Repower reports very good annual results
In the 2024 financial year, Repower recorded operating income (EBIT) of CHF 175 million and a group profit of CHF 138 million. This is one of the best annual results in the history of the company. The biggest contribution to earnings came from international energy trading. Our basic supply customers in Graubünden continue to profit from electricity at prices below the Swiss average. The high level of investment in generation and grid assets was consistently maintained. Repower’s hydropower plants generated above-average volumes of electricity.
Repower can look back on a successful year of business. With earnings before interest and taxes (EBIT) of CHF 175 million (prior year CHF 371 million), the company posted one of the best annual results in its history. Group profits came to CHF 138 million (CHF 300 million) and the equity ratio increased to 53 per cent (43 per cent). Repower is thus in a very robust financial position and able to continue its strategic investments in maintaining and expanding its generation facilities and distribution grids.
In the year under review, Repower supplied its basic supply customers in Graubünden with electricity – still local renewable power generated at its own plants – at prices below the Swiss average, and continues to do so in the current year.
Increase in power generation
Above-average volumes of power were generated. Overall production was up 14 per cent year on year to 2,639 GWh. The main drivers of this increase in volumes generated were the reopening of Robbia hydropower plant and good hydrological conditions.
The volume of electricity generated by the solar power installations in Italy increased by ten per cent, mainly thanks to the first-time commissioning of Melfi solar farm in summer 2024. Volumes generated by the wind farms, by contrast, fell by six per cent owing to unfavourable wind conditions. Production at Teverola gas-fired combined-cycle power plant also fell, down 18 per cent, as demand for balancing energy in the Centro Sud region was very low.
Major contribution to earnings from international trading business
The biggest contribution to earnings again came from international energy trading. Energy prices on the international electricity exchanges showed an overall downward trend. There were significant price fluctuations over the course of the year, largely influenced by the volatile feed-in of renewables. Repower’s trading teams were able to correctly interpret developments thanks to precise market analysis, achieving a very good result in this challenging environment while adhering to the relevant risk guidelines.
Positive development from SME business in Italy
Positive growth in the Italian sales business continues. While the anticipated decline in the large customer segment did occur, this was more than offset by strong growth in business with small and medium-sized enterprises. Sales margins continued to improve in 2024, thanks particularly to the focus on smaller units, meaning that attractive margins were achieved despite increasing competition. Overall, Repower Italia supplied 4,332 GWh of electricity and almost 355 million cubic metres of gas to its end customers. Ongoing measures to assess credit risk also ensured that there were significantly fewer delays in payment.
Business with Swiss free-market customers also developed successfully in the past year. Contractually secured supply volumes saw a significant (+40 per cent) year-on-year increase in 2024 to more than 730 GWh.
Investments in renewables
In the 2024 financial year, Repower invested a total of CHF 79 million (prior year CHF 102 million). In view of the increasing demand for electricity, expanding and maintaining renewable energy generation capacity is an integral part of the company’s strategy. At CHF 26 million, the main focus of investments was on generation assets. In addition to Robbia power plant, the Ferrera and Landquart paper factory plants were also successfully modernised.
Grid infrastructure modernised
The integration of solar installations, heat pumps and electric vehicle charging stations is placing new demands on the distribution network. Repower continuously invests in the maintenance and expansion of its networks to ensure their reliability. In the year under review, a total of CHF 28 million went to the modernisation of the grid infrastructure. All customers in Landquart, Malans and Zizers, for example, have already been equipped with smart electricity meters. Repower plans to fit all households in its supply areas with smart meters by the end of 2027.
Complete takeover of Repower Renewable
Repower’s corporate strategy includes the systematic, targeted expansion of its renewables portfolio. In Italy, the Repower Group has acquired all the shares in Repower Renewable that were previously owned by Omnes Capital. This means that Repower now controls 100 per cent of the company, which develops and operates wind, solar and hydropower plants in Italy. Repower Renewable’s extensive portfolio of generation assets currently includes facilities with a total capacity of 113 MW. In addition, there is a full pipeline of planned power generation projects that have already been approved, with a total capacity of a further 200 MW.
In Switzerland, Repower also acquired all the shares in Kraftwerk Morteratsch AG after the previous majority shareholder Reichmuth Infrastructure sold its entire interest.
Net zero by 2050
In the sustainability report the Repower Group has set itself clear climate targets: an intensity target of net zero by 2050 in power generation, with an interim target of -15 per cent by 2035. These realistic goals will be pursued by way of systematic measures and reviewed on a continuous basis.
Dividend
The board of directors moves that the annual general meeting on 14 May 2025 approve a dividend of CHF 5.00 per share and a special divided of CHF 1.50.
Outlook
Thanks to the positive development of its business, Repower has a robust financial basis. This stability provides the necessary conditions for tackling the challenges ahead with foresight and determination. In the years ahead the company will make targeted investments in expanding its renewable energy generation assets and modernising the grid infrastructure. These strategic measures will ensure Repower’s long-term competitiveness and make a major contribution to a sustainable and future-proof energy supply. The sharp increase in the number of photovoltaic systems being installed will very likely lead to an increase in the number of hours with negative electricity prices on the electricity exchanges during the summer months. The company continues to expect a good result for 2025.