Energy Segment

Energy Segment overview










Total sales 1)


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> 100%

Investments in property, plant and equipment and intangible assets


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Electricity procurement, incl. third-party procurement









Proprietary electricity procurement









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Gas sales volume









Heat procurement









Heat sales volume










Previous year's value restated

Economic framework conditions for the energy sector 1)

Price development on international energy markets

Sources: EEX, ICE

Price development on international energy markets (line chart)

The forward market prices for electricity for delivery in 2024 in Austria showed a clear downward trend in fiscal year 2022/2023. The main influencing factors here were the prices for coal, gas and CO2 emission allowances as well as the macroeconomic development. Following volatile development in the fourth quarter of 2022 and a high of EUR 307.8/MWh at the beginning of December 2022, prices had dropped to half their previous level by March 2023 and then only continued to fall slowly in a lateral movement. The electricity price for the annual base of 2024 in the Austrian price zone reached its lowest value of EUR 127.4/MWh on the last trade date of the past fiscal year. The average price was EUR 185.7/MWh in the 2022/2023 fiscal year.

On the spot market, prices also dropped to around half 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 134.3/MWh with a volatile development, with prices sharply declining since the start of 2023.

The oil price for delivery in December 2023 rose from a low of USD 71.1/barrel (bl) of Brent crude oil on 4 May 2023 to peak at USD 94.4/barrel on 27 September 2023. Among other factors, the increase can be attributed to production throttling by the OPEC countries and an increase in global demand.

A diversification of supply sources, the reduction in gas consumption in many areas and high storage levels caused the price of natural gas to fall significantly from the second quarter of the reporting period. In the 2022/2023 fiscal year, the Trading Hub Europe (THE) gas price for the front year 2024 fell from EUR 113.8/MWh at the beginning of October 2022 to EUR 48.4/MWh at the end of September 2023.

In the fiscal year 2022/2023, prices for CO2 emission allowances fluctuated between EUR 68.8/t and EUR 100.3/t. After a rise in prices until February 2023, demand subsequently fell due to the gloomy economic outlook and the reduced use of power plants with fossil energy sources.

Business development in the Energy Segment

The Energy Segment recorded sales revenues of EUR 3,322.8 million in the reporting period. The reason for the 6.1% year-on-year increase was higher sales revenues from the management of the electricity and gas portfolios and the higher price level in electricity sales.

In the reporting period, the EBIT of the Energy Segment amounted to EUR 156.3 million and was well above the operating result of the same period of the previous year (EUR 18.8 million). The EBIT was positively influenced by the rise in water levels compared with the previous year and the resulting higher generation volumes from Group-owned hydropower plants, procurement rights from hydroelectric power, and sales price increases. In contrast to this, the reduced use of thermal power plants had a negative impact on the result in the Energy Segment. In addition, increased earnings contributions from the management of the electricity portfolio more than compensated for decreases in gas management.

In the reporting period, an impairment in the amount of EUR 10.2 million was recognised for the Timelkam CCGT power plant due to changes in operating conditions, whereas a reversal of impairment amounting to EUR 4.1 million had been recognised in the previous year. The operating result of the Energy Segment includes a one-off compensation payment to customers.

Increased proprietary electricity procurement from hydroelectric power and downturn in electricity generation from thermal power plants

Total electricity procurement in the Energy Segment in the 2022/2023 fiscal year totalled 11,590 GWh and was 16.6% lower than in the previous year (13,898 GWh). The main reason for this development was the sharp decline in electricity procured from third parties to 8,619 GWh (previous year: 10,519 GWh). At 2,971 GWh, proprietary electricity procurement in the reporting period was also 12.1% lower than in the previous year (3,379 GWh).

Electricity production from thermal capacities in the Energy Segment amounted to 483 GWh and thus nearly halved compared to the previous year's value of 1,015 GWh. Compared to the previous year, this development is attributable to the risk-optimised utilisation of the CCGT power plant Timelkam and to Cogeneration-Kraftwerke Management Oberösterreich GmbH (CMOÖ GmbH) in Laakirchen.

As the water level was significantly higher compared with the previous year, proprietary electricity procurement from hydroelectric power during the 2022/2023 fiscal year totalled 2,359 GWh, which is 5.7% above the previous year's figure of 2,232 GWh. Compared with the long-term average, river water levels were 7.0% below average in the reporting period (previous year: -12.1%). The hydro coefficient of the Group's own power plants and procurement rights was 0.93 during the reporting period (previous year: 0.88).

The drop in sales volumes and a reduction in trading volumes due to lower management activities at the thermal generation plants saw electricity procured from third parties fall.

Electricity procurement structure without electricity trading

2022/2023; previous year's figures in brackets

Electricity procurement structure without electricity trading (ring chart)

Due to the changing conditions in the energy market, provoked in particular by the push to expand electricity generation from the volatile energy forms wind and solar, long-term forecasts indicate both an increasing need for additional, high-performance flexibility and storage capacities and economic potential in this environment. This prompted the decision to construct a pumped-storage power plant in Ebensee during the reporting period. With an investment volume of some EUR 450 million, this project is the largest single investment in the history of Energie AG. Pumped storage power plants are capable of storing large amounts of energy and making it available at a later date. This type of power plant is extremely efficient and is available at all times, which in turn improves security of supply and grid stability.

The pumped-storage power plant is planned as a cavern power plant at the foot of the “Großer Sonnstein” mountain with a variable-speed Francis turbine. The construction of a natural dam with a height of approx. 60 metres is planned for the headwater reservoir in the Rumitzgraben. Lake Traunsee will serve as the lower reservoir. In times of surplus electricity production, the water is pumped around 500 meters uphill, through a cavern housing the reversible pump turbine, where it acts as an energy store that can be tapped at any time. When the demand for electricity increases, the water is routed back down again and converted into electrical energy by the turbine. The power plant has a storage capacity of 1.32 million m3 and an output of 170 MW. The storage capacity enables electricity generation for 10 full load hours.

Moreover, work in the hydroelectric power unit continued on the preliminary projects for the construction of the Weissenbach power plant and the replacement of the Traunfall power plant in order to establish projects capable of approval.

Ennskraftwerke AG, in which Energie AG holds a participating interest of 50%, also reported electricity production below the long-term average in the 2022/2023 fiscal year, with a hydro coefficient of 0.88 (previous year: 0.85). 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 amounting to 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 15.2 MW. At the beginning of the 2022/2023 fiscal year, a further wind turbine with an output of 3.45 MW was commissioned by Windpark Munderfing GmbH, in which Energie AG holds a 14.7% interest. Generation from wind power in the reporting period was 33 GWh (previous year: 38 GWh).

Energie AG operates photovoltaic plants in Austria and Italy with a total capacity of 21 MWp (previous year: 18 MWp). In the fiscal year 2022/2023, 17 GWh of electricity (previous year: 18 GWh) was fed into the public grid. Two PV projects were being implemented during the reporting period. For one, a PV system with an output of 1.46 MWp was installed on the roof of a horse riding facility. The second project was implemented at the Energie AG location in Timelkam. The existing PV system on the ash landfill site was supplemented by a second, independent system with approx. 1.15 MWp, allowing the former landfill area to be used in the best possible way to generate electricity. Both systems were commissioned at the beginning of the 2023/2024 fiscal year.

Energie AG supplies several areas in Upper Austria, including Kirchdorf, Gmunden and Vöcklabruck, with sustainable district heating. The volume of district heating distributed from the power plant locations in Riedersbach and Timelkam dropped by 4.8% to 231 GWh compared with the previous year (242 GWh) due to the mild weather. Expansion of the Freistadt district heating site has reached the planning phase. The cornerstone of the project is the expansion of the biomass power plants by 2.5 MW and the district heating network by 1,900 metres of pipework.

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 2022/2023 fiscal year amounted to 593 GWh and was therefore 13.5% below the previous year's value (685 GWh).

Energie AG as a reliable partner for customers

Following the price guarantee given to electricity and gas customers for main brand standard products since 2017, it proved necessary to increase prices for existing customers in the electricity and gas unit in the reporting period on account of the extraordinary market situation.

The price adjustment for electricity implemented as of 2 January 2023 was supported by an external legal expert with a view to the new legal situation (“relevant circumstances” pursuant to § 80 para. 2a ElWOG). The price adjustment in the gas unit, which also took effect on 2 January 2023, was introduced in accordance with the provisions in the General Terms and Conditions (GTC) on the basis of changes in the Austrian Gas Price Index (ÖGPI) and the Consumer Price Index (CPI). Given the challenges to the legal conformity of the price increases for electricity introduced by many companies in the industry on the basis of the new legal situation, Energie AG and special interest groups agreed on a quick, customer-friendly and practicable solution in order to avoid a legal dispute lasting many years.

The price adjustment was accompanied by numerous campaigns – for example, Energie AG offered special advisory days for customers and also increased personnel resources in the call centre in advance in order to cope with the anticipated increased volume of communication. As a result, a set of measures was compiled to effectively counteract the high charges for specific customer groups, in particular for customers with heat pumps or night storage heaters as well as low-income customers. As of 1 February 2023, it proved possible to reduce prices for new customers acquired since December 2021, moving them to the lower existing customer price applicable as of 2 January 2023, thus adopting these customers into the existing customer base. As of 1 February 2023, the price for newly acquired customers was also reduced.

Thanks to its forward-looking, long-term procurement strategy, Energie AG Oberösterreich Vertrieb GmbH (Vertrieb GmbH) was able to reduce electricity prices for existing customers as of 1 June 2023 despite the challenging environment.

The reliable supply situation and the relatively mild winter of 2022/2023 have led to a drop in wholesale prices for gas as an energy source, which is why gas customers (annual consumption <400,000 kWh) are being granted a discount of 20% on standard products for the period from 1 June 2023 to 31 May 2024.

The noticeable easing on the energy markets during the reporting period has already led to an uptick in competitive activities on the sales market; however, the positive trend of low provider switching rates continued.

In the reporting period, the number of heating degree days, which define the temperature-related energy demand, was well below that of the comparable period in the previous year (-9.8%) in Upper Austria, and below the average for the last five years (-5.7%).

In the current energy industry environment, sales activities focused on ongoing and standardised risk management to ensure targeted risk control, while even greater attention was paid to monitoring risks from receivables.


At 5,994 GWh, Energie AG's consolidated electricity sales volume in fiscal year 2022/2023 was 627 GWh below the previous year's figure of 6,621 GWh.

Electricity distribution to business and industrial customers has declined. This was attributable to lower purchase volumes from existing customers, an increase in provider switching behaviour and the growing proportion of self-supply from in-house PV systems. Due to mild weather in the first half of the fiscal year, the development in the volume sold to residential, commercial and municipal customers was also lower than in the previous year; in particular, lower volumes were sold in the period from October 2022 to January 2023 than in the same period of the previous year. The slightly cooler start to spring 2023 only partially compensated for these declines.

Electricity sales volume

in GWh

Electricity sales volume (bar chart)

The continuing trend towards the installation of PV systems attracted many new customers in the prosumer target group (= a producer who is also a consumer). As a result of this, the number of customers who supplied electricity back to Energie AG increased significantly in the reporting period.


At 4,818 GWh, the volume of gas sold by Energie AG in the 2022/2023 fiscal year was 643 GWh or 11.8% below the previous year's figure of 5,461 GWh.

Volumes sold to business and industrial customers were down on the previous year; this was primarily due to lower consumption by existing customers. Due to the weather conditions, lower sales volumes were also noted for the gas sector's residential, commercial and municipal customers in the reporting period. In addition, interest in changing heating systems increased in this area due to the current economic framework conditions.

Gas sales volume

in GWh

Gas sales volume (bar chart)


The heat sales volume in Austria amounted to 1,053 GWh in the 2022/2023 fiscal year; this was down 10.6% on the previous year's figure of 1,178 GWh; again this was attributable to the mild weather in the reporting period. 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 volumes from energy purchase agreements.


Prompted by the continuing great demand for online services, 19,495 private customers were already actively using Energie AG's products by the end of the 2022/2023 fiscal year (previous year: 16,723). Despite the dynamic and challenging competitive environment, Energie AG was also able to convince more customers in the business customer unit of its product benefits.

Heat sales volume Austria

in GWh

Heat sales volume Austria (bar chart)


As of 30 September 2023, Energie AG was operating 74 photovoltaic plants on behalf of customers under on-site power purchase agreements (PPAs) (previous year: 61) with an output of 12.3 MWp (previous year: 9.9 MWp). Consumer products offered in the PV unit were in great demand during the reporting period.


The focus of Vertrieb GmbH's electromobility activities is currently on charging solutions, particularly in high-density residential areas and for company fleets in the business sector. Parallel to this, the targeted installation of public charging stations including operations management and service packages with local partners was continued and intensified. Vertrieb GmbH currently operates 212 publicly accessible charging stations (previous year: 164) with various output ranges from 3.7 kW to 150 kW, including a billing system, and manages a total of 904 charging points (previous year: 604).

1) 1) Sources: EEX (European Energy Exchange AG) market data: Market data (, 1 October 2023. ICE (Intercontinental Currency Exchange) market data: Products - Futures & Options | ICE (, 1 October 2023.