Group result 2024 – More water, less profit for energy suppliers

Even high water routering with monthly record peaks and therefore productive electricity production could not make up for other factors for Kelag. The operating course of 2024 fell to 1979 million euros and the profit fell by 24 to 438 million euros compared to the previous year.

“Despite the positive effects, the group result was lower than in 2023. The decisive factor for this was the difficult economic situation and the falling price development on the energy markets,” explains Kelag board Danny Güthlein. Moreover, the milder temperatures ensured that a worse result in the natural gas industry could be achieved.

Investments at home and abroad
However, the lower profit has no influence on the investment program of almost 400 million euros. “Every euro that we invest protects and creates jobs in a time of economic challenges,” says Kelag board member Reinhard Draxler. “The focus is traditionally the areas of electricity generation of renewable energy, network infrastructure and the heat. We also consistently invest in new business areas, such as in the expansion of the fiber optic network.”

The Carinthian energy supplier also puts money in a balanced energy mix outside the Austrian borders – this is how Kelag operates 39 international water power plants. “In this way the import dependence of Europe is gradually reduced. These activities create extra value and highly qualified workplaces at our head office in Klagenfurt,” Güthlein explains.