2.2 Net revenue
The Alpiq Group’s net revenue comprises revenue from contracts with customers (IFRS 15) and income from energy and financial derivatives (IFRS 9).
The internal management structure was adjusted in 2023, see note 2.1. The disaggregation of net revenue for 2022 has been adjusted for comparability.
2023: Disaggregation of net revenue
|
CHF million |
Asset |
Trading |
Origination |
Corporate |
Total |
|
Revenue from energy and grid services |
2,082 |
1,183 |
5,300 |
|
8,565 |
|
Revenue from other services |
13 |
|
|
|
13 |
|
Total revenue from contracts with customers |
2,095 |
1,183 |
5,300 |
0 |
8,578 |
|
(Loss) / income from energy and financial derivatives |
668 |
– 23 |
– 285 |
32 |
392 |
|
Net revenue from third parties 1 |
2,763 |
1,160 |
5,015 |
32 |
8,970 |
1 The difference to net revenue in the income statement results from currency effects on intragroup energy transactions of CHF -11 million.
2022: Disaggregation of net revenue (adjusted)
|
CHF million |
Asset |
Trading |
Origination |
Corporate |
Total |
|
Revenue from energy and grid services |
3,423 |
3,277 |
8,662 |
|
15,362 |
|
Revenue from other services |
13 |
|
|
|
13 |
|
Total revenue from contracts with customers |
3,436 |
3,277 |
8,662 |
0 |
15,375 |
|
(Loss) / income from energy and financial derivatives |
22 |
– 462 |
– 324 |
26 |
– 738 |
|
Net revenue from third parties 1 |
3,458 |
2,815 |
8,338 |
26 |
14,637 |
1 The difference to net revenue in the income statement results from currency effects on intragroup energy transactions of CHF -6 million.
Accounting policies
Alpiq generally satisfies its performance obligations as principal. However, for performance obligations related to the transmission of energy, Alpiq acts as agent in all represented markets. Where Alpiq acts as agent, revenue is recognised net of the corresponding costs.
Revenue from energy and grid services
Revenue from energy supply from contracts with customers (“own use exemption” pursuant to IFRS 9) is generally recognised over the period agreed for completion of performance. However, for energy supplies, Alpiq has a right to consideration that directly corresponds to the value to the customer of the energy already supplied. For such cases, Alpiq exercises the practical expedient and recognises revenue in the amount that can be billed. In some contracts, Alpiq sells the proportionate right in energy production of a power plant. Revenue from these contracts is recognised over the period that corresponds to the timing of the costs.
Revenue from stand-ready obligations to deliver ancillary services is recognised on a straight-line basis during the period in which Alpiq is available to render these services. Revenue for called ancillary services is recognised when the energy is delivered.
Contractual penalties – for example, for deviations between the delivered and contractually agreed quantity of energy – represent variable components in energy sales. They are included in the estimation of the transaction price only when they become highly probable. This is normally the case towards the end of the delivery period. Estimation of the point in time when such variable price components are recognised requires significant judgement.
Revenue from other services
Revenue from other services from contracts with customers is recognised generally over the time period over which the performance obligation is satisfied on a straight-line basis. However, Alpiq applies the following practical expedient: if Alpiq has a right to consideration that directly corresponds to the value to the customer, then revenue is recognised in the amount that can be billed.
Practical expedients applied regarding revenue from contracts with customers
Alpiq exercises the practical expedient provided in IFRS 15 and, wherever possible, opts not to disclose the remaining performance obligations at the end of the reporting period. After application of this practical expedient, the remaining performance obligations disclosed by Alpiq at the end of the reporting period are not significant.
Alpiq applies the practical expedient and does not capitalise incremental costs of obtaining a customer contract, as far as these costs would be amortised within one year. Due to the application of this practical expedient, Alpiq did not disclose any significant costs of this type.
Income from energy and financial derivatives
Energy and financial derivatives are measured at fair value through profit or loss. Changes in value in energy derivatives are disclosed in net revenue in the period in which they occur. Revenue from trading in energy and financial derivatives comprises net realised gains and losses from settled contracts and unrealised changes in the fair value of unsettled contracts. For more information on measurement, please refer to note 3.2.