Energy Segment

Energy Segment overview





1st HY


1st HY



Total sales


EUR mill.









EUR mill.







Investments in property, plant and equipment and intangible assets


EUR mill.







Workforce (on average)









Electricity procurement, incl. third-party procurement









Proprietary electricity procurement









Electricity sales volume









Gas sales volume









Heat procurement









Heat sales volume









Economic framework conditions for the energy sector 1)

Price development on international energy markets

Sources: EEX, ICE

The forward market prices for electricity for delivery in the front year 2024 in Austria showed a strong downward trend in the first half of 2022/2023 and fell from around EUR 262.0/MWh to EUR 164.7/MWh as of 31 March 2023. The average price in the first half of the 2022/2023 fiscal year was EUR 221.6/MWh. The main cause of this downward trend was lower gas prices. On the spot market, electricity prices decreased by around 17% in the first half of the 2022/2023 fiscal year compared with the same period of the previous year. The average European Power Exchange (EPEX) spot price base for delivery in Austria was around EUR 175.5/MWh with a highly volatile development which correlates strongly with gas prices.

In the first half of the 2022/2023 fiscal year, the Trading Hub Europe (THE) gas price for the front year 2024 was nearly halved, falling from EUR 113.8/MWh at the beginning of October 2022 to EUR 58.7/MWh at the end of March 2023. The comparatively mild winter, the drop in demand from industry, and high levels in European gas storage facilities led to a reduction of gas prices despite Russia's ongoing war of aggression in Ukraine.

Prices for CO2 emissions allowances increased during the reporting period, rising from EUR 68.8/t for the December 2023 lead contract to EUR 91.9/t at the end of March 2023, and peaking at EUR 100.3/t in February 2023. The reasons for the increase were economic developments and increased demand as a result of higher coal and gas-fired electricity generation.

The oil price for delivery in May 2023 moved sideways from USD 81.6/barrel (bl) of Brent crude oil at the beginning of the reporting period to USD 79.8/barrel at the end of March 2023. Weak demand from China due to the COVID-19 lockdowns still imposed in China in parts of the reporting period led to a slightly decreasing to stable price trend on the oil market.

Business development in the Energy Segment

The Energy Segment recorded sales revenues of EUR 2,040.8 million in the reporting period. The rise was attributable to significantly higher wholesale prices for electricity and gas compared with the previous year, leading to higher sales volumes, particularly in the management of gas storage facilities and in electricity and gas sales.

In the reporting period, the EBIT of the Energy Segment amounted to EUR 17.2 million and was 63.3% below the operating result of the same period of the previous year. This development was attributable, among other things, to a fall in the management of the electricity portfolios and to lower EBIT contributions from the thermal power plants. Additionally, an impairment in the amount of EUR 13.0 million was recognised for the Timelkam CCGT power plant in the reporting period due to lower expectations of future earnings contributions, whereas – in the previous year – a positive EBIT effect from the measurement and realisation of energy derivatives not designated as hedging instruments in the amount of EUR 43.5 million had been recorded.

In contrast to this, EBIT was positively influenced by the above-average water levels and, as a result, higher generation volumes at hydropower plants, by procurement rights from hydroelectric power, and by sales price increases.

Expansion of electricity generated from renewables

Total electricity procurement in the Energy Segment in the first six months of 2022/2023 totalled 6,474 GWh and was therefore 18.6% lower than the previous year's value (7,949 GWh). Proprietary electricity procurement fell by 16.6% to 1,432 GWh compared to the previous year (1,718 GWh). While there was a slight increase in electricity procurement from renewables in the reporting period, there was a marked reduction in electricity generated by thermal power plants.

Electricity production from thermal capacities in the Energy Segment was 343 GWh in the first half of 2022/2023, which was about half the previous year's value of 695 GWh. The main reason for this was the exclusive use of the Timelkam CCGT power plant in congestion management for grid support, whereas the power plant had been used on the free electricity market in the comparable period of the previous year.

Electricity production from hydroelectric power in proprietary power plants and from procurement rights in the reporting period was 1,025 GWh – 7.6% above the values of the previous year. The root cause of this was that river water levels were 2.6% above the long-term average and 8.5% above the previous year's levels. Production averaged only 92.5% of expected levels in November and December 2022 and March 2023 as a result of the unusual drought but was at 115.8% in October 2022 and 126.2% in February 2023. The hydro coefficient in the first half of 2022/2023 was 1.03 (previous year: 0.94).

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

Electricity procurement structure without electricity trading

1st HY 2022/2023; previous year's figures in brackets

With a view to the expansion of electricity generated from renewable energies, 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.

The Ebensee pumped-storage power plant project was pushed forward intensively during the reporting period in order to bring about a possible building decision in 2023.

Ennskraftwerke AG, in which Energie AG holds a participating interest of 50%, reported electricity production below the long-term average in the first half of 2022/2023, with a hydro coefficient of 0.97 (previous year: 0.94). 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 comprises investments in four wind parks with a pro rata overall performance of some 15 MW. Generation from wind power in the reporting period was 19 GWh (previous year: 23 GWh). At the beginning of the first half of the 2022/2023 fiscal year, a further wind turbine with an output of 0.5 MW was commissioned at the Munderfing wind farm.

Energie AG operates photovoltaic (PV) plants in Austria and Italy via subsidiaries with a total capacity of 18 MWp (previous year: 18 MWp). In the first six months of 2022/2023, 4 GWh of electricity (previous year: 5 GWh) was fed into the public grid. Two further projects were in the implementation phase during the reporting period. For one, a PV system with an output of 1.46 MWp is being installed on the roof of a horse riding facility for proprietary electricity procurement of Energie AG. The second project is being implemented at the Energie AG location in Timelkam. The existing PV system on the ash landfill site is being 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. Commissioning of both systems is expected at the beginning of the next fiscal year.

Energie AG supplies sustainable district heating to several areas in Upper Austria, including Kirchdorf, Gmunden and Vöcklabruck. The distribution of district heating from the power plant locations in Riedersbach and Timelkam was 164 GWh, a drop of 9.4% compared with the previous year (181 GWh) due to comparatively mild temperatures. Expansion of the Freistadt district heating facility is in the planning stage. The project's main focuses are expanding the biomass generation facilities by 2.5 MW and the district heating network by 1,900 linear metres. Commissioning is scheduled for the 2023/2024 fiscal year.

Cogeneration-Kraftwerke Management Oberösterreich GmbH (CMOÖ GmbH) in Laakirchen 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 the 2022/2023 fiscal year was 281 GWh, which is 24.7% lower than the previous year's figure of 373 GWh.

First price adjustment following several years of guaranteed prices

Following the price guarantee given to electricity and gas customers since 2017, it proved necessary to significantly increase electricity and gas prices for existing customers 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 Section 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 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.

Since higher communication volumes were to be expected due to the extent of the increase, personnel resources at the Energie AG call centre were increased both internally and externally up front. On top of this, the price adjustment was accompanied by numerous other campaigns: digital and personal consultations were held in the scope of special advisory day offerings, and chambers and associations were consulted in order to identify how strongly individual parties were affected by the changes. As a result, a set of measures was compiled to effectively counteract the high charges for specific customer groups. 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 new customers was also reduced.

The noticeable easing on the energy markets during the reporting period has already led to an uptick in competitive activities on the sales market, despite what is still a high price level.

The number of heating degree days in Upper Austria in the reporting period was 10% below that of the comparable period in the previous year due to the mild weather conditions, and also well below the average for the last five years (-7.9%).

Electricity sales volume

in GWh

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 3,256 GWh, Energie AG's consolidated electricity sales volume in the first half of the 2022/2023 fiscal year was 230 GWh below the previous year's figure of 3,486 GWh.

A drop in the procurement behaviour of existing customers in the business and industrial customer area was recorded. However, the resulting decrease in volumes was partly offset by new customers in this area. Due to mild weather conditions, the volume sold to residential, commercial and municipal customers in the first half of the fiscal year was also lower. Following a huge increase in decentralised photovoltaic plants, the number of customers who fed electricity volumes back to Energie AG increased many times over.

Gas sales volume

in GWh


At 3,241 GWh, the gas sales volume of Energie AG in the first half of the fiscal year was 554 GWh, or 14.6%, below the previous year's figure of 3,795 GWh.

Volumes sold to business and industrial customers were down on the previous year. This was primarily due to a decline in sales volumes to existing customers, although the situation was mitigated slightly by an increase in storage activities by individual key account customers. Due to the weather conditions, lower sales volumes were also noted for the gas sector's residential, commercial and municipal customers in the first six months of the year. In addition, interest in changing heating systems increased in this area due to the current economic framework conditions.


Heat sales volume Austria

in GWh

The heat sales volume in Austria amounted to 649 GWh in the first half of 2022/2023; this was 15.1% below the previous year's figure of 764 GWh and also 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 contracting.


By the end of the first half of the 2022/2023 fiscal year, more than 18,200 customers were already actively using Energie AG products (previous year: 15,000). 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.


On 31 March 2023, 65 photovoltaic contracting customer plants (previous year: 58) with an output of 10.3 MWp (previous year: 9.6 MWp) were in operation. In addition to this, standardised products such as the “PV Super Deal” for households or the “PV Professional Deal” for commercial customers were in very high demand.

Electric mobility

The focus of electromobility activities in the reporting period was on the targeted establishment of charging stations. Energie AG currently operates 183 publicly accessible charging stations (previous year: 141) and manages a total of 716 charging points (previous year: 502).

1) 1) Sources: EEX (European Energy Exchange AG) market data: Market data (, 11 April 2023. ICE (Intercontinental Currency Exchange) Market data: Products - Futures & Options | ICE (, 11 April 2023.

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