Economic performance

(GRI 201)


Alpiqʼs purpose of contributing to a better climate and strengthening the security of supply in Switzerland and in the European markets calls for a sustainable, financially sound and risk-adjusted energy business model. Through our economic performance, Alpiq ensures financial stability and economic value creation for all our stakeholders.

In the financial year 2023, the Alpiq Group generated an adjusted net revenue of CHF 8.4 billion (previous year: CHF 14.9 billion) and an adjusted EBITDA of CHF 1.2 billion (previous year: CHF 473 million). This very good result was attributable to the consistent and integrated management of the Alpiq Group along the value chain and the adapted risk-return approach by integrating liquidity steering and financing planning even more into daily operations. In addition, an adjusted hedging strategy was implemented in 2023 to reflect the changed market environment and volatility. The focus on core markets initiated in 2021, enabling us to concentrate forces where we have the strongest competences, was continued through the divestment of the Vetrocom wind park in Bulgaria in 2023.

All three business units (Asset, Trading and Origination) surpassed their previous-year result, which contributed to the positive Group result. Thanks to its flexible production portfolio and the high availability of the power plants, the value chain element Asset was used optimally and generated an adjusted EBITDA of CHF 1 billion. One example of Alpiqʼs asset portfolio is the pumped-storage power plant Nant de Drance. This 900-megawatt power plant, which is in its second year of operation, helps to stabilise the Swiss and European electricity grid thanks to its outstanding flexibility. The excellent performance was also driven by Trading and Origination as a result of good market positioning and longstanding business customer relationships across Europe.

Thanks to the good operational performance, Alpiq was able to increase its liquidity and pay an extraordinary dividend of CHF 93 million in 2023. In comparison to the previous year, Alpiq nearly doubled its equity ratio from 23.4% in 2022 to 45.9% in 2023 and also reported net cash instead of net debt at the end of 2023.

Alpiq issues financial reports twice a year to report its half-year and year-end financial results. Detailed financial results for 2023 can be found in the Alpiq Holding Ltd. Annual Report 2023.



Direct economic value generated and distributed

Direct economic value generated and distributed is a metric that indicates the wealth that we create for a wide variety of stakeholders through our operations and the subsequent allocation of this value generated to the different stakeholder groups, including suppliers, employees, investors and shareholders as well as government authorities.

The difference between value created and distributed is the economic value retained by Alpiq, which goes towards further developing our business. We are committed to increasing the value generated and distributed to our stakeholders, as well as to maintaining a high level of transparency and integrity when it comes to information disclosure. Information from the audited IFRS Financial Statements of the Group were used to prepare the figures in accordance with the GRI recommendations for Disclosure 201-1.







CHF million 2023

CHF million 2022

Economic value generated



Net revenue from energy transactions & related services



Other operating income



Income from associated companies and financial investments



Income from sale of assets and subsidiaries



Economic value distributed



to suppliers (operating expenses)



to suppliers (investments)



to employees



to capital providers



to government



Economic value retained



Table 1: Extract from financial statements


International Financial Reporting Standards (IFRS)