Energy Segment

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









Gas sales volume









Heat procurement









Heat sales volume










incl. third-party procurement

Economic environment for the energy sector

Price development on international energy markets

Sources: EEX, Refinitiv

Price development on international energy markets (line chart)

The forward market prices for electricity for delivery in 2022 in Austria showed a clear upward trend in fiscal year 2020/2021. The main influencing factors here were the prices for coal, gas and CO2 emission allowances as well as the macroeconomic development. After slumping to EUR 43.2/MWh in November 2020, prices moved steeply upwards, especially from summer 2021 onwards. The price for the annual base of 2022 in the price zone Austria reached its highest value on 30 September 2021 at EUR 132.9/MWh. The average price was EUR 63.9/MWh in the 2020/2021 fiscal year. On the spot market, prices rose by around 95% 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 64.9/MWh with a volatile development, with prices rising sharply since the summer.

The oil price for delivery in December 2021 rose from a low of USD 41.4/barrel of Brent crude oil on 29 October 2020 to peak at USD 78.7/barrel on 27 September 2021. Among other factors, the increase can be explained by the global economic upswing following the slump caused by the COVID-19 pandemic.

A supply shortage in deliveries from Russia, an increased LNG (liquefied natural gas) outflow to Asia and comparatively low storage levels led to a strong increase in prices for natural gas in the second half of the reporting period, which resulted in an overall higher risk position for the Group. The NetConnect Germany (NCG) gas price for the front year 2022 rose in the 2020/2021 fiscal year from EUR 14.7/MWh at the beginning of October 2020 to EUR 57.4/MWh at the end of September 2021. Coal prices also showed a strong upward trend over the reporting period.

In the fiscal year 2020/2021, prices for CO2 emission allowances fluctuated between EUR 23.2/t and EUR 64.4/t. This continuous increase since October 2020 was mainly triggered by resolutions relating to tightening the EU climate targets.

Business development in the Energy Segment

The Energy Segment generated sales revenues of EUR 1,346.1 million in the reporting period. This represents an increase of 23.7% compared with the previous year's value of EUR 1,087.8 million. The main reason for this is the significant increase in wholesale prices for electricity and gas from the summer of 2021, which led to sales revenue increases in the management of power plants and electricity procurement contracts, in energy trading and in sales.

In fiscal year 2020/2021, the EBIT of the Energy Segment amounted to EUR 82.4 million and was 38.5% up on the previous year's EBIT of EUR 59.5 million. In the generation sector, declines due to the low water level and the reduced use of the Timelkam CCGT power plant were more than compensated for by higher earnings contributions from Cogeneration-Kraftwerke Management Oberösterreich GmbH (CMOÖ GmbH), higher prices on the electricity market and lower maintenance expenses.

In the reporting period, a reversal of impairment in the amount of EUR 2.8 million was made for the Timelkam CCGT power plant due to increased expectations of future earnings contributions; there was also a reversal of impairment in the amount of EUR 4.4 million due to the changed assessment of the feasibility of the Ebensee pumped storage power plant project. The EBIT for the reporting period also includes a provision of EUR 6.8 million for the 7Fields gas reservoir. For more details on this and other value adjustments, see the Notes to the Consolidated Financial Statements, section 16. Intangible Assets and Property, Plant and Equipment .

The previous year's EBIT included impairments in the amount of EUR 1.8 million for the Timelkam CCGT power plant, in the amount of EUR 7.0 million for the 7Fields gas reservoir and in the amount of EUR 2.1 million for district heating plants.

High electricity trading sales revenues and lower proprietary electricity procurement

Total electricity procurement in the Energy Segment in the 2020/2021 fiscal year totalled 16,315 GWh and was 3.5% higher than in the previous year (15,759 GWh). This development was mainly caused by the strong increase in the amount of electricity procured from third parties, which was 6.6% higher than the previous year's figure (12,511 GWh) at 13,340 GWh. Proprietary electricity procurement of 2,975 GWh in the reporting period was 8.4% lower than in the previous year (3,248 GWh).

Electricity production from thermal capacities in the Energy Segment dropped by 32.4% from the previous year's value of 688 GWh to 465 GWh. This downturn 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 CCGT power plant Timelkam was used as a power reserve in the scope of congestion management.

As the water level was 2.5% lower compared with the previous year, proprietary electricity procurement from hydroelectric power during the 2020/2021 fiscal year totalled 2,381 GWh, which is 2.1% below the previous year's figure of 2,433 GWh. Compared with the long-term average, river water levels were 6.1% below average in the reporting period. The hydro coefficient of the Group's own power plants and procurement rights was 0.94 during the reporting period (previous year: 0.96).

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

Electricity procurement structure without electricity trading

2020/2021; previous year's figures in brackets

Electricity procurement structure without electricity trading (ring chart)

In connection with the strategic goal of expanding electricity generation from renewable energies, the construction of the replacement hydropower plant Dürnau was completed in the 2020/2021 fiscal year and was successfully commissioned in May 2021.

In addition, the preliminary projects for the construction of the new Weissenbach power plant and the replacement power plant Traunfall were pushed forward as part of the preliminary environmental impact assessment (EIA) procedure.

Due to the changing conditions in the energy market, especially the expansion of volatile forms of generation such as wind power and photovoltaics, there is an increasing need for additional, high-performance flexibility and storage capacities. This is why project activities for the Ebensee pumped-storage power plant were resumed in the 2020/2021 fiscal year. The legally binding EIA approval notice for the project was secured as early as in the 2016/2017 fiscal year. The final construction decision will be made after completion of the preliminary project started in the reporting period.

Ennskraftwerke AG, in which Energie AG holds a participating interest of 50%, also reported electricity production below the long-term average in the 2020/2021 fiscal year, with a hydro coefficient of 0.88 (previous year: 0.96). Refurbishment of the St. Pantaleon power plant on the Enns river began in the period under review. Energie AG holds electricity procurement rights to the hydropower plants of Ennskraftwerke AG and Verbund Hydro Power GmbH with a total annual standard production capacity of about 1,410 GWh.

Energie AG's wind power portfolio in Austria continues to comprise 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 35 GWh (previous year: 37 GWh). Currently, the Munderfing wind park is being expanded by another system with an output of 3.45 MW, which will start operations in autumn 2022.

Energie AG operates photovoltaic plants in Austria and Italy via subsidiaries with a total capacity of 14 MWp (previous year: 12 MWp). 13 GWh of electricity was generated by PV systems in the 2020/2021 fiscal year (previous year: 12 GWh).

The distribution of district heating from the power plant locations in Riedersbach and Timelkam was 257 GWh, an increase of 10.8% compared with the previous year (232 GWh). The basic project Gmunden district heating supply has now been concluded. Investments in the remaining district heating supply networks mainly concern network densification measures.

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 2020/2021 fiscal year amounted to 720 GWh and was therefore at the same level as in the previous year (726 GWh).

A challenging but successful year for the sales unit of Energie AG

Despite numerous uncertainties and challenging general energy policy conditions, Vertrieb GmbH can look back on a successful 2020/2021 fiscal year in which several factors had a positive impact on the result.

Contrary to expectations, there was no significant negative impact on customers' purchasing behaviour in the reporting period. The relaxation of COVID-19 measures and the accompanying economic upswing counteracted possible negative effects in a timely manner. The feared losses on receivables did not materialise either – the level of insolvencies was even lower than in previous years.

Due to the colder winter compared to the previous year, higher sales volumes were recorded in all temperature-dependent sectors. The number of heating degree days in Upper Austria in the reporting period increased by 12.1% compared with the previous year, and was 7.9% above the average for the past five years. Improved customer loyalty also had a positive effect on the sales result.

In the 2020/2021 fiscal year, the Supervisory Board gave its approval for the termination of the electricity and gas sales activities in Germany.

Electricity sales volume

in GWh

Electricity sales volume (bar chart)


At 6,990 GWh, Energie AG's consolidated electricity sales volume in fiscal year 2020/2021 was 337 GWh below the previous year's figure of 7,327 GWh.

In the business and industrial customers sector, the loss of customers was limited despite intense competitive pressure. The volumes in the residential, commercial and municipal customer sector were above the previous year's level; this is attributable on the one hand to the colder winter and on the other to the good business development.


At 6,407 GWh, the volume of gas sold by Energie AG in the 2020/2021 fiscal year was 4.8% above the previous year's figure of 6,113 GWh.

Sales were up in the business and industrial customers sector despite challenging general conditions and fierce competition. The volumes in the residential, commercial and municipal customer sector were also above the previous year's level due the colder winter and positive business development.

Gas sales volume

in GWh

Gas sales volume (bar chart)


The heat sales volume in Austria amounted to 1,240 GWh in the 2020/2021 fiscal year; this was up 3.6% on the previous year's figure of 1,197 GWh due to weather conditions. 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.


In the 2020/2021 fiscal year, a total of 13,000 subscribers was exceeded for the first time, despite limited sales activities due to statutory lockdowns. As at the end of the reporting period, some 13,200 customers were actively using Energie AG's products (previous year: 8,800). Despite the challenging competitive environment, Energie AG was also able to convince more customers in the business customer sector of its product benefits.

Heat sales volume Austria

in GWh

Heat sales volume Austria (bar chart)


In the 2020/2021 fiscal year, 50 PV contracting systems at customers with an output of around 8.4 MWp were operated; contracts for 20 new photovoltaic plants totalling 4.0 MWp currently under construction were concluded in the 2020/2021 fiscal year.


The focus of electromobility activities is currently on charging solutions and the targeted establishment of public charging stations. Energie AG currently operates 128 publicly accessible charging stations and manages a total of over 425 charging points.

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