Energie AG increases profits by 45 percent

The Upper Austrian state utility has had a turbulent year. After a relatively long price guarantee until the end of 2022, prices were increased this year. The entire energy market for electricity and gas remained very unsettled, not least because of the war in Ukraine. This is also reflected in the balance sheet figures.

Sales increased by 6.4 percent to 4.25 billion euros, EBIT by 45.1 percent to 218.5 million euros. This year, shareholders will receive the same dividend as last year – 60 cents per share. This means that 53.2 million euros will be distributed. The higher income should be invested primarily in the energy transition. As reported, the group wants to invest around four billion euros by 2034 in order to become climate neutral. Half of this will go to network expansion, the other mainly to power plant projects, with the Ebensee pumped storage power plant costing around 453 million euros being Energie AG Oberösterreich’s largest construction project overall, says General Director Leonhard Schitter.

The development of the balance sheet total by 40.4 percent to 4.12 billion in the negative operating cash flow of 504.9 million euros reflects the fact that Energie AG purchased electricity at high prices on the market in the previous year and backed orders with capital had to. This massively inflated the balance sheet total and the operating cash flow in the short term, but the situation has now calmed down once more, says CFO Andreas Kolar.

Developments over the past year show how important it is to expand the networks. Because of the sharp increase in the number of PV systems, the network has reached maximum load, says Chief Technology Officer Stefan Stallinger, who will be leaving the company in April for EVN. There were five to seven weekends in the summer when there was so much solar power that the weir at the Traun/Pucking hydroelectric power plant had to be opened so that no electricity was generated.

After a price reduction in the summer, Energie AG is not planning any further reductions for the time being. Energie AG buys electricity in tranches to ensure price stability and security of supply. But alternative offers for the market are also in the works.