Kelag balance sheet 2023
Record result followed by record investments
The Carinthian energy supplier Kelag recorded a plus of 462 million euros in the past financial year. The money is to be invested in infrastructure and new projects.
After the dry year 2022 with correspondingly little electricity from hydropower, the rainfall in 2023 flushed a lot of money into Kelag's coffers - especially in the fourth quarter, electricity generation was atypically high for the season. "The increase in earnings in the 2023 financial year is the result of VERBUND Hydro Power GmbH's highest pro rata business result to date of around EUR 218 million and the significant increase in water supply compared to 2022 of around 105.9% (2022: 76.3%)," explains Kelag CEO Danny Güthlein. According to the balance sheet, the situation is different in the end customer business, even if this will surprise many customers due to the perceived high electricity prices - Kelag is even making an operating loss here.
Money for sustainable energy and infrastructure
However, the millions are not being hoarded or distributed to the owners, but invested. The focus here is on electricity generation plants, grid infrastructure and heat supply plants. In 2023, around 417 million euros (twice as much as in 2022) were invested in projects such as the Soboth/Steinberger Alpe wind farm and the "Sonnen.Wiese" photovoltaic plant in Klagenfurt. "In addition, we also invested in new, promising business areas such as the expansion of fiber optics in the 2023 financial year," explains Kelag CEO Reinhard Draxler.
Record investments planned
Even higher investments are planned for the current year. Kelag plans to invest around 468 million euros in the generation of renewable energy, the use of biomass and waste heat and the expansion of the grid infrastructure. "In this way, we are making a significant contribution to increasing regional independence from expensive fossil fuels as well as to security of supply and crisis preparedness. At the same time, we are providing important impetus for Carinthia as a business and employment location in a challenging economic environment," explains Kelag CEO Reinhard Draxler.
Such figures naturally also arouse the interest of others. While Team Kärnten insists on an immediate reduction in electricity prices and the Chamber of Labor advises sustainable investment in the energy industry, the Chamber of Commerce is calling for domestic companies to be used for the projects.
The ÖVP wants to use the entire profit to accelerate the energy transition. "A Carinthian investment package in the energy transition is urgently needed," demands Sebastian Schuschnig, Provincial Councillor for Energy.
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