Axpo intensifies expansion of photovoltaics


Baden AG – Axpo reports solid key figures for the 2021/22 financial year thanks to diversification. To promote a CO2-free energy future, the utility is increasing its target for alpine photovoltaics to 1.2 gigawatts of capacity by 2030.

Axpo realized an adjusted operating result at EBIT level of 392 million Swiss francs in the 2021/22 financial year ended September 30, the Baden-based energy supplier informed in a statement. Production and delivery shortfalls pushed EBIT well below the adjusted prior-year figure of 643 million Swiss francs. By contrast, net profit of 594 million Swiss francs was only 13 million Swiss francs lower than in fiscal 2020/21.

“The unprecedented upheavals on the energy markets presented us with major challenges in the past financial year,” Christoph Brand is quoted as saying in the statement. However, the Axpo CEO believes that his company is well positioned, also due to the rise in electricity prices. “We are confident that our strategy, with its three pillars of focus on a CO2-free energy future in Switzerland, expansion of renewable energies in Switzerland and abroad, and international customer and trading business, will continue to prove its worth in the future.”

To promote a CO2-free energy future, Axpo is raising its target for the addition of alpine photovoltaic plants from 200 megawatts to 1.2 gigawatts. Axpo estimates the necessary investments at around 1.5 billion Swiss francs. In addition, the company aims to increase the expansion of renewable energies abroad. In this way, Axpo also wants to make a contribution to security of supply in Switzerland. In preparation for a winter power shortage, the utility also suspended rehabilitation work on a dam and held back more water during the summer despite drought conditions. The capacities built up in this way are sufficient for the production of around 1 terawatt hour of electricity. hs