Energie 360° increases share of renewable energy to 23.4 percent
With a net profit of 54.1 million Swiss francs last year, the energy provider Energie 360° generated significantly less than in the previous year. However, the company increased its sales of renewable energy and is approaching its interim target of 30 per cent by 2025.
Despite significantly higher net revenues in 2022 of plus 56.8 per cent, the energy supplier Energie 360° generated less net profit than in the previous year. The company, which is majority-owned by the City of Zurich, only achieved a net profit of CHF 54.1 million in the financial year ending 30 September 2022, compared to CHF 61.9 million in the previous year, according to a media release. The reason was a sharp rise in energy procurement costs.
However, Energie 360° significantly increased the share of renewable energy in direct sales to 23.4 percent. The share is thus above target and is approaching the interim goal of 30 percent by 2025. A total of 1223 gigawatt hours of gas were generated from renewable sources, an increase of 2.9 percent. Total gas sales, on the other hand, fell from a total of 5468 to 5219 gigawatt hours, a decrease of 4.5 percent.
Total biogas sales, including resales, even amounted to 1288 gigawatt hours. This corresponds to an increase of 11 percent. Energie 360° intends to further increase the share of this climate-friendly energy source in its standard product. This is to be achieved through the construction of new plants and new technologies.
By 2040, the Swiss-wide energy provider aims to supply 100 percent renewable energy. The focus is on locally available solutions. Therefore, the company plans to build seven new energy networks in the city of Zurich alone.
The annual general meeting approved a reduced dividend payment of CHF 11.7 million. It reportedly takes into account a higher investment requirement for the transformation of the company. The equity ratio is 85.1 per cent.