Annual Report of 
Alpiq Holding Ltd.

“The embedded flexibility in our Swiss hydropower and European spread assets, along with our trading and origination competence, has proved once more to be a key enabler in increased renewable energy production.”

Johannes Teyssen Chairman of the Board of Directors

Key Figures 2023

Operational EBITDA

in CHF million


Equity ratio

in %





in GWh




Power Production by technology


Grande Dixence: maintenance progressing quickly

After more than six years of work, the Fionnay and Nendaz hydropower plants and the pressure pipe connecting both plants to the Lake Dix reservoir are partially operational again. 


New fish pass at the Flumenthal hydropower plant 

Alpiq is investing around CHF 10.5 million to build a completely new fish pass at the Flumenthal hydropower plant in the Canton of Solothurn. Once completed, it will meet all the fish migration requirements for the Aare river. 


Alpiq records strong operating result and high positive cash flow 

Alpiq achieves a strong operating result in the extremely turbulent environment of 2022 and manages the challenges of the volatile energy market.


Stronger focus on key business

Alpiq is selling its Bulgarian operations to focus more on its core markets. 


Tormoseröd wind farm taking shape 

Alpiq and the Swiss company FuGen are forging ahead with the construction of the Tormoseröd wind farm in south-west Sweden with the first turbines already erected. 


Leadership development for all managers

A special training programme provides all managers with the foundations for Alpiq’s understanding of leadership.


Ronald Trächsel joins the Board of Directors 

Ronald Trächsel was elected to the Board of Directors at the Alpiq Holding Ltd. annual general meeting held on 26 April 2023. He started working in this role on 1 July 2023.


Partner of the 2025 UCI Mountain Bike World Championships in Valais

Alpiq is the main partner of the UCI Mountain Bike World Championships, which will take place in Valais from 30 August to 14 September 2025. 


A “solar forest” for Gondo

The Gondosolar alpine solar project in Valais uses photovoltaic panels in the form of a solar tree. The innovative design promises to minimise environmental effects while maximising returns.


One year of Nant de Drance 

For a year now, the 900-megawatt pumped-storage power plant in Valais has been underscoring its importance for the stability of the Swiss and European power grid. 


Alpiq achieves a very good half-year result

Alpiq achieved a strong half-year result in 2023 with an adjusted EBITDA of CHF 787 million in addition to very robust operating liquidity of CHF 1.7 billion. 


Third edition of the #prixalpiq 

The competition winners include two projects in Valais that aim to optimise water resource management and reduce water consumption.


Gabi hydropower plant fully operational again

Following extensive renovation work, Energie Electrique du Simplon have restored full operations at the Gabi hydropower plant in Valais.


Energy decree passed by Swiss parliament

The Swiss parliament has passed a Federal Act on the Secure Supply of Electricity from Renewable Energies via the so-called “Mantelerlass”.


Official opening of the renovated Grande Dixence power plant

The commissioning of the Fionnay and Nendaz power plants and the pressure pipe between Lake Dix and the Rhone plane means that the comprehensive renovation work by Grande Dixence SA, which started in 2016, has been fully completed.


Alpiq introduces a new Code of Conduct

The new Code of Conduct reflects Alpiq’s way of doing business and commitment toward society. It takes a strong stand on business integrity and sets new standards or reemphasize key messages directly addressed to all of Alpiq’s stakeholders.


Strategy confirmed by the Board of Directors

Together with its Board of Directors Alpiq committed to a strategy that makes the company resilient while contributing decisively to security of supply and a better climate with a clear net zero target for 2040.


Scheduled modernisation of the San Severo power plant

In 2023, Alpiq invested in Italy’s San Severo gas-fired combined-cycle power plant and is set to complete the first part of a comprehensive modernisation plan.


Change in the Alpiq Board of Directors

At the Extraordinary General Meeting of Alpiq Holding Ltd., two new members were elected to the Board of Directors: Adèle Thorens Goumaz and François Gabella. Both will start their roles on 1 January 2024.