Energy Segment overview










Total sales


EUR mill.









EUR mill.







Investments in property, plant and equipment and intangible assets


EUR mill.







Workforce (on average)









Electricity procurement 1)









Proprietary electricity procurement









Electricity sales volume









Natural gas sales volume









Heat procurement









Heat sales volume










incl. third-party procurement

Economic environment for the energy sector

During the first half of the 2019/2020 fiscal year, the forward market prices for electricity for delivery in 2021 in Austria showed a clear downward trend, which had already started before the outbreak of the COVID-19 pandemic and was subsequently accelerated by it. After prices reached their lowest point in March 2020, the trend was slightly upwards again in a volatile environment by the end of the fiscal year. The main influencing factors here were the prices for coal, gas and CO2 emission allowances. The price for the annual base of 2021 in the price zone Austria reached its highest value on 16 October 2019 at EUR 52.7/MWh, the lowest value was reached on 23 March 2020 at EUR 36.5/MWh. In the 2019/2020 fiscal year, the average value for the front year base was EUR 44.5/MWh.

On the spot market, prices dropped by around a quarter compared with the same period of the previous year. The average European Power Exchange (EPEX) spot price base for delivery in Austria in the reporting period was EUR 32.6/MWh with a volatile development.

The oil price for delivery in December 2020 fell from a high of USD 63.0/barrel of Brent crude oil on 6 January 2020 to a low of USD 31.1/barrel on 28 April 2020. The massive slump from the end of February can be explained on the one hand by the drop in demand in the wake of the COVID-19 pandemic and on the other by a price war between Saudi Arabia and Russia. There was a slight recovery on the oil market from May onwards, but the price of oil is still well below the levels at the beginning of the fiscal year due to the global economic crisis.

The NetConnect Germany (NCG) gas price for the front year 2021 fell in the first half of the 2019/2020 fiscal year from EUR 18.8/MWh at the beginning of October 2019 to EUR 12.5/MWh at the end of March 2020. In the second half of the fiscal year, gas prices moved sideways with a slight recovery towards the end. Coal prices also declined over the course of the fiscal year, although the slump was less severe than for other commodities.

In the reporting period, prices for CO2 emission allowances fluctuated between EUR 15.3/t and EUR 30.5/t. Initially, the concern about an unregulated Brexit and the associated effects on the European emissions trading system repeatedly provoked rapid price movements. In March, however, this receded into the background, and the decline in CO2 pricing was largely driven by concerns about economic development. Subsequently there was a significant recovery with prices rising to the highest levels seen during the reporting period. This increase was mainly triggered by discussions on tightening the EU climate targets.

Price development on international energy markets

Sources: EEX, Reuters

Price Development on International Energy Markets (line chart)

Business development in the Energy Segment

In the 2019/2020 fiscal year, sales revenues in the Energy Segment amounted to EUR 1,087.8 million. Compared to the previous year, this represents an increase of EUR 30.3 million or 2.9%. The increase in sales revenues was mainly due to the full-year consolidation of ENAMO GmbH, ENAMO Ökostrom GmbH and Energie AG Oberösterreich Vertrieb GmbH & Co KG, which were not fully consolidated until 1 April 2019 in the previous year. Declining sales revenues from power plants were compensated for by increased sales revenues in gas management.

The Energy Segment generated an operating result of EUR 59.5 million in the reporting period (previous year: EUR 117.3 million). In the previous year, an upward revaluation in the amount of EUR 48.2 million due to the acquisition of shares in ENAMO GmbH and Energie AG Oberösterreich Vertrieb GmbH & Co KG, as well as reversals of impairment in the amount of EUR 7.9 million for the combined-cycle gas turbine power plant (CCGT) at Timelkam had a positive impact on the EBIT of the Energy Segment. In the 2019/2020 fiscal year, lower expectations of future earnings contributions led to impairments in the amount of EUR 1.8 million for the CCGT power plant at Timelkam. In addition, impairments in the amount of EUR 7.0 million for the 7Fields gas storage facility and impairments in the amount of EUR 2.1 million for district heating plants were recognised in the reporting period.

In addition to the stated one-off special effects, the EBIT in the reporting period was characterised by lower profit contributions in sales, not least due to the COVID-19 lockdown. Moreover, the expiration of a contract concluded with Cogeneration-Kraftwerke Management Oberösterreich GmbH (CMOÖ GmbH), lower use of the CCGT power plant Timelkam, higher maintenance costs for power plants and a decline in proprietary electricity procurement on account of the lower water level impacted on the operating result of the Energy Segment. Positive effects in gas storage management partially compensated for the negative effects.

Lower proprietary electricity procurement from thermal and hydroelectric power

Total electricity procurement in the Energy Segment in the 2019/2020 fiscal year totalled 15,759 GWh and was 5.2% lower than in the previous year (16,617 GWh). The main reasons for the negative development were lower levels of electricity procured from third parties, the low use of thermal power plants and the lower water level compared to the previous year. As a result, proprietary electricity procurement of 3,248 GWh in the reporting period was 10.7% lower than in the previous year (3,639 GWh).

Electricity production from thermal capacities in the Energy Segment dropped sharply by -31.2% from the previous year's value of 1,000 GWh to 688 GWh. This development is attributable on the one hand to the lower utilisation of the CCGT power plant Timelkam compared to the previous year; in the reporting period, the plant recorded lower levels of deployment on the electricity market, beyond year-round provisions for grid reserve management and congestion management, than in the previous year.

As the water level was 5.3% lower compared with the previous year, proprietary electricity procurement in the hydraulic power plants during the 2019/2020 fiscal year totalled 2,433 GWh, which is 3.4% below the previous year's figure of 2,518 GWh. Compared with the long-term average, water levels were 3.6% below average in the reporting period. The hydro coefficient of the Group's own power plants and procurement rights was 0.96 during the reporting period (previous year: 1.02).

The electricity procurement structure in the Energy Segment was as follows in the reporting period:

Electricity procurement structure without electricity trading

2019/2020; previous year's figures in brackets

Electricity Procurement Structure Without Electricity Trading (ring chart)

Work on building a replacement facility for the Dürnau hydropower plant continued in the 2019/2020 fiscal year. The old facility was shut down and dismantled at the beginning of March.

To expand electricity generated from renewable energies, the preliminary projects for the construction of the new Weissenbach power plant and the preliminary environmental impact assessment (EIA) procedure for the replacement of the Traunfall power plant were initiated and pushed forward.

In autumn 2019, damage to the dam seal at the Traun-Pucking power plant was discovered. The affected section was thoroughly refurbished and a new subsoil sealing system was installed.

Ennskraftwerke AG, in which Energie AG holds a participating interest of 50%, also reported electricity production below the long-term average in the 2019/2020 fiscal year, with a hydro coefficient of 0.96. Energie AG holds electricity procurement rights in power plants on the rivers Enns and Danube and the Malta/Reißeck II power station group, amounting to some 1,406 GWh.

Energie AG's wind power portfolio in Austria comprises investments in four wind parks with a pro rata overall performance of nearly 14.7 MW. Generation from wind power in the reporting period was 37 GWh (previous year: 35 GWh). 

In the photovoltaic (PV) business area, Energie AG Oberösterreich Erzeugung GmbH is the 100% owner of Energie AG Oberösterreich Renewable Power GmbH and the Italian entities ECOFE S.R.L. and Salvatonica Energia S.R.L. Together with the other PV and PV contracting systems, the Energie AG Group has a total PV capacity of around 12 MWp. The electricity generated is fed directly into the public grid.

The distribution of 232 GWh of district heating from the power plant locations in Riedersbach and Timelkam in the reporting period was slightly below the level of the previous year (237 GWh).

In the Gmunden district heating supply project, initial customers were already supplied with waste heat from the cement plant during the previous heating period. In September 2020, heat supplies to the Gmunden hospital were installed.

In Laakirchen, CMOÖ GmbH supplies a key account customer with electricity and process heat through a CCGT power plant, as well as several adjacent companies with district heating. The volume of process heat and district heating distributed to customers during the 2019/2020 fiscal year amounted to 726 GWh and was therefore 9.5% below the previous year's value (802 GWh).

New sales company initiates first noticeable trends for customers

The 2019/2020 fiscal year was challenging for Energie AG Oberösterreich Vertrieb GmbH (Vertrieb GmbH) in many respects. In addition to declining economic development and the challenging general energy policy conditions, the effects of the mild winter were also felt in all temperature-dependent sectors. The number of heating degree days in Upper Austria in the reporting period was at exactly the same level as last year, and 3.4% below the average for the last five years.

In the business customer segment of the electricity and natural gas sectors sales revenues were significantly reduced due to the COVID-19 lockdown. The lockdown restrictions had a significant impact on sales opportunities and construction activities in the telecommunications sector (Fibre to the Home/FTTH). In addition, Energie AG supported the industry's goodwill arrangements for customers with financial difficulties during to the COVID-19 crisis.

According to E-Control Austria, the switching behaviour of electricity and natural gas customers, which is essential for the industry, reached its highest level since the liberalisation of the markets in 2001 and 2002 in 2019. In the first half of 2020 significantly fewer energy customers throughout Austria switched suppliers than in a year-on-year comparison. Especially during the COVID-19 lockdown in the second quarter, switching activity declined significantly, according to E-Control Austria.

As a result of the reorganisation in Sales, a new product landscape was launched in autumn 2019. On top of harmonised electricity, natural gas and internet products, customers are now being offered combined products for the first time.


Electricity sales volume

in GWh

Electricity Sales Volume (bar chart)

Energie AG's consolidated electricity sales volume was 7,327 GWh in the 2019/2020 fiscal year (previous year: 7,898 GWh). This means that 571 GWh (-7.2%) less electricity was distributed to customers compared to the previous year.

Due to the COVID-19 pandemic, volumes in the business and industrial customer sectors fell by between 5 and 10%, depending on the sector. In the private, commercial and municipal customer sector, this mainly reduced the volumes in the commercial sectors, while the household segment remained relatively stable. The remainder of the decline is due to ongoing supplier switching, although, encouragingly, this fiscal year's figure was lower than in previous periods.

Natural gas

Natural gas sales volume

in GWh

Natural Gas Sales Volume (bar chart)

At 6,113 GWh, the volume of natural gas sold by the Energie AG Group in the 2019/2020 fiscal year was 1.4% above the previous year's figure of 6,031 GWh.

Although sales volumes declined for business and private customers who primarily use space heating, this effect was offset by significant volume growth in the key account sector. Professional customer support made it possible to successfully fend off intense competition here. Apart from that, the impact of the COVID-19 crisis remained fairly low due to the nature of the industry.

Encouragingly, the number of customers switching in the domestic sector declined during the reporting period.


Heat sales volume Austria

in GWh

Heat Sales Volume (bar chart)

During the 2019/2020 fiscal year, the heat sales volume in Austria, which remained in the Energy Segment, totalled to 1,197 GWh and was thus 5.3% lower than in the previous year (1,264 GWh).

In addition to the district heating sales volume and the heat sales volume supplied to customers by CMOÖ GmbH, the heat sales volume also includes the energy contracting business area where heat is supplied to customers such as public institutions, the housing industry, trade and commerce via state-of-the-art energy centres.


In the year under review 2019/2020, the figure of 8,000 subscribers was exceeded for the first time – by the end of the fiscal year, some 8,800 customers were actively using these products (previous year: 5,500).

Despite the challenging competitive environment, Vertrieb GmbH was able to convince more customers of its product benefits, particularly in the business customer sector, thanks to offers tailored to the individual needs of potential customers.


In the course of the 2019/2020 fiscal year, 14 new photovoltaic plants with an output of 2,800 kWp were installed on the basis of a contracting service.


The activities of Vertrieb GmbH in the field of electromobility currently focus on charging solutions (business solutions for company locations, residential buildings, public and private charging infrastructure). Parallel to this, the targeted installation of public charging stations including operations management and service packages with local partners was continued. Energie AG currently operates 100 publicly accessible charging stations with various output ranges from 3.7 kW to 50 kW, including a billing system, and manages a total of over 240 charging points.