Letter to shareholders

Chair of the board of directors Dr Monika Krüsi and CEO Roland Leuenberger

Dear Shareholders
Ladies and Gentlemen

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In 2024, Repower celebrates its 120th anniversary. The company already played an important role in the early electrification of Switzerland and northern Italy, and can look back on a long and successful tradition as an electricity producer, distribution system operator and energy trader. The past financial year will also go down as a special milestone in Repower’s rich history. In 2023, Repower achieved record earnings from international energy trading, leading to an extraordinary annual result with a group profit of CHF 300 million. Even though electricity prices on the international markets halved in the year under review, Repower was able to protect itself from the collapse by hedging its production at higher prices at an early stage. (You will find the comments on the financial results here)

The sale of electricity generated at Repower’s own plants and interests on the international energy markets was very profitable. Proprietary trading likewise recorded an excellent result and profited from market volatility. Gas trading also made an important contribution to earnings with a strong performance in the gas storage business throughout Europe. Exchange rate effects had a negative impact on margins owing to the appreciation of the Swiss franc against the euro.

In view of the growing demand for electricity, expanding and maintaining renewable energy generation capacity is an integral part of Repower’s strategy. This is also reflected in the high level of its investment activity, which has steadily increased in recent years. In the year under review, investments (capex) totalled CHF 102 million (prior year CHF 89 million). The total modernisation of Robbia power plant is the largest renovation investment in the company’s history. After four years of construction, the completely renewed facility will be fully operational again in summer 2024. A turbine set-up at the Klosters power plant was also completely overhauled last year, and planning work for a new hydropower plant at Chlus as an additional power plant stage in the Prättigau was driven forward with purpose. In 2023, Repower invested around CHF 25 million in the maintenance and expansion of its own electricity grid in Graubünden

As part of the Solarexpress programme, Repower is planning to build two alpine solar installations. The two projects are to be constructed by the Vorab and Madrisa mountain stations. The local communities affected, Laax and Klosters, have already approved the projects. In Italy, the construction of a new solar farm in Melfi is already well advanced, and the modernisation of various wind and solar installations has also been successfully completed.

Repower’s own production (including interests) totalled 2,306 GWh last year (up 8% year on year). The amount of precipitation in Graubünden last year was up to 20 per cent higher than average in some cases, but owing to the low snowfall in the winter of 2022/23 the snowmelt was significantly below average. However, electricity production at Repower’s own Graubünden hydropower plants was around ten per cent down on the long-term average. This was due to renovation work at various generation facilities. (You will find the generation statistics here)

In Italy, generation of wind, solar and hydropower increased to 203.8 GWh (+5%). The volume of electricity generated by Teverola gas-fired combined-cycle power plant fell to 638 GWh (–26%) as demand for balancing energy in the Centro Sud region remained very weak. The plant was also offline for two months for maintenance work.

The sales business for SMEs in Italy developed positively. Despite strict credit management, Repower Italy was able to acquire new SME customers for electricity and gas supplies and increase volumes sold to end-consumers by over 600 GWh. Business with Swiss free-market customers also developed positively in the past year. The supply volumes contracted for the future in 2023 increased by 5.7% compared with the previous year and, at more than 500 GWh, reached their highest level since 2018.

In 2023 the board of directors adopted the sustainability strategy for the Repower Group. Repower sees sustainability as an opportunity and intends to use it as a driver of innovation to secure the company’s long-term success and at the same time achieve a positive impact on the environment and society. (You will find the sustainability report here)


Given the extraordinarily good results for the year, the strong capital structure and the large amount of liquidity available to Repower AG and Repower Group, the board of directors proposes that the annual general meeting of 15 May 2024 approve, in addition to an ordinary dividend of CHF 5.00 per share, a one-off special dividend of CHF 3.00 per share.


Given the extreme volatility, the energy market remains very challenging. Negative effects such as a lack of rainfall, customer defaults, exchange rate effects or further market distortions can have a significant impact on the annual result. Thanks to its hedging strategy, Repower has hedged the price of a large proportion of the electricity from its own generation assets in advance, which will have a positive impact on the result in 2024.

Thank you

The 2023 financial year was a year of exceptional achievements and results. We would like to thank our employees, whose expertise and engagement form the backbone of our business. We would also like to thank our partners and valued shareholders, whose continued trust and support enable us to achieve our goals. We look forward to celebrating our anniversary together with all of you: 120 years of commitment to energy, innovation and security of supply.

Dr Monika Krüsi

Chair of the board of directors

Roland Leuenberger