Energy Segment overview





1st HY


1st HY



Total sales 1)


EUR mill.









EUR mill.







Investments in property, plant and equipment and intangible assets 1)


EUR mill.







Workforce (on average) 1)









Electricity procurement 2)









Proprietary electricity procurement









Electricity sales volume









Natural gas sales volume









Heat procurement 1)









Heat sales volume 1)










previous year's values restated (see Notes to the Consolidated Financial Statements, section 5. Segment reporting)


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, dropping from EUR 51.4/MWh to EUR 38.4/MWh. At EUR 46.9/MWh, the average price in the reporting period was around ten percent below the previous year's value. The main influencing factors here were successively falling prices for coal, gas and CO2 emissions allowances. In the last two weeks of the first half of the year, these forward market prices fell sharply again due to the effects of the COVID-19 pandemic.

Also on the spot market, prices dropped by around a third 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 35.8/MWh with a volatile development.

The oil price fell from a high of USD 67.3/barrel of Brent crude oil for delivery in May 2020 to a low of USD 22.7/barrel at the end of the first six months. 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.

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. Coal prices also declined in the past six months.

In the reporting period, prices for CO2 emissions allowances fluctuated between EUR 15.3/t and EUR 26.9/t. Initially, the concern about an unregulated Brexit and the associated effects on the European emissions trading system repeatedly provoked rapid price movements. In the last weeks of the reporting period, however, this receded into the background, and the decline in CO2 pricing was largely driven by concerns about economic development.

Development on international energy markets

Sources: EEX, Reuters

Business development in the Energy Segment

In the first half of 2019/2020, the Energy Segment achieved a sales increase of 23.6% with total sales of EUR 707.4 million. The increase in sales revenues was essentially due to full consolidation of ENAMO GmbH, ENAMO Ökostrom GmbH and the former Energie AG Oberösterreich Vertrieb GmbH & Co KG, which had previously been recognised on a pro rata basis. In addition, significantly higher sales revenues in electricity and gas management contributed to the increase in revenue.

The EBIT of the Energy Segment was EUR 31.9 million in the reporting period; this is equivalent to a drop of 35.2%. In the reporting period, an impairment of EUR 0.7 million for the Timelkam CCGT power plant was recognised due to lower electricity price expectations and the negative effects of the new System Utilisation Tariff Ordinance. In contrast to this, a reversal of impairment in the amount of EUR 6.6 million for the Timelkam CCGT power plant had a positive effect on the EBIT of the Energy Segment in the previous year. An impairment of EUR 7.2 million was recognised for the 7Fields gas reservoir in the reporting period due to lower estimates of the summer-winter spreads achievable in the future and the long-term utilisation options.

In addition to the stated impairments, 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), higher maintenance costs for power plants and a decline in proprietary electricity procurement on account of the lower water level had a negative impact on the operating result of the Energy Segment. Positive effects in electricity and gas 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 first half of 2019/2020 totalled 9,503 GWh and was therefore 11.3% higher than in the previous year (8,538 GWh). Proprietary electricity procurement at 1,663 GWh in the reporting period fell by 3.9% compared with the previous year (1,731 GWh).

Electricity production from thermal capacities in the Energy Segment was at 549 GWh in the reporting period, decreasing by 6.2% compared to the previous year's value of 585 GWh, although, on account of the continuing high electricity prices and, at the same time, relatively stable gas prices, it was possible to use the combined-cycle gas turbine (CCGT) power plant at Timelkam, which is basically kept available for grid reserve and congestion management, in the winter half-year.

Although the water level during the first half of 2019/2020 was 8.0% above the long-term average, the proprietary electricity procurement of Energie AG's hydraulic power plants remained 3.1% below the previous year's value due to the high water level in the previous first half year. The hydro coefficient of the Group's own power plants and procurement rights was 1.08 during the reporting period (previous year: 1.13).

Construction work on the new Dürnau hydropower plant started in September 2019; construction of the new intake structure, the new canal and the canal bridge was completed on schedule during the period under review. The overall completion is scheduled for autumn 2021.

A leak in the Traun-Pucking reservoir occurred in autumn 2019; the refurbishing work was completed in December 2019.

Ennskraftwerke Aktiengesellschaft, in which Energie AG holds a participating interest of 50%, reported electricity production slightly above the long-term average in the first half of the 2019/2020 fiscal year, with a hydro coefficient of 1.12. All told, Energie AG holds electricity procurement rights in hydropower plants with a standard production capacity of around 1,406 GWh.

Energie AG's wind power portfolio in Austria comprises investments in three wind parks, and a wind park in pilot operation, with a pro rata overall performance of nearly 14.7 MW. Generation from wind power in the reporting period was 23 GWh (previous year: 22 GWh).

In the photovoltaic business area, Energie AG Oberösterreich Erzeugung GmbH is the 100% owner of Energie AG Oberösterreich Renewable Power GmbH and the Italian companies ECO-FE S.R.L. and Salvatonica Energia S.R.L. All three companies generate electricity from proprietary photovoltaic plants with a total capacity of 10 MWp. The electricity generated is fed directly into the public grid.

The distribution of 196 GWh of district heating from the power plant locations in Riedersbach and Timelkam increased by 12% compared with the previous year (175 GWh). At the Kirchdorf location, the proportion of heat generated from the highly efficient combined heat and power (CHP) plant fell compared with the previous year, while use of waste heat from the cement plant increased considerably. Grid consolidation of the district heating supply networks is being continuously pursued. In October 2019, the first customers in the new Gmunden network were supplied.

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 generated in the first half of 2019/2020 was 404 GWh and thus 1.8% up on the previous year's figure of 397 GWh.

New sales company initiates first noticeable trends for customers

The first six months of the 2019/2020 fiscal year were challenging for Energie AG Oberösterreich Vertrieb GmbH (Vertrieb GmbH) in many respects. In addition to the more subdued economic development and the challenging general energy policy conditions, E-Control Austria reports that in 2019 the industry recorded the most pronounced switching behaviour in terms of electricity and gas suppliers since the liberalisation of the markets in 2001 and 2002. The effects of the mild winter were also felt in all temperature-dependent sectors. Although heating degree days in Upper Austria in the first half of the fiscal year 2019/2020 were 0.8% higher than in the previous year, they were 4.9% lower than the average for the last five years.

While 2019, according to E-Control Austria, was marked by price increases in the industry in both the electricity and gas sectors, the electricity and gas retail prices for private and business customers at Vertrieb GmbH will remain constant in calendar year 2020.

As a result of reorganisation at Vertrieb GmbH, 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

At 3,827 GWh, Energie AG's consolidated electricity sales volume in the first six months of 2019/2020 was 206 GWh above the previous year's figure of 3,621 GWh. The increase was due to the change in ownership of ENAMO GmbH and ENAMO Ökostrom GmbH, which had previously been recognised on a pro rata basis. The electricity sales volume from operations was 160 GWh below the previous year's value. This decline is largely attributable to the business and commercial customer sector, where the COVID-19 lockdown already had a significant impact from mid-March 2020.

The switching quota in the private customer sector of the electricity sector fell significantly compared to the same period last year. This positive decoupling from the nationwide trend in the industry thus continues on a sustained basis.

Natural gas

During the first half of the 2019/2020 fiscal year, Vertrieb GmbH's natural gas sales volumes totalled 4,067 GWh, approximately 5.1% above the value of 3,870 GWh recorded in the previous year. This was mainly attributable to increases in sales volumes to key accounts.

The switching quota in the private customer sector of the natural gas sector dropped significantly compared to the corresponding period of the previous year. Decoupling from the clearly more negative trend in the industry throughout Austria was thus also manifested in this area.

Natural gas sales volume

in GWh

Heat sales volume Austria

in GWh


During the first half of the 2019/2020 fiscal year, the heat sales volume in Austria, which remained in the Energy Segment, totalled to 765 GWh, thus remaining at the previous year's level (766 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.


Vertrieb GmbH offers its internet, telephony and TV products to corporate and private customers on the Upper Austrian telecommunications market. By 31 March 2020 more than 7,000 consumers were already actively using the offerings. At the same time of the previous year, there were some 4,400 customers.


In the first six months of the 2019/2020 fiscal year, contracts for 11 new photovoltaic systems with an output of 2,730 kWp were concluded on the basis of a contracting service.


During the period under review, more than 450 customers already used Energie AG charging cards, which can be used to procure electricity for charging electric vehicles at public charging points all over Austria. In addition to this service, Energie AG's activities in the field of electromobility focused on charging solutions for charging at home and at corporate locations. During the period under review, the share of electrically powered company vehicles was also gradually increased within the Group.