Swiss energy provider profits harmed by nuclear plant shutdowns

Axpo generates less revenue and suffers profit slump in 2024/25 Keystone-SDA

Profits at Swiss energy provider Axpo slumped due to unplanned shutdowns at two nuclear power plants.

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Despite this, Switzerland’s largest energy company is reporting a good result.

Total operating performance fell by 3.1% to CHF7.4 billion in the 2024/25 financial year to the end of September. Electricity production fell by around 10% to 32.4 terawatt hours.

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This was mainly due to planned and unplanned interruptions at the Beznau and Gösgen nuclear power plants as well as a weather-related decline in electricity production from hydropower.

Axpo supplied around 40% of the electricity consumed in Switzerland.

Negative impact

The operating result slumped due to negative effect from shifts in earnings and the development of funds for the decommissioning and disposal of nuclear power plants. EBIT fell by 32% to CHF1.19 billion. The bottom line profit totalled CHF879 million (-42%).

Nevertheless, the board of directors is proposing to shareholders that an ordinary dividend of CHF100 million and an additional special dividend of CHF100 million be paid. Axpo is owned by the cantons and cantonal utilities of north-east Switzerland.

Gösgen losses

Looking to the future, the company is “convinced that it will master the challenges ahead, even in an environment that remains demanding, and that it will utilise the opportunities for further growth that present themselves, particularly in the international business”.

In terms of earnings, the hedged electricity prices would reach their highest level in the 2025/26 financial year.

At the same time, however, the already known delay in the reactivation of the Gösgen nuclear power plant, which is expected to last until February 2026, is likely to have a negative impact on earnings. The nuclear power plant has not been connected to the grid since May 24.

When it published its half-year results, Axpo announced that it expected Gösgen to reduce earnings by CHF150 million to CHF170 million, spread over the two financial years 2024/2025 and 2025/2026.

Translated from German by DeepL/mga

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