Access to capital

Why is this important?

Alpiq’s power plants, purchase contracts and trading activities are capital-intensive and long-term. The power plants are often part of the systemically important infrastructure of the Swiss and European economy. This makes access to capital to secure the company’s refinancing capability an important pillar of the company’s business model. The ability to ensure access to capital at all times is extremely important to Alpiq in order to strengthen the security of supply.

What are we doing?

As a result of this capital dependence, Alpiq has defined a financial strategy that reduces the financing risk on the liabilities side. The associated methods include diversification of the financing sources, such as the markets, instruments, counterparties and maturities.

Another central point of the financial strategy is to maintain Alpiq’s credit rating in the investment grade range. The financial policy defines corresponding guiding principles that are consistently implemented to achieve this goal. Further information on capital management is provided in Note 3.1 of the consolidated financial statements 2022 of Alpiq Holding Ltd.

In addition to the traditional financial policy measures, ESG criteria are becoming significantly more important in the financial markets. ESG reporting and fulfilment of ESG criteria is being demanded by an increasing number of stakeholders.

Alpiq is currently on a transition path to embed sustainability in business and set targets that lead to a sustainable energy company and reflects the three dimensions: environment, social and governance. Alpiq is convinced that the associated opportunities and potential will have a positive impact on the company. Alpiq is also working on including financing products based on sustainability criteria as options for future financing.

How do we track the effectiveness of our approach?

Thanks to the consistent focus on Alpiq’s financial policy, capital requirements have always been met, even in a challenging environment. Alpiq continuously reviews its management approach to ensuring access to capital and transparently adapts it to the latest developments, including ESG reporting requirements. Points identified from various assessments are examined intensively and taken into account in the development of the sustainability strategy. With the implementation of the sustainability strategy, Alpiq would like to examine the resumption of a sustainability rating.


- 473 – operational EBITDA (CHF million) 

- 24.0 – equity ratio (%) 

- 49 – year-on-year increase in energy trading EBITDA (CHF million) 

- 3.5 – equity at 31 December 2022 (CHF billion)

“Our liquidity cockpit for all planned cash flows gives us much more transparency within the company and allow us to steer and manage the risks, rather than vice versa.”

Manuel Bertschy, Head Risk Management, Alpiq Olten

Frameworks/guidelines 

- International Financial Reporting Standards (IFRS) 

- Markets in Financial Instruments Directive (MiFID) 

- European Market Infrastructure Regulation (EMIR) 

- Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) 

- Swiss Financial Market Infrastructure Act (FinfraG) 

- Swiss Federal Act on Subsidiary Financial Aid to support System-Critical Companies in the Electricity Industry (FiREG)

GRIs 

- GRI 103: Management approach 

- GRI 3-3: Management of material topics

Sustainable Development Goals 

- SDG 8