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Kelag maximizes half-year results and invests in the future of energy in 5 minutes

Kelag maximizes half-year results and invests in the future of energy in 5 minutes

Zvezdana Siger, the Director of Human Resources and Director of Labor at RWE AG was newly delegated to the Supervisory Board. it’s tracking Thomas Glimble. Oversight Board mandates Monica Kircher And Gilbert Isip It was extended for another period. The Board of Directors also informed shareholders of the company’s semi-annual positive results for the year 2021.

Green investments pay off

123.4% water flow, growth in renewable energy investments and increased wholesale electricity prices led to a very good business result for Kelag in the first half of 2021. Sales were up 14.5% to €605.2 million and were swaying back to pre-crisis level. Consolidated profit increased by approximately €28 million to €94.0 million compared to the same period in 2020. Kelag achieved growth in all areas of the business in the first half of 2021. Electricity sales grew 15.6% to 7,788 million kWh, mainly due to business expansion, but also due to higher sales to end customers.

Because of the new worlds of work (keyword home office), the trend of increased consumption in private households has continued. On the customer side, sales volumes only in the catering and tourism sectors continued to decline due to restrictive health policy measures. In heating, sales rose 15.4% to 1,182 million kWh. This development was primarily due to cooler weather compared to the first half of 2020.

Record investments in 2021: 226 million euros planned

About 226 million euros have been allocated for investments for the whole of 2021, which is the highest
An investment program in the history of a leading Carinthian company.
Ambitious growth activities confirm that Kelag is contributing to the energy transition, which seeks to expand renewable energy as a strategic objective. As part of international activities, the merger of hydroelectric power plants in France has been successfully completed; More renewable power plants are scheduled to be acquired in Portugal in the second half of the year. In the province of Belluno in Italy, the construction of a hydroelectric power plant has begun. In Austria, many hydroelectric power plants are being renovated and upgraded, such as the energy storage plants in Coralbe, Fürstsee and Kamring.

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As another milestone in the realization of supply security and network stability, the 220/110 kV grid support Villach Süd was officially commissioned in June along with transmission network operator APG AG. Additional investments were focused on refurbishment of the transformer substations and switchgear as well as network expansion as per customer requirements. In the field of heating, the Nicklasdorf District Heating Project in Styria was promoted and the majority of BioNahwärme Lauterach was acquired in Vorarlberg. In addition, existing heat distribution networks were expanded and new projects prepared.

Positive outlook for 2021

As part of the energy transition, Kelag’s financial profile, strengthened in the first half of 2021, forms the basis for continued investment in renewable electricity generation from hydro, wind and solar power and expansion of heat generation based on biomass and industrial waste heat. Despite the uncertainties associated with the post-epidemic course, it can be assumed that the general economic situation will continue to recover. Given these developments and very good water flow in the first half of 2021, Kelag’s Board of Directors expects an increase in earnings for the 2021 fiscal year.