result of CHF 222.9 million in 2024 (previous year: CHF 468.2 million). The decommissioning and waste disposal fund (STENFO) also benefited from the positive financial market trend and generated an annual return of 12 percent in 2024, which corresponds to a fund performance of CHF 114.8 million (previous year: CHF 47.8 million). Overall, Alpiq recorded net income (IFRS) of CHF 943.4 million in 2024.
The Board of Directors of Alpiq Holding Ltd. will propose to the Annual General Meeting that a dividend of CHF 162 million be distributed for 2024.
Alpiq has created a very solid financial basis in recent years. The company’s resilience has been strengthened sustainably. The financial position is very solid thanks to an equity ratio of 58.3 percent and net cash positive of CHF 428.4 million.
This means that Alpiq is ideally positioned to push ahead with the consistent implementation of its strategy and to invest more in security of supply and transforming the energy system.
Alpiq was also able to redeem bonds to the value of CHF 910 million thanks to its very solid financial position. The company redeemed a maturing bond to the value of CHF 260 million in July 2024 and then redeemed the hybrid bond to the value of CHF 650 million in full mid-November 2024. This will decrease the interest burden significantly going forward.
Alpiq comprehensively restructured its financial and credit portfolio to ensure the maximum possible flexibility in financing its strategic growth and concluded the largest credit market transaction in its history at the end of 2024. It secured two new unsecured, approved credit lines, with a total volume of CHF 3.6 billion, provided by 15 Swiss and 17 international banks. New banks were included in the banking pool for this transaction and the available approved cash credit lines were doubled.
Last year, Alpiq made targeted investments to strengthen its existing business in its geographic core markets and in the areas of flexibility, origination and trading. In Switzerland, the focus is on investments in hydropower and the secure long-term operation of existing nuclear power plants. Alpiq is involved in five projects set out by the Hydropower Round Table and made further progress last year, in particular with the “Gornerli” multi-purpose reservoir project. This is the largest of the Swiss projects to generate additional winter electricity from hydropower. Alpiq is also involved in several alpine PV projects for urgently needed winter energy. In September 2024, Alpiq was granted a 10 percent share in Forces Motrices d'Orsières SA as the municipalities will renew the concession for 80 years. This makes Alpiq a partner in a hydropower plant in which it did not previously hold a stake for the first time, following the exercise of the reversion by a concession authority.
The energy transition requires flexible power production and storage that enables the intermittent supply from renewable energy sources to be integrated. In addition to its existing highly flexible power plant portfolio, Alpiq is further expanding in flexible assets. In 2024, the company invested in two battery energy storage systems (BESS) projects: the 30 MW battery in Finland will be operational in the second half of 2025, while the 100 MW battery in France will be ready in 2026. In spring 2024, Alpiq acquired a majority share in Finnish hydrogen pioneer P2X Solutions, a Power-to-X developer focusing on the production and distribution of green hydrogen and synthetic fuels. Its first system for green hydrogen went into commercial operation in Harjavalta, Finland, in February 2025. In Italy, Alpiq conducted a thorough renovation of the Vercelli gas-fired power plant in Piedmont. This greater flexibility enables Alpiq to provide valuable services that support security of supply in Italy and help the country achieve its climate goals.
Alpiq’s corporate purpose “Together for a better climate and an improved security of supply” charts a clear course towards sustainable business activities. Accordingly, Alpiq has set itself the goal of achieving net zero for Scope 1 and 2 emissions by 2040. This year, Alpiq is issuing its Sustainability Report as per the European Sustainability Reporting Standards (ESRS) for the first time and including it directly in its Annual Report. The aim is to make sustainability an integral component of the business. In addition, all Alpiq locations were certified as a “Great Place to Work” in late 2024, at the first time of asking.
The market environment will continue to be shaped by major geopolitical uncertainties in 2025. Nonetheless, Alpiq again expects good results in 2025 from all three of its value chain elements – Assets, Trading and Origination – and will continue to drive the implementation of its strategy, supported by its very robust financial situation. This will include, in particular, investments in security of supply in the area of hydropower, but also in storage and other flexible capacities throughout Europe, especially in Switzerland, Germany, France and the Nordic countries.
After an eventful few years, Alpiq Group CFO Luca Baroni will leave the company during the course of this year. CEO Antje Kanngiesser expresses her sincere thanks to Luca Baroni for his tireless efforts over the last three and a half years: “Luca successfully steered Alpiq through its biggest liquidity crisis and sustainably stabilised the company. He put the necessary processes and structures in place and carefully ensured transparency. He also consistently aligned the company’s financial management along the value chain elements Asset, Trading and Origination. At the same time, he retained his sense of humour and, above all, his human touch, even in extremely turbulent times.” Alpiq will launch the succession process immediately and, following the stabilisation phase, will push ahead with the consistent implementation of its strategy. Chairman Johannes Teyssen says: “Luca is leaving behind a company that is well capitalised and financed. By repaying the CHF 650 million hybrid bond and securing long-term and broad-based credit market financing of CHF 3.6 billion, he has laid the foundation for the Group to implement its strategy efficiently and consistently.” Luca Baroni will leave Alpiq no later than November 1, 2025, ensuring a seamless transition.
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 1,350 employees and is headquartered in Lausanne.
You can find more information on Alpiq at www.alpiq.com
Source of cover picture: EKW, Engadiner Kraftwerke AG, Photographer: Gian Andri Giovanoli
