- 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 Switzerland
Record hydro production
With 747 GWh of power from 17 hydro plants in Graubünden, Repower's record in Switzerland in 2014 was impressive. But the picture is much less rosy when you consider the low energy prices that have undermined the profitability of hydropower.
Generation
In 2014, Repower's 17 hydropower plants in Canton Graubünden once again posted record production figures, generating a total of 747 gigawatt hours, eight per cent more than in an already excellent 2013. This pleasing result is due on the one hand to the weather – there was abundant precipitation during the year – but also to the good condition of the generation plants and the high quality of the regular maintenance they receive. Added to this, the Taschinas 1 plant generated almost 40 gigawatt hours of electricity that could be processed via the renewable energy balance group on the basis of the feed-in remuneration at cost (KEV) scheme.
At the same time it should be noted that hydropower, despite being an important source of domestically produced renewable energy, can currently no longer be sold at a price sufficient to cover costs because the market is so heavily distorted by massive intervention. As the debate on the Swiss Federal Council's Energy Strategy 2050 goes on, politicians will need to define measures to safeguard the backbone of Swiss energy supply from irreparable damage.
In 2014 Repower continued to invest in maintaining its existing generation assets. Total capital expenditure came to CHF 6 million, CHF 4 million of which went to the refurbishment of No. 1 turbine set-up at Campocologno I in the Poschiavo region of Graubünden.
Repower managed to win various outside contracts for planning services and implementation. The company will be planning the replacement of the 220-kV Avegno substation in Canton Ticino on behalf of national grid operator Swissgrid, and has been commissioned by Engadiner Kraftwerke to procure, engineer and commission secondary systems as part of the refurbishment of the switching stations in Pradella near Scuol. Last but not least, in the course of last year Repower continued with preparations for a further contract awarded by Swissgrid at the end of 2013 to maintain eleven substations in southern and central Graubünden between 2015 and 2019.