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Annual results for 2023

Repower posts extraordinarily good annual results thanks to international energy trading

09. April 2024

In 2023 Repower recorded operating income (EBIT) of CHF 371 million and a group profit of CHF 300 million. It achieved a record result in international energy trading. At the same time, customers in Graubünden are benefiting from electricity tariffs below the Swiss average. Repower maintained a high level of investment activity and will successfully complete the total modernisation of Robbia power plant in summer 2024. Repower’s own production (including interests) totalled 2,306 GWh, slightly above the prior-year figure.

Repower recorded a record result in energy trading in 2023. Even though electricity prices on the international markets halved in the year under review, Repower was able to protect itself from the collapse by hedging its production at higher prices at an early stage. 

In 2023, Repower recorded earnings before interest and tax (EBIT) of CHF 371 million (prior year: CHF 82 million) and a group profit of CHF 300 million (CHF 53 million). The Repower Group’s total operating revenue came to CHF 3.36 billion (CHF 4.75 billion), and its equity ratio is now running at 43 per cent (29 per cent).

The sale of electricity generated at Repower’s own power plants and interests on the international energy markets was very profitable. Proprietary trading likewise recorded an excellent result and profited from from market volatility. Gas trading also made an important contribution to earnings with a strong performance in the gas storage business throughout Europe. Exchange rate effects had a negative impact on margins owing to the appreciation of the Swiss franc against the euro.

High level of investment activity

In view of the growing demand for electricity, expanding and maintaining renewable energy generation capacity is an integral part of Repower’s strategy. This is also reflected in a high level of investment activity. In the year under review, investments totalled CHF 102 million (prior year: CHF 89 million). The total modernisation of Robbia power plant is the largest renovation investment in the company’s history. After four years of construction, the completely renewed facility will be fully operational again in summer 2024. A turbine set-up at Klosters power plant was also completely overhauled last year, and planning work for a new hydropower plant at Chlus as an additional power plant stage in the Prättigau was driven forward with purpose.

As part of the Solarexpress programme, Repower is planning to build two alpine solar installations. The two projects are to be constructed by the Vorab and Madrisa mountain stations. The local communities affected, Laax and Klosters, have already approved the projects. In Italy, the construction of a new solar park in Melfi is already well advanced, and the modernisation of various wind and solar installations has also been successfully completed.

In 2023, Repower invested just less than CHF 25 million in the maintenance and expansion of its own electricity grid in Graubünden. Repower’s basic supply customers in Graubünden receive electricity from the company’s own power plants, with the energy tariff charged based on the costs of generation. This protects customers in Repower’s supply area from volatile prices on the energy markets. The prices of electricity in Repower’s topographically challenging supply area are now around ten per cent below the Swiss average.

High value added in Canton Graubünden

In the year under review Repower paid more than CHF 31.1 million in water rates and other concession fees to public authorities. Added to this is another CHF 31 million or so in taxes paid to the canton and municipalities for 2023. However, the total value added in the canton of Graubünden is significantly higher owing to various levies, orders, services and partnerships. The number of people employed by Repower rose from 629 to 658 (+5%); Repower also trained 29 apprentices.

Slight increase in electricity generated

Repower’s own production (including interests) totalled 2,306 GWh last year (up 8% year on year). The amount of precipitation in Graubünden last year was up to 20 per cent above average in some cases, but owing to the low snowfall in the winter of 2022/23 the snowmelt was well below average. Electricity production at Graubünden’s own hydropower plants was around ten per cent down versus the long-term average. This was due to renovation work at various power plants.

In Italy, generation of wind, solar and hydropower increased to 203.8 GWh (+5%). The volume of electricity generated by Teverola gas-fired combined-cycle power plant (IT) fell to 638 GWh (-26%) as demand for balancing energy in the Centro Sud region remained very low. The plant was also offline for two months for maintenance work.

More electricity sold

The sales business for SME customers in Italy developed positively. Despite strict credit management, Repower Italy was able to acquire new SME customers for electricity and gas supplies and increase volumes sold to end-consumers by over 600 GWh. 

Business with Swiss free-market customers also developed positively in the past year. The supply volumes contracted for the future in 2023 increased by 5.7% compared with the previous year and, at more than 500 GWh, reached their highest level since 2018.


The board of directors moves that the annual general meeting on 15 May 2024 approve a dividend of CHF 5.00 per share and a special dividend of CHF 3.00.


Given the extreme volatility, the energy market remains very challenging. Negative effects such as a lack of rainfall, defaulting customers, exchange rate effects or further market distortions could have a significant impact on the annual result. Repower has hedged a large proportion of the electricity from its own generation assets, which will have a positive impact on 2024 results.

Annual report 2023

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