A different kind of energy 2025

Alpiq’s growth strategy, which focuses on flexible assets and storage, continued to make clear progress in 2025. At the end of October, Alpiq celebrated the opening of its first battery energy storage system (BESS) in Valkeakoski, Finland. The plant, which has an output of 30 MW and a capacity of 36 MWh, was planned and built by Merus Power. It is the first BESS in the Nordic countries to meet the requirements of grid-forming – a technological milestone designed to strengthen the local security of supply and stability of the Finnish electricity grid. The storage facility’s capacity and energy are marketed on the system services market and on the short-term and intraday markets. Flexible capacities and storage systems are essential for the reliable integration of wind and solar power into the energy system and specifically for advancing the energy transition.

The commissioning of its first BESS is an important step for Alpiq and is in line with its strategic focus on flexibility. This is underlined by further targeted expansion in the BESS sector: in Germany, Alpiq secured a 370 MW project pipeline for BESS facilities in the German states of Brandenburg and Saxony-Anhalt at the end of 2025. Prior to this, an innovative tolling agreement was also concluded in Germany for the 103.5 MW Schuby large-scale battery storage facility (federal state of Schleswig-Holstein). In addition, further milestones were reached in 2025 for Alpiq’s two BESS plants in France (La Corne-en-Vexin/100 MW) and Finland (Haapajärvi/125 MW), which are currently under construction. Both are scheduled to be operational in the first half of 2027 and will be operated by Alpiq.

The commissioning of P2X Solutions’ hydrogen production facility in Harjavalta, Finland, in February 2025 was a significant milestone for Alpiq, and not only because President of Finland, Alexander Stubb, did the honours of cutting the symbolic ribbon at the official opening in March. In acquiring a majority stake in P2X Solutions in April 2024, Alpiq strengthened its presence in the Nordic countries and positioned itself as one of Europe’s leading companies in the field of green hydrogen production. Harjavalta is the first commercial operation involving this type of production facility in Finland.

The electrolysis plant has a total capacity of 20 MW and is currently one of the largest of its kind in Europe. “As a strategic partner and majority shareholder of P2X Solutions, Alpiq is pleased to be able to expand its hydrogen activities through this close collaboration and make a significant contribution to the integration of renewable energies into the energy system,” states Amédée Murisier, Chairman of the Board of Directors of P2X Solutions and a member of Alpiq’s Executive Board who is overseeing the company’s hydrogen activities.

In May 2025, after seven years, Forces Motrices de la Gougra SA completed the renovation of the Mottec hydropower plant in Val d’Anniviers in Central Valais. As a result of the work, the power plant’s production capacity has increased by 5 million kWh per year – equivalent to the consumption of over 1,000 households. The plant’s capacity increased from 69 to 87 MW, allowing for an even more flexible response to fluctuations in the electricity grid. In total, shareholders invested around CHF 35 million in the renovation of the three production units at the power plant, which was commissioned in 1958. This upgrade underscores Alpiq’s long-term commitment to sustainable energy production. The increased production and greater flexibility will make it possible to meet energy requirements more effectively in future.

Alpiq Hydro Aare has built a new fish ladder at its run-of-river power plant in Flumenthal on the Aare river in the Swiss canton of Solothurn. The near-natural facility complies with the latest ecological standards and makes an important contribution to fish passage. The approximately 480-metre-long fish ladder allows fish to swim safely around the power plant and creates new biotopes and spawning habitats in the process. It is estimated that at peak times, around 20,000 fish per day will use the fish ladder. The new fish ladder is also one of the largest newly created artificial bodies of water in the canton of Solothurn.

In Italy, Alpiq comprehensively renovated its San Severo gas-fired power plant and put it back into operation in July 2025. The upgrade has increased efficiency by around one percent and reduced CO₂ emissions by around 20,000 tonnes per year. The upgrade significantly increased the power plant’s flexibility in response to changing grid requirements. San Severo is now capable of operating with a hydrogen blend of up to 25 percent, allowing for greater fuel flexibility. The investment strengthens the power plant’s role in Italy’s security of supply.

With the implementation of its strategy, Alpiq is setting course for the future and defining the priorities for business and organisational development in the coming years. The company’s solid financial position and strong asset management are facilitating its growth ambition by enabling it to pursue its flexibility strategy with a strong sense of determination. New, flexible assets and a significantly larger origination business should make it possible to generate the cash flows needed to secure long-term value creation.

To meet growing demand and achieve its strategic goal of being a leading provider of flexible energy solutions, Alpiq is embarking on an organisational transformation. As part of the strategy implementation, the company will change its divisional structure from “Switzerland, Trading and International” to “Assets, Trading and Energy Solutions”, aligning with the value chain and reporting framework as of 1 January 2026. This shift will ensure clearer accountability, streamlined processes and stronger cross-functional collaboration, further supporting customer-centricity and strengthening value creation.

The opening of two new offices in Malmö and Växjö, Sweden, has strengthened Alpiq’s market presence in Scandinavia. This step opens up new opportunities, particularly in terms of electricity trading and the origination business in the region. The two new sites in Sweden – an important player in the European energy market, with a strong focus on renewable energies, sustainability and energy trading – will enable Alpiq to serve its customers and partners in the region even more effectively.

Following the publication of the annual results 2024, Alpiq’s rating was raised by one notch from BBB to BBB+, underscoring Alpiq’s very solid financial situation. The solid operating result for the first half of 2025 was also in line with expectations, with adjusted EBITDA of CHF 398 million in the first half of 2025 and adjusted net income of CHF 247 million. Operating cash flow was positive, net financial assets increased to CHF 618 million and liquidity reached CHF 1.7 billion. Despite the negative effects of provisions and market volatility, the operating business remains stable.

In July 2025, the shareholders of Alpiq Holding Ltd. decided to distribute an extraordinary dividend at an extraordinary general meeting. The distribution of CHF 162 million corresponds to the amount originally proposed as an ordinary dividend and underlines the company’s solid financial position and confidence in its strategic direction. Alpiq is therefore demonstrating its continuity and appreciation towards its owners following the company’s record operating cash flow and the second-best result in the company’s history in the 2024 financial year.

In August 2025, following completion of its annual inspection, the Gösgen nuclear power plant (KKG) announced that it would not yet be able to resume power production and would remain out of operation. The plant is expected to resume operation on 21 March 2026. As the largest shareholder in the power plant with a stake of 40 percent, Alpiq recorded a reduction in income of CHF 149 million for 2025. Over the entire period – from the end of June 2025 to March 2026 – the KKG is expected to experience a total loss of production of almost 6 TWh.

Alpiq has re-purchased the shortage of electricity on the market. The KKG remains in a very good condition. Regardless of its year of construction, though, a nuclear power plant must comply with the current state of science and technology, which is why the supervisory authority has opted to adjust its requirements for the KKG.

The Board of Directors has appointed Peter-Wim Gerssen as the new CFO of Alpiq. The 53-year-old Dutchman has a broad professional background, with ample evidence of strong leadership skills, particularly in the energy sector, and a very good understanding of financial and M&A strategies. His extensive international experience – most recently as CEO of Shell Asset Management Company based in The Hague – means he is expected to further develop Alpiq’s financial strategy and strengthen the company’s capital market viability. Following a one-month transition period, Peter-Wim Gerssen succeeded Luca Baroni as CFO with effect from 1 November 2025.

High praise for Alpiq CEO Antje Kanngiesser: she was named Entrepreneur/CEO of the Year at the SEF.WomenAward 2025 – an honour that underscores her outstanding leadership quality and commitment to a sustainable and inclusive future. Since 2021, the renowned SEF.WomenAward, presented by the Swiss Economic Forum (SEF), has recognised female entrepreneurs who stand out for their personality and entrepreneurial performance. The award in the Entrepreneur/CEO of the Year category honours Antje as an inspiring leader who not only helps shape the energy industry but is also socially responsible.

At the award ceremony in Zurich in March 2025, Dr Paulina Grnarova was recognised as Young Entrepreneur of the Year, while Bea Knecht received an honorary award. The aim of the SEF.WomenAward is to increase the visibility of women in business, create role models for future generations and provide a platform for dialogue between female entrepreneurs.

Advance – the association for gender equality in the Swiss economy – and the University of St. Gallen presented Alpiq with the Best Practice for Leadership Development award, which recognises the company’s commitment to an inclusive leadership culture based on coaching and is guided by the principles of “Care, Dare, Share”. Alpiq has a coaching-centred management style based on the concept of Secure Base Leadership. This approach creates an environment where employees can reach their full potential and contribute to collective success. Over 300 managers have completed the Secure Base Leadership programme in the last three years. The award is proof of the lasting impact of this approach – and the joy of working with people.

To mark 25 years of Alpiq Energía España, partners, customers and representatives from the energy and business sectors met at the Swiss embassy in Madrid for a party to celebrate cross-border collaboration. As an energy company with around 100 employees, Alpiq has extensive expertise and offers a wide range of energy services in the Spanish market. Alpiq operates the gas-fired combined-cycle power plant Plana del Vent, a highly flexible power plant near Tarragona that is able to supply energy whenever the system needs it. This flexibility became very apparent following the massive power outage on the Iberian Peninsula in April 2025: Plana del Vent was one of the power plants that helped to restore the electricity grid.

Alpiq is investing in a new office building in Olten, right next to the railway station, thereby demonstrating its commitment to an attractive location with which the company has enjoyed close ties for more than 125 years. The new Alpiq building is designed to meet modern requirements in terms of an attractive working environment, a sustainable energy concept and building efficiency. Alpiq has taken over the original Pallas Kliniken project and is planning to erect a new building on the site over the next few years. This building will meet the requirements of a forward-looking energy company while contributing to the sustainable urban and economic development of Olten.

Alpiq was the main partner at the 2025 Mountain Bike World Championships in Valais. The Swiss Alpine canton of Valais is the centre of Swiss hydropower – which is part of Alpiq’s DNA as an energy producer – and is synonymous with particularly powerful, highly flexible hydropower plants such as Grande Dixence and Nant de Drance. Alpiq’s commitment to the world championships and its sponsorship under the motto “The power behind every ride” not only demonstrated its commitment to sport and nature but also emphatically underlined its expertise and dedication to a reliable, sustainable energy supply and a better climate.

Alpiq was once again named the preferred supplier of electricity and gas to French industrial customers in France in 2025. The assessment carried out by the CLEEE/FNCCR associations underlines the high level of customer satisfaction as well as the strong expertise and competitiveness in the European market. This result is an impressive affirmation of Alpiq’s market leadership. Since the survey was first published nine years ago, Alpiq France has consistently been first in the rankings. From a traditional energy supplier to a holistic solution provider: the vision of Alpiq France is playing an active role in shaping the future of energy.

Alpiq participated in the anniversary celebrations of two major hydropower plants in Valais in 2025, with Grande Dixence celebrating 75 years and Emosson 50 years. Grande Dixence SA in Sion was founded by Energie Ouest Suisse (now Alpiq) on 25 August 1950 with the aim of meeting the growing electricity demand of Western Switzerland by means of an efficient hydropower plant. To this day, Grande Dixence remains the largest hydropower plant in Switzerland and holds several world records, including for the tallest gravity dam.

The Emosson Dam represents half a century of Franco-Swiss hydropower innovation and engineering skills. Operated by Electricité d’Emosson SA, the French Vallorcine power plant and the Swiss La Bâtiaz power plant have already generated more than 40 billion kilowatts hours of renewable electricity since their commissioning. Lac d’Emosson is the second-largest reservoir in Switzerland, with a storage capacity of 225 million m³ of water.

As part of the negotiations on the new Bilateral III agreement, which is intended to further develop relations between Switzerland and the European Union, Alpiq explicitly supports the electricity agreement and considers the outcome of the negotiations to be a success. From Alpiq’s point of view, the agreement will enable Switzerland to integrate into the European internal electricity market, regulate cross-border electricity trading and ensure the country’s participation in the relevant EU bodies. The priority for both sides is the security of supply, which cannot be achieved by any country alone given the highly networked energy system. However, Alpiq believes adjustments are still required in terms of domestic implementation in Switzerland.

In October 2025, Alpiq awarded the #prixalpiq for the fifth time in a row in collaboration with the Association of Concessionary Communes of Valais (ACC). Against the backdrop of a colloquium on the multifunctionality of dams organised jointly with the University of Lausanne, two projects that offer particularly convincing and innovative solutions for efficient and sustainable water management were honoured. The #prixalpiq 2025 went to the municipality of Lens for its Bassin-versant éponge de Corbyre (Corbyre back-water surge catchment area) project, which aims to restore natural water cycles. The Winner of Hearts award went to the project from the commune of Leytron, which involves integrating a water retention system during the construction of the new school centre.