Interim Report

Solid results in an unsettled environment

In a market environment dominated by the financial and economic crisis, Alpiq generated consolidated operating earnings (EBITDA) of CHF 722 million for the first half of 2009, on a par with the same period last year (CHF 724 million). The Group's net profit was 4 % lower at CHF 327 million (CHF 341 million). Due to the reduced demand and lower prices, revenue was down by 7 % to CHF 7.1 billion. The comparisons are based on the 2008 interim consolidated results of Atel, EOS and Emosson.

Successful start for Alpiq

At the Extraordinary General Meeting, shareholders voted to change the company name and transfer the head office to Neuchâtel, and approved the Annual Report. The enlarged Board of Directors elected its new Chairman and appointed the CEO and Executive Board. The integration of Atel and EOS is also in full swing. To ensure successful implementation, an integration project was launched and is already well under way.

The challenges facing energy policy

We have some major tasks ahead of us: ensuring energy security in Europe and Switzerland, while acting sustainably, remaining competitive and working cost- efficiently. Pursuing all these aims simultaneously is a vast challenge, especially for political decision-makers. All stakeholders must help to find a solution in the interest of future security of supply.

New projects throughout Europe

Alpiq is investing in a number of power stations, the major ones being the Nant de Drance pumped storage plant and soon-to-be-recommissioned Cleuson-Dixence, both in Switzerland, and the gas-fired stations in San Severo (Italy) and Bayet (France). In addition, we are pushing ahead with investments in new renewable energies.