Swiss utility and renewables operator Axpo has recorded CHF791m (€724m) in earnings before interest and tax (EBIT) in its financial year ending 30 September 2020, compared to CHF850m in the previous year.
Axpo’s total income for 2019/2020 reached CHF4808m, which “remained stable” compared with the previous year.
The decline in electricity demand in the wake of the COVID-19 pandemic was “more than offset” by higher hedged electricity prices and the “exceptionally good result” in energy trading, Axpo said.
The company said its solar business has performed “very well” following the acquisition of Urbasolar in 2019.
Axpo’s total solar capacity has increased from 249MW to 373MW, with a further 250MW planned for the current financial year.
Axpo said it also successfully continued its strategy of “profitable growth” in the wind energy sector, further expanding the portfolio and securing future development projects.
In France, Axpo won the first 19/20 auction rounds, thus securing 27 per cent of the total auction volume and winning 10 projects with a total of 201.5MW.
Axpo operates 130 wind turbines with a total capacity of 300MW.
In addition, 143 wind turbines are managed for third parties.
In total, Axpo has projects with a capacity of around 4000MW under development.