- Annual Report
- Overview
- Foreword from the Chairman of the Board of Directors and CEO
- Market Switzerland
- Market Italy
- Other segments and activities
- Sustainability
- Corporate governance
- Basic principles
- Group structure and shareholders
- Board of Directors
- Executive Board of the Repower Group
- Shareholders' rights of participation
- Change of control and defensive measures
- Auditor
- Information policy
- Implementation of the Ordinance against Excessive Compensation in Listed Stock Companies
- Events after the balance sheet date
- Board of Directors
- Executive Board
- Compensation Report
- Financial Report
- Consolidated Financial Statements of the Repower Group
- Comments on the consolidated financial statements
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Changes in consolidated shareholders equity
- Consolidated cash flow statement
- Notes
- 1 Total operating revenue
- 2 Personnel expenses
- 3 Depreciation/amortisation and impairment
- 4 Financial result
- 5 Income taxes
- 6 Result per share
- 7 Tangible assets
- 8 Intangible assets
- 9 Disclosures of interests in other entities (IFRS 12)
- 10 Other financial assets
- 11 Inventories
- 12 Receivables
- 13 Securities and other financial instruments
- 14 Positive/negative replacement values for held-for-trading positions
- 15 Cash and cash equivalents
- 16 Share capital
- 17 Non-current financial liabilities
- 18 Pension fund obligation
- 19 Other provisions
- 20 Other current liabilities
- 21 Current financial liabilities
- 22 Information about net current assets for the cash flow statement
- 23 Transactions with related parties
- 24 Additional disclosures on financial instruments
- 25 Business combinations, disposals and liquidations
- 26 Assets and liabilities held for sale
- 27 Segment reporting
- 28 Contingent liabilities and warranty liabilities
- 29 Obligations under leasing arrangements
- 30 Risk assessment
- 31 Events occurring after the balance sheet date
- Notes to the consolidated financial statements
- Consolidated accounting principles
- Summary of accounting and valuation principles
- Consolidation
- Accounting and valuation principles
- Capital and enterprise value management
- Risk management and financial risk management
- Estimation uncertainty
- Report of the Auditors on the consolidated financial statements
- Financial Statements of Repower AG
- Consolidated Financial Statements of the Repower Group
- Graphics
- Organisation Chart
- Archive
- Hydropower
Market Italy
Innovation through tradition
Change in the energy industry has to be driven by innovation. But this does not mean traditional hydropower is obsolete. On the contrary: it is the reliable motor that helps make innovation possible in the first place.
Trading in Milan
From its Milan floor Repower Italy trades in electricity, gas and green power certificates on the domestic and international markets. The main goal of this trading activity is optimising the assets in the company's portfolio, with the trading team responsible for ensuring the best possible deployment of the Teverola combined-cycle gas turbine plant, optimising the use of transmission capacity and managing the customer portfolio.
Last year the Milan Trading unit sold 2.3 terawatt hours of electricity, an increase of 28 per cent by comparison with the previous year. There was also a substantial increase in the volumes of gas traded, with Repower's traders selling 1.9 billion cubic metres (+47% year-on-year).
Three major new innovations dominated Trading in Milan in 2014. As part of efforts to harmonise systems across the group, the Allegro trading platform was implemented for gas trading in addition to electricity. The operating system's analysis, valuation, monitoring and reporting functions assure stability and the smooth execution of trading transactions.
Secondly, in 2014 Repower Italy acquired physical gas storage capacity in the Netherlands for 2015 and 2016. Thanks to its position, the Netherlands is the most liquid gas market in Europe, which is why it is used as the basis for the European gas reference price. This means that having physical storage capacity there brings greater flexibility and security. This investment is of great strategic importance, especially given Repower's plans to increasingly do business in the European markets.
Thirdly, Trading in Milan has started building a portfolio of wholesale customers to be able to sell gas and electricity to wholesalers as well – in particular other sales and distribution companies – who then deliver the energy to their customers.
These three major developments last year illustrate the growing importance of gas in Repower's business. Sales of gas (gas sold to end-consumers and in trading) have increased considerably in recent years (see also the chart on page 7), and in volume terms have now drawn level with the amount of electricity traded.