5.4 Group companies and investments
Unless otherwise stated in the footnote, the direct ownership interest has not changed compared with the previous year.
| Group companies | Place of incorporation | Assets | Trading | Origination | Corporate | Direct ownership interest in % | 
| Alpiq Holding Ltd. | Lausanne, CH | X | 100.0 | |||
| Aare-Tessin Ltd. for Electricity (Atel)1 | Olten, CH | X | 100.0 | |||
| Aero Rossa S.r.l. | Milan, IT | X | 100.0 | |||
| Almolina H2 S.L. | Madrid, ES | X | 100.0 | |||
| Alpiq Ltd.1 | Olten, CH | X | X | X | X | 100.0 | 
| Alpiq Csepel Kft. | Budapest, HU | X | 100.0 | |||
| Alpiq Csepeli Szolgáltató Kft. | Budapest, HU | X | 100.0 | |||
| Alpiq Deutschland GmbH1 | Munich, DE | X | 100.0 | |||
| Alpiq Digital Austria GmbH2 | Vienna, AT | X | 0.0 | |||
| Alpiq EcoPower Ltd.1 | Olten, CH | X | 100.0 | |||
| Alpiq EcoPower France S.A.S. | Toulouse, FR | X | 100.0 | |||
| Alpiq EcoPower Switzerland Ltd. | Olten, CH | X | 100.0 | |||
| Alpiq Energía España S.A.U. | Madrid, ES | X | X | X | 100.0 | |
| Alpiq Energia Italia S.p.A. | Milan, IT | X | X | X | 100.0 | |
| Alpiq Energie Deutschland GmbH | Berlin, DE | X | X | 100.0 | ||
| Alpiq Energie France S.A.S. | Paris, FR | X | X | 100.0 | ||
| Alpiq Energija BH d.o.o | Sarajevo, BA | X | 100.0 | |||
| Alpiq Energija Skopje DOOEL3 | Skopje, MK | X | 100.0 | |||
| Alpiq Energy Albania SHPK2 | Tirana, AL | X | 0.0 | |||
| Alpiq Magyarország Kft. | Budapest, HU | X | 100.0 | |||
| Alpiq Energy SE | Prague, CZ | X | X | X | 100.0 | |
| Alpiq Energy Ukraine LLC3 | Kyiv, UKR | X | 100.0 | |||
| Alpiq Finland Oy | Vantaa, FI | X | 100.0 | |||
| Alpiq Hydro Aare AG | Boningen, CH | X | 100.0 | |||
| Alpiq Hydro Italia S.r.l. | Milan, IT | X | 90.0 | |||
| Alpiq Italia S.r.l. | Milan, IT | X | 100.0 | |||
| Alpiq Le Bayet S.A.S. | Paris, FR | X | 100.0 | |||
| Alpiq Les Marronniers4 | Paris, FR | X | 100.0 | |||
| Alpiq Norway AS | Oslo, NO | X | 100.0 | |||
| Alpiq Re (Guernsey) Ltd. | Guernsey, GB | X | 100.0 | |||
| Alpiq Retail France S.A.S. | Paris, FR | X | 100.0 | |||
| Alpiq RomIndustries S.R.L.3 | Bucharest, RO | X | 100.0 | |||
| Alpiq Services CZ s.r.o. | Prague, CZ | X | X | X | 100.0 | |
| Alpiq Solutions France S.A.S. | Paris, FR | X | 100.0 | |||
| Alpiq Suisse Ltd.1 | Lausanne, CH | X | X | 100.0 | ||
| Alpiq Sverige AB4 | Malmö, SE | X | 100.0 | |||
| Alpiq Turkey Enerji Toptan Satis Limited Sirketi2 | Istanbul, TR | X | 0.0 | |||
| Alpiq Wind Italia S.r.l. | Milan, IT | X | 100.0 | |||
| Alres Sur 3 S.L. | Madrid, ES | X | 100.0 | |||
| Bel Coster SA | L’Abergement, CH | X | 100.0 | |||
| Birs Wasserkraft AG | Olten, CH | X | 100.0 | |||
| C.E.P.E. Des Gravières S.A.S. | Paris, FR | X | 100.0 | |||
| Cotlan Wasserkraft AG | Glarus Süd, CH | X | 60.0 | |||
| Dixence-Cleuson SA4 | Hérémence, CH | X | 100.0 | |||
| EESP European Energy Service Platform GmbH2 | Berlin, DE | X | 0.0 | |||
| Électricité d’Émosson SA | Martigny, CH | X | 50.0 | |||
| En Plus S.r.l. | Milan, IT | X | 100.0 | |||
| Energie Electrique du Simplon SA (E.E.S.) | Simplon, CH | X | 82.0 | |||
| Enpower 2 S.r.l. | Milan, IT | X | 100.0 | |||
| Enpower 3 S.r.l. | Milan, IT | X | 100.0 | |||
| Enpower 3 S.r.l. | St Gallen, CH | X | 59.6 | |||
| Eole Jura SA | Muriaux, CH | X | 100.0 | |||
| EolJorat Nord SA | Lausanne, CH | X | 100.0 | |||
| Horizen GmbH3 | Berlin, DE | X | 100.0 | |||
| Hydro-Solar Energie AG | Niederdorf, CH | X | 65.0 | |||
| Isento Wasserkraft AG | St Gallen, CH | X | 100.0 | |||
| Kraftwerke Gougra AG | Sierre, CH | X | 54.0 | |||
| Motor-Columbus Ltd.1 | Olten, CH | X | 100.0 | |||
| NOVAGAVIA BUSINESS, S.L. | Madrid, ES | X | 100.0 | |||
| Novel S.p.A. | Milan, IT | X | 51.0 | |||
| P2X Solutions Oy5 | Espoo, FI | X | 54.9 | |||
| Pispantallin Tasapainotus Oy4 | Vantaa, FI | X | 100.0 | |||
| Salanfe SA | Vernayaz, CH | X | 100.0 | |||
| Società Agricola Solar Farm 2 S.r.l. | Milan, IT | X | 100.0 | |||
| Società Agricola Solar Farm 4 S.r.l. | Milan, IT | X | 100.0 | |||
| Tous-Vents SA | Lausanne, CH | X | 100.0 | |||
| Wasserkraftwerk Hüscherabach AG | Splügen, CH | X | 60.0 | |||
| Wasserkraftwerk Peist AG6 | Arosa, CH | X | 51.0 | |||
| Wasserkraftwerk Tambobach AG | Splügen, CH | X | 70.0 | 
1Interest held directly by Alpiq Holding Ltd.
2Fully owned subsidiary liquidated during 2024.
3In liquidation
4Newly founded
5Newly acquiered, see note 5.1
6Indirect interest held via Entegra with non-controlling interests of 69.6%.
| Partner power plants and other associates | Place of incorporation | Licence / agreement expiry | Assets | Trading | Origination | Corporate | Direct ownership interest in % | 
| Blenio Kraftwerke AG | Blenio, CH | 2042 | X | 17.0 | |||
| CERS Holding SAS | Toulouse, FR | X | 15.0 | ||||
| Cleuson-Dixence1 | Sion, CH | 2044 | X | 31.8 | |||
| Electra-Massa AG | Naters, CH | 2048 | X | 34.5 | |||
| Engadiner Kraftwerke AG | Zernez, CH | 2050/2074 | X | 22.0 | |||
| ETRANS AG | Baden, CH | X | 33.3 | ||||
| Forces Motrices de Martigny-Bourg S.A. | Martigny, CH | 2080 | X | 18.0 | |||
| Forces Motrices Hongrin-Léman S.A. (FMHL) | Château-d’Oex, CH | 2051 | X | 39.3 | |||
| Glattstrom Buchholz AG | St. Gallen, CH | X | 23.4 | ||||
| Grande Dixence SA2 | Sion, CH | 2044 | X | 60.0 | |||
| Hydrogen Höfe Freienbach AG | Freienbach, CH | X | 25.0 | ||||
| HYDRO Exploitation SA | Sion, CH | X | 26.2 | ||||
| HyWay S.A.S. | Paris, FR | X | 49.0 | ||||
| Kernkraftwerk Gösgen-Däniken AG | Däniken, CH | 2039 | X | 40.0 | |||
| Kernkraftwerk Leibstadt AG | Leibstadt, CH | 2044 | X | 27.4 | |||
| Kernkraftwerk-Beteiligungsgesellschaft AG (KBG) | Bern, CH | 2041/2043 | X | 33.3 | |||
| KohleNusbaumer SA | Blonay, CH | X | 35.0 | ||||
| Kraftwerk Ryburg-Schwörstadt AG | Rheinfelden, CH | 2070 | X | 13.5 | |||
| Kraftwerke Hinterrhein AG | Thusis, CH | 2048 | X | 9.3 | |||
| Kraftwerke Zervreila AG | Vals, CH | 2037 | X | 21.6 | |||
| Maggia Kraftwerke AG | Locarno, CH | 2035/2048 | X | 12.5 | |||
| Nant de Drance SA | Finhaut, CH | 2102 | X | 39.0 | |||
| Ouvra Electrica Lavinuoz Lavin SA (OELL) | Lavin, CH | X | 25.0 | ||||
| ToesStrom AG | Freienstein, CH | X | 17.7 | ||||
| Tormoseröd Vindpark AB | Karlstad, SE | X | 30.0 | ||||
| Unoenergia S.r.l. | Biella, IT | X | 28.0 | ||||
| Wasserkraftwerke Weinfelden AG | Weinfelden, CH | 2068 | X | 49.0 | 
1Simple partnership
2Although Alpiq holds direct ownership of 60%, it has no control. For more explanations on accounting policies, see note 4.3
| Joint venture | Place of incorporation | Assets | Trading | Origination | Corporate | Direct ownership interest in % | 
| Hydrospider Ltd | Niedergösgen, CH | X | 45.0 | |||
| HyMove S.A.S. | Paris, FR | X | 50.0 | |||
| SC Produccion Renovable S.L. | Barcelona, ES | X | 25.0 |