GRI
The Energie AG Group accepts its responsibilities in the area of sustainable development and is guided by European and national energy and climate policy, and in particular the Paris Agreement on climate change and the European Green Deal.
A structured strategy process is a prerequisite for consistent control over the Energie AG Group’s long-term business development. Strategies and measures that assure the sustainability of the Group's profitability and financial performance are derived from market development analyses, the evaluation of the business activities' effects in an economic, ecological, and social context (monitoring processes, certifications etc.), the balancing of the Group's strategic goals with the interests and expectations ascertained during the ongoing dialogue with stakeholders and the energy policy environment (new statutory requirements etc.).
The Group actively contributes to the achievement of the Sustainable Development Goals (SDGs) of the United Nations with its strategic positioning in combination with its individual products and the services it offers, also see Sustainability at a glance. The main emphasis is on meeting SDG 7: Affordable and clean energy, SDG 8: Decent work and economic growth, SDG 9: Industry, innovation and infrastructure, SDG 12: Responsible consumption and production and SDG 13: Climate action.
In the first half of the 2023 calendar year, the future strategy of Energie AG was elaborated at Management Board level with the contribution of internal and external experts as part of a strategy and organisational project known as “LOOP”, see also Group Management Report, Business development in the Group, Group-wide strategy and organisational project. The resultant strategic decisions were approved by the Supervisory Board in September 2023. The central element of “LOOP” is the strategic goal of climate neutrality by 2035, which Energie AG pursues subject to the proviso that security of supply and disposal will be guaranteed in the process.
In view of rising demands on sustainability reporting linked to the CSRD and the ESRS, the “LOOP” project also defines the Group's strategy with regard to aspects of ESG. In particular, the future organisational structure of ESG agendas within the Group was determined, see Strategy, Internal sustainability management.
In the 2023/2024 fiscal year, an ESG implementation project will be undertaken with an external firm of business consultants to define the steps required to ensure CSRD-compliant ESG reporting and comprehensive ESG management within the Group; ESG targets will also be defined in detail.
Political environment regarding the energy transition
According to the Paris Agreement on climate change, global greenhouse gas (GHG) emissions should be reduced to close to (net) zero by 2050. Austria has set itself the target of becoming climate neutral by 2040. To facilitate the process of energy system transformation that is needed to achieve this, the political priority, alongside climate change measures, must be on the competitiveness of the economy as well as affordable energy and security of supply.
Further information on the fundamental political and regulatory framework can be found in the Group Management Report, Framework conditions, Energy and climate policy environment and Statutory and regulatory framework in the Grid Segment.
The national energy and climate targets for 2030 as well as the decarbonisation path up to 2040 present a major challenge in terms of future energy supply in Austria. From the perspective of Energie AG, the transformation requires taking a holistic, integrated look at the entire energy system, taking into account the electricity, heat, mobility, green gas and hydrogen sectors (“sector coupling/integration”). To ensure a successful energy transition while guaranteeing security of supply and grid security, rapid expansion of grid infrastructure at all voltage levels and the creation of additional storage capacities will be essential.
The progressing expansion of electricity generation from renewable energies gives rise to additional challenges in safeguarding the security of supply. In particular, service provision must continue to be safeguarded in times of low water levels, low solar radiation and light winds. At the moment, this is mainly achieved with the help of gas power plants. In the long term, there are plans to operate these power plants with renewable gas and green hydrogen in particular. As part of EU-wide and national energy strategies (in Germany and Austria, for instance), appropriate investment is being sought, including for the operation of electrolysers and the sale of hydrogen (with partners). Energie AG Group is investigating and monitoring the technological possibilities, including by means of participation in research projects.
The further implementation does however require framework conditions that support a sustainable business model. Alongside the accelerated expansion of renewables, there is also a need for more power plants, such as Energie AG’s planned pumped-storage power plant in Ebensee. This will make it possible to ensure high output that is both flexible and secure.