Axpo Holding
Swiss energy company
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Axpo Holding AG is a Swiss energy company headquartered in Baden, in the Canton of Aargau, and the parent company of the Axpo Group. Established in 2001 through the reorganisation of the former Nordostschweizerische Kraftwerke AG (NOK), it is wholly owned by the cantons of northeastern Switzerland and their cantonal electricity companies.[6]
| |
| Type | Government-owned Aktiengesellschaft[1] |
|---|---|
| Industry | Electric power, energy trading and energy services |
| Predecessor | Nordostschweizerische Kraftwerke AG (NOK) |
| Founded | March 16, 2001[2] |
| Headquarters | , |
Area served | Europe, North America and Asia; more than 30 countries[3] |
| Key people | Roland Leuenberger (chairman)[4] Christoph Brand (CEO)[4] |
| Revenue | CHF 7,395 million (2024/25)[5] |
| CHF 879 million (2024/25)[5] | |
| Total assets | CHF 31,577 million (2024/25)[2] |
| Owner | Cantons of northeastern Switzerland and their respective cantonal electricity companies (100%)[6] |
Number of employees | 7,480 full-time equivalents (2024/25)[2] |
| Subsidiaries | CKW, Urbasolar and Volkswind[3] |
| Website | www |
The group is active in electricity generation, power grids, energy supply and energy trading, as well as energy services and long-term power purchase agreements (PPAs). In Switzerland, its generation portfolio is based mainly on hydroelectricity and nuclear power, while its international expansion has focused particularly on solar and wind power, electricity and natural-gas trading, and the marketing of renewable generation. The group also participates in gas-fired combined cycle power plants and is active in biomass, biomethane, battery storage and liquefied natural gas (LNG).[3]
In the 2024/25 financial year, Axpo operated more than 150 power plants together with partners and, through these facilities, its shareholdings and long-term power procurement agreements, supplied around 40% of the electricity consumed in Switzerland.[7] Outside Switzerland, the group operates in more than 30 countries and 40 markets in Europe, North America and Asia.[8] As of 30 September 2025, it employed 7,480 full-time equivalents.[2]
History
Origins and establishment of Axpo
Axpo's origins date back to the development of electrification in Switzerland in the late 19th century. Motor AG, a predecessor of the companies that later formed the group, was founded in 1895. In 1908 it connected the low-head Beznau hydroelectric plant in the Canton of Aargau with the Löntsch storage power plant in the Canton of Glarus by means of a 27 kV transmission line about 100 kilometres long.[9]
In 1914, the cantons of Aargau, Glarus, Zurich, Thurgau, Schaffhausen and Zug established Nordostschweizerische Kraftwerke AG (NOK), which took over the Beznau and Löntsch plants.[10] NOK completed its first own hydroelectric power station at Eglisau, on the Rhine, in 1920.[9]
The integration of the Swiss power grid into the European system progressed over the following decades. In 1958 the networks of Germany, France and Switzerland were interconnected at 220 kV, and in 1967 the Laufenburg interconnection was expanded to 380 kV. The node became known as the "Star of Laufenburg" and developed into one of the origins of the interconnected electricity grid of continental Europe.[11]
NOK also entered nuclear generation. Unit 1 of the Beznau Nuclear Power Plant began operation in 1969, becoming Switzerland's first commercial nuclear power plant, and unit 2 entered service in 1971.[12] Following the Fukushima nuclear accident in 2011, the Swiss Federal Council decided not to build new nuclear power plants as part of a reorientation of the country's energy policy.[13] In 2016, Swiss voters rejected in a referendum an initiative that would have imposed operating-life limits on existing plants and accelerated the phase-out of nuclear power.[14]
In the late 1990s, the progressive liberalisation of the European electricity market led NOK's shareholders to reorganise their holdings. In 2001, NOK, its shareholder cantons and the respective cantonal electricity companies created Axpo Holding AG, headquartered in Baden. NOK, Centralschweizerische Kraftwerke AG (CKW) and EGL AG, later incorporated into Axpo Solutions AG, were placed under the holding company.[15] The company was formally incorporated on 16 March 2001.[16]
International expansion and diversification
During the 2000s, Axpo combined investment in Swiss electricity infrastructure with an expanding international energy supply and trading business. In 2005, the "Linthal 2015" project was launched in the Glarus Alps, expanding the Linth–Limmern complex with a 1,000 MW pumped-storage power plant. The Limmern plant entered service progressively in 2016 and 2017 after around ten years of planning and construction; the investment amounted to approximately CHF 2.1 billion.[17]
The former NOK was renamed Axpo AG in 2009 and Axpo Power AG in 2012.[15] The reorganisation accompanied a clearer separation of generation, grids, supply and international activities.
Between 2013/14 and 2015/16, falling wholesale electricity prices and the appreciation of the Swiss franc led to significant impairments of power plants and power procurement contracts. The group recorded net losses of approximately CHF 730 million in 2013/14, CHF 990 million in 2014/15 and CHF 1.252 billion in 2015/16.[18][19] Recovering prices and cost-reduction measures contributed to a return to profit in 2016/17.[20]
At the same time, the group expanded renewable energy activities outside Switzerland. In 2015 it acquired the German company Volkswind, a developer and operator of wind farms in Germany and France.[21] The same year, the Global Tech I offshore wind farm in the North Sea entered service; Axpo holds a 24.1% stake in the project.[22] In 2019, it completed the acquisition of the French company Urbasolar, which develops, builds and operates photovoltaic installations.[23]
International expansion was accompanied by growth in energy trading and long-term contractual solutions, including power purchase agreements (PPAs). In 2018/19, according to the group's accounts, the Trading & Sales business recorded what was then its best result, supported in part by demand for PPAs and the expansion of international activities.[24]
2022 energy crisis
In 2022, the sharp rise in European energy-market prices, associated with the Russian invasion of Ukraine and reduced availability of the French nuclear fleet, substantially increased the collateral requirements faced by companies that had sold their electricity production forward.[25] Although these hedging positions did not necessarily imply equivalent economic losses, they created very large liquidity requirements across the sector.
On 2 September 2022, Axpo requested precautionary temporary liquidity support from the Swiss Confederation. On 5 September, the Federal Council made available a subordinated credit facility of up to CHF 4 billion.[26] The Federal Council subsequently submitted a supplementary credit of the same amount to Parliament.[27] The facility was subject, among other conditions, to restrictions on dividend payments and on asset disposals that could jeopardise repayment of any loans, as well as additional reporting obligations to the authorities.[26]
Axpo did not draw on the credit line. As markets partly normalised and collateral requirements declined, the company requested the withdrawal of the facility in 2023. The Federal Department of Environment, Transport, Energy and Communications fully revoked it with effect from 1 December 2023.[25] The company nevertheless remained subject to the reporting obligations applicable under federal law to electricity companies considered systemically important.[28]
Corporate structure
Shareholders
Axpo Holding AG is wholly owned by public entities: its shareholders are cantons in northeastern Switzerland and cantonal electricity companies.[29] As of 30 September 2025, share capital amounted to CHF 370 million, divided into 37 million registered shares with a nominal value of CHF 10 each.[30]
The shareholders and their respective holdings are:[30]
- Elektrizitätswerke des Kantons Zürich — 18.410%
- Canton of Zurich — 18.342%
- AEW Energie AG — 14.026%
- Canton of Aargau — 13.975%
- St. Gallisch-Appenzellische Kraftwerke AG — 12.501%
- EKT Holding AG — 12.251%
- Canton of Schaffhausen — 7.875%
- Canton of Glarus — 1.747%
- Canton of Zug — 0.873%
Group organisation
Axpo Holding AG is responsible for the strategic direction of the Axpo Group. The group's management structure is organised into three main areas: Generation & Distribution, Trading & Sales and CKW.[31][32]
Generation & Distribution brings together the operation and optimisation of the generation fleet—including nuclear, hydro, gas and renewables—and distribution grids, as well as investment in generation and network capacity.[31] Trading & Sales comprises international energy trading, marketing of the group's generation and the development of energy solutions for customers, including long-term supply and procurement contracts.[31] CKW is the group's principal platform for end customers and energy services in Central Switzerland.[32]
Among Axpo Holding AG's principal Swiss subsidiaries are Axpo Grid AG, Axpo Hydro AG, Axpo Power AG and Axpo Solutions AG, all wholly owned. In the 2024/25 financial year, Axpo Holding's stake in CKW AG increased to 85.9%.[32][30] In the international renewables business, the group controls companies including Volkswind and Urbasolar.[33]
Avectris AG, which had previously been listed among the group's subsidiaries and provided information-technology services, ceased to be part of Axpo in 2020, when Axpo, EKZ and AEW sold the company to GIA Informatik AG.[34]
Financial data
The financial development of the Axpo Group since the 2011/12 financial year is shown below. Financial amounts are in millions of Swiss francs. For historical years, subsequently restated figures in the company's financial reports are used where available.[18][35][36][32]
| Financial year | Total revenue (CHF million) |
Net result (CHF million) |
Employees (year-end) |
|---|---|---|---|
| 2011/12 | 7,346 | 282 | 4,376 |
| 2012/13 | 7,025 | 212 | 4,509 |
| 2013/14 | 6,705 | −730 | 4,477 |
| 2014/15 | 5,860 | −990 | 4,284 |
| 2015/16 | 5,416 | −1,252 | 4,294 |
| 2016/17 | 5,567 | 310 | 4,222 |
| 2017/18 | 4,850 | 131 | 4,441 |
| 2018/19 | 4,856 | 865 | 4,958 |
| 2019/20 | 4,808 | 570 | 5,350 |
| 2020/21 | 6,056 | 607 | 5,338 |
| 2021/22 | 10,546 | 594 | 5,937 |
| 2022/23 | 10,451 | 3,389 | 6,420 |
| 2023/24 | 7,635 | 1,509 | 7,023 |
| 2024/25 | 7,395 | 879 | 7,480 |
From 2013/14 to 2015/16, results were heavily affected by impairments of power plants and power procurement contracts, mainly associated with falling wholesale electricity prices.[18][19] In 2018/19, by contrast, net income increased to CHF 865 million; approximately CHF 398 million of impairment reversals contributed to this development.[37]
In the 2022/23 financial year, following the severe disruption to energy markets in the preceding year, the group recorded a net result of CHF 3.389 billion. Axpo attributed the increase mainly to the normalisation of financial effects and the performance of its international customer and energy-trading business.[38] In 2024/25, total revenue was CHF 7.395 billion and net income CHF 879 million; the group had 7,480 full-time-equivalent employees at the end of the period.[32]
Activities
Power generation
Axpo generates electricity from a diversified portfolio of hydroelectric, nuclear, solar, wind, gas and biomass plants, located mainly in Switzerland and other European countries.[39] At the end of the 2024/25 financial year, generation capacity attributable to the group, calculated in proportion to its holdings in the plants and including long-term procurement rights, amounted to approximately 10,165 MW. Corresponding net generation during the same year was approximately 32,371 GWh.[40]
| Technology | Switzerland | International | Total |
|---|---|---|---|
| Hydroelectric power | 4,350 MW | — | 4,350 MW |
| Nuclear power, including long-term contracts | 1,630 MW | 1,020 MW | 2,650 MW |
| Natural gas | — | 1,750 MW | 1,750 MW |
| Solar power | 10 MW | 700 MW | 710 MW |
| Wind power | 2 MW | 680 MW | 682 MW |
| Biomass | 21 MW | 2 MW | 23 MW |
| Total | 6,013 MW | 4,152 MW | 10,165 MW |
The figures in the table represent Axpo's proportional share of the facilities, including fully consolidated plants, equity interests and power-procurement rights, and therefore do not necessarily correspond to the full nominal capacity of plants operated or partly owned by the group.[40]
Hydroelectric power
Hydroelectricity is Axpo's largest source of installed capacity. The group owns or participates in around 60 hydroelectric facilities in Switzerland and, in the 2024/25 financial year, had approximately 4,350 MW of attributable hydroelectric capacity, with generation of 8,754 GWh.[41][40]
The portfolio includes run-of-river, storage and pumped-storage plants. Facilities include the Beznau, Rheinau and Eglisau-Glattfelden power stations and the Linth–Limmern complex. The latter was expanded through the "Linthal 2015" project, which added the 1,000 MW Limmern pumped-storage plant. Investment in the expansion amounted to approximately CHF 2.1 billion.[42]
Axpo's hydroelectric plants include:
- Beznau hydroelectric power station, on the Aare (run-of-river);
- Rheinau hydroelectric power station, on the Rhine (run-of-river);
- Eglisau-Glattfelden Power Station, on the Rhine (run-of-river);
- Linth–Limmern Power Stations, including storage and pumped-storage facilities.
Dams and other water-retaining structures in Switzerland are subject to a federal safety regime that establishes requirements for supervision, inspection and resistance to extreme events, including floods and earthquakes. Federal technical supervision is carried out by the Swiss Federal Office of Energy.[43][44]
Nuclear power
Axpo owns the Beznau Nuclear Power Plant outright, holds interests in the Gösgen and Leibstadt nuclear plants and has rights to purchase generation from French nuclear power stations. Together, these positions represented approximately 2,650 MW of attributable capacity at the end of the 2024/25 financial year, of which 1,630 MW was in Switzerland and 1,020 MW consisted of long-term contracts abroad.[45][40]
Beznau consists of two pressurized water reactor units, each with a capacity of 365 MW. The units entered service in 1969 and 1971, respectively. Axpo owns 100% of the plant.[45] At Leibstadt, which has a gross electrical output of 1,285 MW, the Axpo Group holds a 52.7% interest.[45] At Gösgen, the group's aggregate interest is 37.5%.[46]
| Plant | Axpo Group interest |
|---|---|
| Beznau Nuclear Power Plant | 100% |
| Gösgen Nuclear Power Plant | 37.5% |
| Leibstadt Nuclear Power Plant | 52.7% |
In addition to its interests in Swiss plants, Axpo holds rights to purchase electricity generated by nuclear power plants operated by Électricité de France (EDF).[45]
The safety of Swiss nuclear facilities is overseen by the Swiss Federal Nuclear Safety Inspectorate (ENSI), an independent authority responsible for supervising the Beznau, Gösgen and Leibstadt plants, among other nuclear facilities in the country.[47] Under Swiss law, existing nuclear power plants may continue operating as long as they comply with the applicable safety requirements; there is no general closure date determined solely by the age of a plant.[45]
Solar and wind power
Axpo's expansion in solar and wind energy has taken place mainly outside Switzerland. At the end of the 2024/25 financial year, attributable solar capacity amounted to approximately 710 MW, of which 700 MW was abroad, while attributable wind capacity was approximately 682 MW, of which 680 MW was outside Switzerland.[40]
In solar power, international activities are carried out largely through the French subsidiary Urbasolar, acquired by Axpo in 2019. The company develops, builds and operates photovoltaic installations on the ground, rooftops, car parks and other structures.[48] According to Axpo, by 2026 more than 700 large-scale solar installations had been built and its European development pipeline amounted to around 10 GW.[49]
In Switzerland, one of the group's solar projects is AlpinSolar, built by Axpo and IWB on the wall of the Muttsee dam in the Glarus Alps. Located at an altitude of around 2,500 metres, the installation became fully operational in August 2022, has around 5,000 photovoltaic modules and a capacity of 2.2 MW, and generates approximately 3.3 GWh of electricity per year.[50]
In wind power, Axpo develops projects mainly through the German subsidiary Volkswind, acquired in 2015. By 2026, Volkswind and Axpo had developed more than 1,600 MW of wind projects and built more than 90 wind farms in Germany and France.[51] The group also holds a 24.1% stake in the Global Tech I offshore wind farm in the North Sea, which has a total capacity of 400 MW.[51]
In 2024/25, Axpo added 219 MW of solar capacity and 43 MW of wind capacity to its European portfolio.[52]
Gas-fired power plants
Axpo participates in natural-gas-fired combined cycle power plants in Italy. At the end of the 2024/25 financial year, gas-fired generation capacity attributable to the group's holdings amounted to approximately 1,750 MW.[40]
The Italian portfolio includes the Rizziconi plant, which Axpo owns outright, Calenia, in which it has an 85% interest, and SEF Ferrara, in which it holds 49%. Taken together, these holdings represent a portfolio of approximately 1,800 MW according to the company's operational description.[53]
The gas-fired plants are the principal source of direct greenhouse-gas emissions from the group's electricity generation. In 2024/25, the Calenia and Rizziconi plants had net generation efficiencies of 51.7% and 51.1%, respectively.[40]
Biomass and biomethane
Axpo is active in the energy recovery of organic waste, wood, biogas and biomethane. In Switzerland it operates 15 biogas plants using technologies including the fermentation of organic waste, as well as composting facilities and the Axpo Tegra wood-biomass power plant at Domat/Ems.[54][53]
In the 2024/25 financial year, biomass facilities represented approximately 23 MW of attributable capacity, of which 21 MW was in Switzerland and 2 MW abroad, with combined net generation of approximately 106 GWh.[40]
From the 2020s, the group expanded its biogas and biomethane activities to other European markets. In 2024 it launched or acquired projects in Portugal, Italy and Poland, adding to existing activities in Spain and Switzerland.[55][53] In Portugal, Axpo Iberia and Goldenergy announced in 2024 a biomethane production project in Vila do Conde, designed to use agricultural and livestock waste and produce more than 15 GWh per year.[56] In November 2025, contracts were signed concerning use of the site and supply of agricultural and livestock waste for the future plant, indicating that the project remained under development at that time.[57]
Electricity grids
Axpo maintains its own electricity distribution network in Switzerland, connecting the national transmission grid operated by Swissgrid with the distribution networks of cantonal and municipal utilities. Axpo's network operates mainly at voltage levels of 110, 50 and 16 kV.[58]
Axpo's supraregional distribution network is approximately 2,200 kilometres long and has around 8,000 pylons, with a maximum supply capacity of about 3,200 MW. Approximately 82% of the network consists of overhead lines and 18% of underground cables.[58]
The infrastructure primarily serves northeastern Switzerland, the Principality of Liechtenstein and parts of the cantons of Schwyz, Zug, Graubünden and Valais.[58] In the 2024/25 financial year, technical losses on Axpo's networks at levels 1 to 5 amounted to approximately 0.8% of the electricity transported.[40]
The Thayngen–Schlattingen high-voltage line partly crosses German territory, although it does not supply substations in Germany.[59]
Energy trading and PPAs
Energy trading is one of the group's main international activities and is carried out principally through Axpo Solutions AG and its subsidiaries. Trading & Sales trades physical energy volumes and energy-related financial products in the major European markets, as well as in the United States and Asia.[60]
Activities include electricity, natural gas, liquefied natural gas (LNG), derivatives, risk and portfolio management, guarantees of origin, balancing services and market access.[61] Axpo is also active in the business known as origination, in which contracts are structured to match the production or consumption profile of each counterparty rather than using standardised energy products.[39]
A significant part of this activity is associated with marketing renewable generation through long-term power purchase agreements (PPAs). Such contracts allow the terms for buying and selling electricity generated by wind farms, solar plants and other facilities to be set in advance, for both producers and corporate consumers.[62]
Axpo participates in PPAs as a producer, buyer, energy supplier, structurer or provider of market-access and balancing services. The company offers such contracts in more than thirty countries.[62] There is no complete public list of all contracts entered into by the group, as some are confidential. Publicly identified agreements include:
| Year | Country | Counterparty or project | Main characteristics |
|---|---|---|---|
| 2020 | Spain | Grupo Enhol | Five-year PPA for a 50 MW wind farm in Buñuel, Navarre.[63] |
| 2020 | Spain | Azora Capital | Ten-year PPA for the output of a 104.5 MW wind farm in the province of Cuenca.[64] |
| 2021 | Spain | Berry Global | Ten-year PPA associated with a new 50 MW photovoltaic plant in the Trillo project, supplying several Berry facilities in Spain.[65] |
| 2022 | Switzerland | Nestlé | Five-year physical PPA for around 100 GWh per year of hydroelectricity from the Mauvoisin power plant.[66] |
| 2022 | Germany | Nestlé | Five-year PPA for approximately 50 GWh per year from German wind farms.[67] |
| 2022 | Poland | R.Power Group | Agreement to purchase the output of a portfolio of photovoltaic plants with almost 300 MWp of installed capacity.[68] |
| 2022 | Poland | Green Investment Group / Air Products | Nine-year market-access and balancing agreement for all output from the 22 MW Ścieki wind farm, facilitating a virtual PPA between the wind farm and Air Products.[69] |
| 2022 | Italy | Canadian Solar | Two ten-year PPAs for solar plants in Lazio and Sicily, with a combined 84 MWp and projected output of about 156 GWh per year.[70] |
| 2022 | Belgium | Umicore | Onshore-wind PPA for around 35 GWh per year, with supply scheduled through 2035 to facilities in Hoboken and Olen.[71] |
| 2022 | Spain | Aquila Clean Energy | PPAs and market-representation services for two photovoltaic plants in Almería and Toledo, with 66 MW of combined capacity and more than 120 GWh of annual generation.[72] |
| 2023 | Poland | Nestlé / GoldenPeaks Capital | Axpo provided balancing and market-access services for a cPPA supplying around 44 GWh per year of solar power to seven Nestlé factories in Poland.[73] |
| 2023 | Germany | Siltronic | Long-term fixed-price PPA supplying solar power to the Burghausen and Freiberg plants.[74] |
| 2023 | Slovenia | Kolektor | First publicly announced corporate financial PPA in Slovenia: ten years and up to 0.2 TWh for a Kolektor Mobility plant.[75] |
| 2023 | Netherlands | Nobian / WIRCON | Long-term solar PPA supplying Nobian's Delfzijl facilities from a plant developed by WIRCON.[76] |
| 2023 | Finland | Pilkington Automotive Finland | Long-term wind PPA for Pilkington industrial facilities belonging to the NSG Group.[77] |
| 2023 | Germany | Sunnic Lighthouse | Second PPA between the companies; from October 2023, Axpo purchases around 38.4 GWh per year of solar power.[78] |
| 2023 | Sweden | Egmont / Soltech | PPA for a new solar plant built by Soltech; the electricity covers approximately half of Egmont's consumption in Sweden and Norway.[79] |
| 2023 | Germany | Messer / Südwerk | Long-term PPA under which Axpo markets the output of two Bavarian solar plants to Messer facilities in Siegen and Speyer.[80] |
| 2023 | Spain | Rainergy | Five-year PPA for an Iberian portfolio of wind and hydro assets totalling approximately 100 MW.[81] |
| 2023 | Spain | Towa International | Solar PPA intended to cover approximately 70% of consumption at Towa's headquarters, production plant and R&D centre in Martorelles.[82] |
| 2024 | Sweden | Borealis | Ten-year PPA for 125 GWh per year of onshore wind power for the Stenungsund facilities.[83] |
| 2024 | Belgium | Borealis | Ten-year PPA for around 70 GWh per year of wind electricity for Borealis sites in Belgium.[83] |
| 2024 | Belgium | Ineos Oxide | Five-year PPA for 30 GWh per year of wind power for the Antwerp complex.[84] |
| 2024 | Italy | Saint-Gobain | Ten-year corporate PPA for 22 GWh per year of wind generation from Apulia for ten Italian industrial sites.[85] |
| 2024 | Spain | HiperDino | Ten-year solar hedge PPA for 300 GWh in total—30 GWh per year—equivalent to about 20% of the chain's consumption.[86] |
| 2024 | Spain | ITP Aero | Ten-year PPA for 250 GWh of renewable electricity for ITP Aero sites in Spain, equivalent to 35% of annual consumption.[87] |
| 2024 | Slovenia | Petrol | Five-year physical PPA; Axpo's second PPA in Slovenia and the first announced by the company for physical delivery to a Petrol end customer.[88] |
| 2024 | Belgium | Borealis / Vleemo | Two additional PPAs for more than 900 GWh of wind power, with supply from 2026 and expiry dates in 2030 and 2035.[89] |
| 2024 | Sweden | Stegra | PPA to supply 2.25 TWh over three years from 2027 to the hydrogen, iron and steel plant in Boden.[90] |
| 2024 | Sweden | Hydro Energi | Ten-year contract to supply 2.63 TWh between 2026 and 2035 in Swedish price area SE2.[91] |
| 2025 | Italy | Bormioli Luigi | Ten-year corporate PPA, from 2025 to 2034, for 30 GWh per year from two photovoltaic plants in Sicily.[92] |
| 2025 | Italy | Moncada Group | Seven-year PPA to market around 42 GWh per year generated by six new photovoltaic plants in Sicily.[93] |
| 2025 | Finland | Exilion / Colgate-Palmolive | Twelve-year PPA from 2025 for 70 GWh per year from the Ii Isokangas wind farm, intended to cover part of Colgate-Palmolive's energy needs.[94] |
| 2025 | Poland | Brembo | Ten-year cPPA to supply a total of 1 TWh of renewable electricity to Brembo's Polish factories.[95] |
| 2025 | United Kingdom | British Solar Renewables | Ten-year route-to-market PPA for all output from a 25 MW photovoltaic plant at Whaddon Farm, Wiltshire, paired with a 16 MWh battery.[96] |
| 2025 | Croatia | Klimaoprema | Axpo's first long-term cPPA in Croatia: ten years and approximately 17.5 GWh for the Nova Gradiška and Samobor plants.[97] |
| 2025 | Greece | EDF Renewables Hellas | Short-term PPA to purchase all output from two solar plants in Boeotia with a combined capacity of 102 MW.[98] |
| 2025 | Poland | Auchan / GoldenPeaks Capital | Market-access and balancing agreement facilitating a cPPA for about 115 GWh per year from 35 solar plants for Auchan stores.[99] |
| 2025 | Spain | TURN2X / Aquila Clean Energy | PPA to supply renewable electricity to an electrolyser used to produce e-methane; Axpo presented it as the first agreement of this type between an independent supplier and an electrolyser operator in Spain.[100] |
| 2026 | Spain | Fortia Energía | Five-year wind PPA for 44 GWh per year, effective from 1 January 2026.[101] |
| 2026 | Spain | Grupo Enhol | Ten-year wind PPA for a total volume of 3.7 TWh, the largest long-term PPA signed by Axpo Iberia up to that point.[102] |
| 2026 | Spain | McDonald's | Ten-year solar PPA for up to 83 GWh per year, supplied from the 200 MWp Vilecha photovoltaic complex in León.[103] |
| 2026 | Spain | ROCKWOOL | Ten-year PPA, scheduled to begin in early 2027, for more than 450 GWh of electricity from the Vilecha solar complex.[104] |
| 2026 | France | French Ministry of the Armed Forces / Urbasolar | Thirty-year PPA associated with a future 42 MWp solar plant on a former military site at Salbris.[105] |
| 2026 | Belgium | Vlaams Energiebedrijf / Elicio | Axpo's first public-sector vPPA in Belgium: ten years and 45.5 GWh per year of onshore wind power for six public organisations.[106] |
At the end of the 2024/25 financial year, Axpo managed and marketed a portfolio of approximately 85 TWh of renewable energy belonging to customers and producers. Through its supply activities, it also provided electricity to around 1.7 million delivery points for households and small and medium-sized enterprises in Italy, Spain, Portugal and Poland.[107]
Natural gas and LNG also became an important part of the trading business. Between January 2020 and September 2025, Axpo delivered 128 LNG cargoes in Europe, equivalent to around 100 TWh of gas. The company is also active in cross-border natural-gas transport, storage and trading.[108]
Markets
Axpo carries out energy-supply activities in Switzerland and a range of international markets, with a particularly strong presence in Europe. The group supplies electricity and natural gas to end customers in both the business and industrial segments, complementing these activities with wholesale energy trading, representation of producers and long-term power purchase agreements (PPAs).[60]
In Switzerland, the group's commercial activities focus mainly on supplying companies and large consumers, while the subsidiary CKW has a significant presence among residential customers and small and medium-sized enterprises in Central Switzerland.[109] Outside Switzerland, Axpo supplies end customers in markets including Italy, Spain, Portugal and Poland. At the end of the 2024/25 financial year, the group stated that it supplied electricity to around 1.7 million delivery points for households and small and medium-sized enterprises in those four countries.[7]
The scale and profile of Axpo's activities vary from country to country, ranging from electricity generation and distribution in Switzerland to energy supply, representation of producers, wholesale-market trading and PPA development in international markets.
Countries in which the Axpo Group has a documented corporate presence, office or market activity. Axpo states that it is active in more than 30 countries and 40 markets across Europe, North America and Asia.[110][40] Ireland and Japan, more recent additions to the group's international network, have local activities in Dublin and Tokyo, respectively.[111][112]
Switzerland
Switzerland is the Axpo Group's principal market for generation and infrastructure. In the 2024/25 financial year, the company estimated that, through its power plants, shareholdings and long-term procurement agreements, it supplied around 40% of the electricity consumed in the country.[7] Most of the group's Swiss generation comes from hydroelectricity and nuclear power. In 2024/25, generation attributable to Axpo in Switzerland amounted to around 20,618 GWh, of which 11,753 GWh was nuclear and 8,754 GWh hydroelectric.[113]
In the regulated retail market, the group's presence is primarily through CKW, which supplies electricity to more than 200,000 customers in the cantons of Lucerne and Schwyz.[109] Axpo itself operates mainly in the liberalised market, supplying chiefly large consumers and businesses; according to the group, end customers subject to regulated tariffs make only a small contribution to its results.[7]
Axpo also maintains an extensive distribution-grid infrastructure in northeastern and central Switzerland, connected to the national grid operated by Swissgrid. These activities are complemented by CKW's networks in Central Switzerland. Together, the group's companies manage around 10,000 km of distribution grids in the country.[113] More than 5,000 of the Axpo Group's approximately 7,500 employees were based in Switzerland in 2025.[114]
In the 2024/25 financial year, the group invested approximately CHF 280 million in Switzerland. Axpo also announced plans to invest around CHF 2 billion more in Swiss energy infrastructure over the following years, excluding possible future investments in the Gösgen and Leibstadt nuclear plants or in a reserve power station.[7]
Sponsorships
In Switzerland, Axpo has a long-standing partnership with PluSport, the national sports organisation for people with disabilities. In 2024 it marked seventeen years as main sponsor of the PluSport Day, held in Magglingen in the Canton of Bern.[115] The same year it sponsored the 2024 UCI Road and Para-cycling Road World Championships in Zurich, where it financed accessible viewing areas for spectators with and without disabilities. The Axpo Grid subsidiary also sponsored the Gippingen cycling festival.[115]
Spain
Establishment and structure
Axpo's presence in Spain is organised mainly through Axpo Iberia, S.L., established in 2001 as a subsidiary of the then EGL and later integrated into the Axpo Group. The company was created to develop energy supply and trading activities in the Iberian Peninsula.[116] In 2002 it obtained a licence to market electricity in Spain, and in 2003 it began supplying electricity to end customers.[117]
The Spanish headquarters is in Madrid, on Paseo de la Castellana, and the company also has an office in Jerez de la Frontera.[118] The Jerez office was expanded in 2023 following growth in activities managed from Andalusia, including electricity, gas and biomass supply and trading in carbon-emission allowances.[119]
According to Axpo Iberia's non-financial information statement for 2024/25, Axpo Iberia had 382 full-time-equivalent employees. The companies included in its Iberian reporting perimeter together employed more than 500 people of more than twenty nationalities.[120]
Electricity market and representation of producers
Axpo Iberia supplies electricity primarily to small and medium-sized enterprises and large consumers. According to figures published by the company, its direct-supply portfolio in Spain comprised more than 12,200 customers and around 24,200 supply points, with approximately 4 TWh of electricity managed annually.[121]
Another part of its business is representing electricity producers in the market and providing control-centre services. According to the company, its market-representation and control-centre portfolio covered approximately 9,230 MW across around 560 facilities using renewable energy, cogeneration, biomass, concentrated solar power and hydroelectricity.[121] Axpo Iberia also trades electricity in the Spanish and Portuguese wholesale markets, carries out cross-border transactions and provides price-risk hedging for producers and consumers.[120]
Gas market
Axpo has ranked among the leading natural-gas suppliers in Spain by sales volume. According to the National Commission on Markets and Competition (CNMC), in 2022 it held a 5.8% share of final natural-gas sales.[122] In 2023 the share rose to 6.8%, placing Axpo fifth by sales volume behind Naturgy, Endesa, Repsol and Iberdrola.[123]
In 2024 its share fell to 5.5%, although it remained the fifth-largest group by retail gas sales volume in Spain, behind Naturgy (27.0%), Endesa (14.9%), Repsol (11.9%) and Iberdrola (7.2%).[124] During the second quarter of 2025, Axpo sold around 2.49 TWh of gas to end consumers, corresponding to 3.3% of the total market volume for that quarter.[125]
Axpo Iberia supplies gas to small and medium-sized enterprises and large industrial consumers and participates in wholesale transactions and price hedging. Its Spanish activities form part of the Axpo Group's European gas business, which includes cross-border transport, trading on organised and over-the-counter markets and liquefied natural gas (LNG).[126]
MIBGAS
The company is a recurring participant in the Spanish organised gas market MIBGAS. In the first half of 2024, Axpo Iberia was awarded the voluntary market maker service for the monthly product. Its activity generated approximately 1,144 GWh of purchases and 327 GWh of sales during the period.[127]
The role involves continuously maintaining buy and sell offers for specified products in order to increase liquidity and reduce bid–ask spreads. The CNMC has stated that market makers contribute particularly to increasing liquidity in the monthly MIBGAS product.[128]
Axpo continued to perform this role in both halves of 2025 together with MET International.[129] At the end of that year, MIBGAS again proposed Axpo Iberia and MET International as voluntary market makers for the first half of 2026, an award on which the CNMC issued a favourable report.[130]
Liquefied natural gas
Liquefied natural gas is another area of the group's activity in the Iberian Peninsula. Axpo purchases and markets LNG internationally and uses European regasification terminals for unloading and subsequent supply to customers. Between January 2020 and September 2024, the group delivered 100 LNG cargoes in Europe, equivalent to around 76.07 TWh; most deliveries were made at terminals in Spain, France, Italy and Portugal.[131] In the 2023/24 financial year alone, 25 cargoes were delivered, equivalent to approximately 16.2 TWh.[131]
By September 2025, the cumulative number since January 2020 had risen to 128 cargoes, equivalent to around 100 TWh.[132] In addition to delivering large cargoes to regasification terminals, Axpo markets LNG to industrial consumers by road tanker and, from 2025, expanded its small-scale LNG activities in Spain to marine bunkering.[126]
LNG and bio-LNG bunkering
Axpo began ship-to-ship LNG bunkering operations in Spain in March 2025. The first operation took place at the Port of Málaga, where it supplied about 2,800 tonnes of LNG to an MSC container ship from a small-scale LNG bunker vessel chartered by the company.[133] The operation was also the first ship-to-ship LNG bunkering operation carried out at the port of Málaga.[133]
In April 2025, Axpo extended the service to the Port of Algeciras. The Avenir Aspiration, an LNG bunker vessel with a capacity of 7,500 m³ chartered by Axpo, supplied about 5,000 m³ of LNG to the MSC vessel Mariacristina.[134]
Axpo's entry into this segment coincided with rapid growth in LNG bunkering in Spain. According to the CNMC, gas supplied for bunkering reached approximately 3.9 TWh in 2024, compared with 1.9 TWh in 2023.[124] Enagás put the 2024 volume at around 3.8 TWh, of which approximately 3.1 TWh was supplied ship-to-ship and 0.7 TWh from road tankers.[135]
Axpo is also involved in supplying bio-LNG, produced through the conversion and certification of renewable biomethane using gas infrastructure. In March 2025, Axpo and Baleària carried out the first bio-LNG supplies from Enagás terminals in Huelva and Barcelona. The fuel was used by the vessels Rusadir and Margarita Salas on services from Málaga and Barcelona, respectively.[136]
In August 2025, Enagás loaded approximately 3,500 m³ of bio-LNG onto the Axpo-chartered Avenir Aspiration at the Cartagena terminal. It was the first Spanish loading of bio-LNG onto a bunker vessel for subsequent ship-to-ship bunkering.[137] The same month, Axpo supplied more than 4,000 m³ of bio-LNG to the container ship CMA CGM Fort Bourbon in Algeciras, in the first Spanish ship-to-ship bio-LNG operation for a large container vessel.[138]
In March 2026, Axpo expanded its bunkering capacity through the commercial charter of the Alisios LNG, a vessel owned by Scale Green Energy, a subsidiary of Enagás. The vessel, with a capacity of 12,500 m³, is supplied from the Huelva LNG terminal and is intended for LNG and bio-LNG operations in the southern Iberian Peninsula.[139]
In June 2026, Axpo carried out its first ship-to-ship bio-LNG supply at the Port of Barcelona. The vehicle carrier Lapis Ace, operated by the Japanese shipping company Mitsui O.S.K. Lines (MOL), was bunkered from the Green Pearl. The company had previously conducted marine operations in Málaga and Algeciras and also held authorisation to operate at the Port of Valencia.[140]
Axpo's renewable-gas business has also extended to road transport. In December 2025, Redexis, Zoilo Ríos and Axpo opened a public filling station in Zaragoza supplying both bio-LNG for long-haul trucks and biomethane for light and heavy vehicles, with the renewable fuel marketed by Axpo.[141]
Biomethane and renewable gases
According to the company, Axpo Iberia began marketing biomethane in Spain in 2015.[142] In 2020 it signed with the Torre Santamaría livestock operation in Vallfogona de Balaguer what the parties presented as Spain's first long-term biomethane purchase agreement.[143] The plant began injecting biomethane into the gas grid in February 2022 and reached production of around 26 GWh per year.[144]
In 2023, Axpo Iberia and the Sorigué group jointly acquired 80% of Noguera Renovables, owner of the Torre Santamaría plant. Following the transaction, Axpo Iberia and Sorigué each controlled 40% of the project, while the previous owners retained 20%. The companies announced a further investment of around €15 million to expand production to approximately 115 GWh per year.[145] The European Commission subsequently approved the acquisition, finding that the transaction raised no competition concerns.[146]
Biomethane injected into the Spanish gas system reached 319 GWh in 2024, 31.3% more than the previous year and originating from twelve facilities. According to the CNMC, Axpo and Pavilion together accounted for around 80% of the biomethane injected that year, although the regulator did not publish the individual share of each company in that report.[147]
Axpo is also involved in projects using renewable gases in transport. In 2025 it participated with Redexis and Zoilo Ríos in opening a public filling station in Zaragoza selling both biomethane and bio-LNG.[148]
Power purchase agreements
Axpo Iberia develops long-term power purchase agreements (PPAs) with both renewable-energy producers and industrial consumers. In September 2025 it signed a PPA with TURN2X to supply renewable electricity to an electrolysis and e-methane production facility in Spain. According to the participating companies, it was the first Spanish agreement of this type between an independent energy supplier and an electrolyser operator for the production of renewable fuels of non-biological origin.[149]
In February 2026, Axpo and Grupo Enhol signed a ten-year wind PPA for a total volume of 3.7 TWh, covering most of Enhol's operating wind portfolio in Spain. At the time, it was the largest long-term PPA signed by Axpo Iberia.[150]
Sponsorships
In Spain, Axpo Iberia began a partnership with Complutense Cisneros CR in 2017, and its youth academy was renamed Escuela de Rugby Axpo Cisneros.[151] In its non-financial information statement for 2023, Axpo Iberia reported sports sponsorship contributions of €25,000 to Club de Rugby Complutense Cisneros, €15,000 to the rugby section of the Associação Académica de Coimbra and €17,500 to União Ciclista de Vila do Conde.[152]
United States
Establishment and markets
Axpo began direct operations in the United States in 2016 through the creation of Axpo U.S. LLC. The company initially established its headquarters in New York City with the aim of extending to North America the energy-trading, origination and risk-management activities developed by the group in Europe.[153]
The company currently has offices in New York and Houston.[154] Its activities include electricity and natural-gas supply and trading, as well as hedging, financing and risk-management products for producers, suppliers and large consumers.[154] Operations are conducted mainly in the PJM, ERCOT and MISO regional markets, which cover large parts of the eastern, central and southern United States.[155]
In 2020, Axpo U.S. acquired a minority stake in RPD Energy, a renewable-energy supplier based in Houston, and began providing it with wholesale-market access services. The agreement also allowed Axpo to increase its stake in the company at a later stage.[156]
The same year, Axpo acted as a long-term hedge counterparty in the financing of the 485 MW Long Ridge natural-gas power plant in Ohio. Two fixed-price agreements together covered 94% of the project's capacity.[157]
PPAs and renewable energy
The US subsidiary also participates in structuring power purchase agreements and hedging contracts linked to renewable-energy projects. In October 2021, Axpo U.S. signed a PPA with Cypress Creek Renewables for the 270 MW Shakes Solar project in Dimmit County, Texas. Axpo agreed to purchase the electricity and renewable-energy certificates generated during the term of the agreement; the hedge formed part of the financing structure that enabled the project to reach financial close.[158]
In April 2025, part of Shakes Solar's output was linked to a corporate PPA with Danfoss. The agreement provides for approximately 185,000 MWh per year of renewable electricity through 2032 for the industrial group's US operations, which comprised 24 factories and 36 locations.[159]
Axpo also expanded into energy supply linked to hydrogen. In June 2025 it signed an exclusive agreement with HydroFleet to supply the energy required for its hydrogen production and refuelling facilities in the United States. The contract includes supply to a production and refuelling facility in Pooler, Georgia, serving a fleet of heavy-duty fuel-cell trucks associated with Hyundai's electric-vehicle and battery plant in the Savannah area.[160]
Acquisition of American PowerNet
On 10 December 2025, Axpo completed the acquisition of American PowerNet Management LP (APN) and its affiliated companies. APN, founded in 1994, provides electricity procurement and supply services to large commercial and industrial customers, including universities, municipalities, manufacturers and data centres.[161]
Following the transaction, APN became a wholly owned subsidiary of Axpo U.S. The acquisition expanded Axpo's retail presence into additional states in the Mid-Atlantic, New England and Midwest, particularly among commercial and industrial customers in sectors including manufacturing, aerospace, pulp and paper, higher education and data centres.[161] Axpo also maintained a partnership with the APN team through the Power Synch platform, providing wholesale-procurement and credit solutions for large consumers.[161]
Battery storage
In 2026, Axpo expanded its US operations into financial contracts linked to battery storage. In April it signed a storage swap agreement with GridStor associated with the Hidden Lakes Reliability Project, a 220 MW / 440 MWh battery system in Galveston County, Texas. The contract covers 100 MW of the facility and is intended to provide greater price predictability to retail customers in the Houston area.[162]
In July 2026, it signed another seven-year hedge with SMT Energy for 120 MW of capacity from the Houston IV storage system, which has 160 MW / 320 MWh of capacity and is connected to the ERCOT market.[163]
Italy
Establishment and development
Axpo has been present in Italy since 2000, when EGL Italia S.p.A. was established in the context of liberalisation of the Italian electricity market. The company opened its first office in Genoa and initially focused on energy trading and supplying large industrial customers.[164] In 2004 it expanded into the liberalised natural gas market.[164]
The company entered direct electricity generation in the second half of the 2000s. The Calenia combined-cycle plant in southern Italy began operation in 2007, and the Rizziconi plant in Calabria entered service in 2008.[164] In 2012, following the integration of EGL into the Axpo Group, EGL Italia changed its name to Axpo Italia S.p.A..[165]
In 2017, Axpo Energy Solutions Italia S.p.A. was established, specialising in energy-efficiency projects, renewable energy and electric mobility.[165] In 2019, Axpo Italia launched Pulsee, a brand aimed at the residential market and based on digital contracting and management of electricity and gas supplies.[164] In 2024, Pulsee was incorporated as a separate company within the Italian group under the name Pulsee Luce e Gas S.r.l..[166]
Axpo Italia has its registered office in Rome and operational offices in Genoa and Milan.[167] According to the company, it had more than 250 employees in 2026.[168]
Electricity market
Axpo has ranked among the leading electricity-supply groups in Italy. According to the Regulatory Authority for Energy, Networks and Environment (ARERA), in 2024 the Axpo Group supplied 13,014 GWh to end customers, equivalent to 5.4% of the Italian retail market, making it the fifth-largest group by sales volume.[169]
The business is more concentrated among corporate customers than households. Of the 13,014 GWh sold in 2024, 333 GWh went to domestic customers, 2,690 GWh to non-domestic low-voltage customers, 7,551 GWh to medium-voltage customers and 2,440 GWh to customers connected at high or extra-high voltage.[169] In the free market itself, Axpo sold 12,925 GWh during the same year, equal to 5.7% of total volume, remaining in fifth place.[170] In 2023, the group had accounted for approximately 5% of electricity sales to end customers.[171]
Between July 2021 and June 2024, Axpo Italia was also one of four suppliers awarded the servizio a tutele graduali for small businesses, an ARERA-regulated transitional service accompanying the move from protected-price arrangements to the free market. Axpo provided the service in the territorial area comprising Piedmont and Emilia-Romagna.[172]
Residential activity is carried out mainly through Pulsee Luce e Gas. According to information published by the company, electricity sold as renewable to domestic customers served by Axpo Italia and Pulsee during 2024 amounted to 318,137 MWh, backed by guarantees of origin.[173]
Gas market and thermal generation
Axpo has operated in the Italian natural-gas market since 2004.[164] According to ARERA, in 2023 the Axpo Group sold 1.725 billion cubic metres of gas to end customers, a 4.0% share that placed it eighth among supply groups.[174] In 2024, sales declined to 1.551 billion cubic metres, equivalent to 3.4% of the end-customer market, and the group moved to ninth place.[175]
The group's Italian presence also includes generation from combined cycle power plants. Axpo participates in the Calenia and SEF Ferrara plants and controls the Rizziconi plant. These facilities form part of the group's European thermal-generation portfolio and are also used to hedge commercial positions and provide services to the electricity system.[176]
Renewable energy and PPAs
Axpo's Italian activities include marketing renewable electricity and structuring long-term power purchase agreements for producers and industrial consumers. During the 2020s, the group expanded these agreements with solar and wind installations in various Italian regions.[164]
Among the longer-term agreements is a PPA with Saint-Gobain to supply approximately 22 GWh per year of electricity from an Apulian wind farm for ten years to ten of the company's industrial sites in Italy.[177] In 2025, Axpo Italia also signed a seven-year PPA with the Moncada Group to market around 42 GWh per year generated by six new photovoltaic plants in Sicily.[178]
Sponsorships
In Italy, Axpo Italia and its Pulsee brand were official sponsors of the Italia Team of the Italian National Olympic Committee during the 2020 Summer Olympics, held in 2021, and also sponsored the Italian delegation's Casa Italia.[179] In 2023, Axpo Italia was also the main sponsor of the Genoa International Half Marathon.[180]
Nordic and Baltic countries
Establishment and activities
Axpo's activities in the Nordic countries and Baltic states are organised primarily through Axpo Nordic AS and its subsidiaries. The company was established in 2003 and is headquartered in Oslo, with offices in Malmö, Helsinki and Vaasa.[181][182] The Finnish subsidiary, Axpo Finland Oy, was established in 2009 to strengthen the group's presence in the eastern part of the Nordic market.[110]
Axpo Nordic operates in Norway, Sweden, Finland, Denmark and Iceland, as well as Estonia, Latvia and Lithuania. Its activities include wholesale electricity trading and origination, portfolio management, risk hedging and balancing services for energy suppliers, energy-intensive industries and power producers.[181] The company also trades standardised products such as futures, forwards and options linked to the Nordic and German electricity markets, as well as carbon-emission allowances.[110]
According to Axpo, its subsidiary Axpo Sverige AB was among the five largest operators in the Nordic and Baltic energy markets. Among other functions, the company acts as an independent provider of portfolio management, price hedging and balance-responsibility services for Swedish suppliers, energy-intensive industries and wind-power producers.[183] Axpo Nordic employed more than 40 people across its Nordic offices.[184]
Renewable-energy marketing and PPAs
Long-term power purchase agreements and the marketing of renewable generation are an important part of Axpo Nordic's activities. In January 2025, the company stated that it managed approximately 24 TWh per year of renewable electricity from wind and solar power and around 3.5 GW of renewable capacity in the region.[185] The company states that its first contracts of this type in the Nordic market date from around the mid-2000s.[185]
In Sweden, Axpo began supplying Borealis's Stenungsund facilities in January 2024 with 125 GWh per year of electricity from an onshore wind farm under a ten-year PPA.[186] In November of the same year, Axpo Nordic signed an agreement with steel company Stegra to supply 2.25 TWh over three years from 2027 to its hydrogen, iron and steel production complex in Boden.[187]
In Finland, Axpo Nordic and Exilion Tuuli signed a twelve-year PPA in January 2025 to purchase 70 GWh per year from the Ii Isokangas wind farm. The electricity is subsequently used to cover part of Colgate-Palmolive's energy needs.[185]
The group's activities in the region also expanded from marketing into its own generation. In September 2025, Lålax, Axpo's first wind farm in Finland, entered operation in the municipality of Vörå in Ostrobothnia. The facility consists of four wind turbines, has a combined capacity of 24.8 MW and expected annual generation of approximately 70 GWh.[188] The electricity generated by the wind farm is marketed on the wholesale market through Axpo Nordic.[188]
Poland
Establishment and development
Axpo has been present in Poland since 2000. The Polish energy regulator, the Energy Regulatory Office (URE), granted the present Axpo Polska sp. z o.o. a licence to trade electricity with effect from 30 November 2000.[189] The company opened an office in Warsaw and in its early years focused on wholesale trading and obtaining the licences required to operate in the Polish energy market.[190]
From the 2010s it progressively expanded its retail activities. In 2013 it began selling energy to industrial customers and in 2014 extended supply to small and medium-sized enterprises.[190] In 2015, URE also granted it a licence to trade gaseous fuels.[191]
Since April 2020, electricity supplied by Axpo Polska to micro-enterprises and small and medium-sized enterprises has been marketed with guarantees of origin or other certificates evidencing renewable generation.[192] In 2022 the company launched a business line developing its own photovoltaic plants; from late 2023 it began developing energy-storage systems, and in October 2024 it acquired a biogas plant in the West Pomeranian Voivodeship.[190]
Axpo Polska is headquartered in the Warsaw Hub complex in Warsaw.[193] According to the company, in 2026 it had more than 270 employees and supplied electricity and gas to more than 40 international industrial customers and around 40,000 micro-enterprises and small and medium-sized enterprises.[194]
Supply and wholesale market
Axpo Polska supplies electricity and gas and carries out wholesale trading, portfolio management, commercial balancing and trading of property rights and guarantees of origin.[192] The company operates both on the Polish Power Exchange and other European markets, as well as in over-the-counter transactions.[190]
The Polish Office of Competition and Consumer Protection (UOKiK) described Axpo Polska's activities in 2025 as focusing on wholesale electricity and gas trading, supply to end customers—particularly industrial customers and small and medium-sized enterprises—and the development of renewable-energy and storage projects.[195]
According to figures published by the company, renewable-energy purchase and marketing contracts managed by Axpo Polska in 2024 covered facilities responsible for more than 25% of Poland's wind generation and around 8% of its solar generation.[196] These figures are from Axpo and do not represent a regulatory measure of its retail-market share.
Renewable energy and PPAs
Long-term power purchase agreements became one of Axpo Polska's main business lines during the expansion of renewable energy in the country. According to the company, during the first phase of commercial wind-power development in Poland it structured long-term contracts that enabled developers to hedge revenues for project financing.[190]
In January 2025, Axpo Polska and automotive-components manufacturer Brembo signed a ten-year corporate PPA for a total of 1 TWh of renewable electricity for Brembo's Polish factories.[197] In May of the same year it signed a market-access and balancing agreement for a PPA between Auchan and GoldenPeaks Capital relating to about 35 solar plants supplying approximately 115 GWh per year to Auchan's Polish store network.[198]
In October 2025, Axpo agreed to purchase the output of four photovoltaic parks developed by ib vogt near Zamość, with a combined installed capacity of 135 MW and estimated generation of around 150 GWh per year.[199]
Generation and storage
In addition to supplying energy and representing producers, Axpo Polska began developing its own large-scale photovoltaic projects in 2022 and has developed battery-storage systems since 2023.[190] In 2024 it also added a biogas facility in West Pomerania.[190]
At the end of 2025, the company agreed to acquire from Polenergia the Nowa Sarzyna combined-cycle power plant in southeastern Poland. The transaction was approved by UOKiK on 15 January 2026, and the acquisition of 100% of the owning company was completed on 30 January.[200][201] The facility has a capacity of 116 MW and is Axpo Polska's first major directly controlled thermal-generation asset.[202]
Portugal
Axpo's formal presence in the Portuguese liberalised electricity market dates back at least to 31 July 2007, when Axpo Iberia, S.L. was registered by the Direção-Geral de Energia e Geologia (DGEG) as a market supplier.[203] Initially, its activity focused mainly on supplying electricity to business and industrial customers. In 2015, Axpo acquired 25% of Portuguese supplier Goldenergy, taking joint control of the company with Dourogás; the Portuguese energy regulator, Entidade Reguladora dos Serviços Energéticos (ERSE), did not object to the transaction.[204] In 2018, Axpo acquired the remaining 75% and took sole control of Goldenergy, a transaction authorised by the Portuguese Competition Authority.[205]
In its review of the 2018 concentration, the Portuguese Competition Authority described Axpo's Portuguese activities as focused on wholesale electricity supply and supply to industrial and larger customers, while Goldenergy had a stronger presence in retail electricity and natural-gas supply, including the household segment.[206] ERSE continued to publish the market shares of the two brands separately. In its report for 2021, the regulator noted that, for analysis of the standard low-voltage segment, Goldenergy operated exclusively in the household segment and Axpo in the non-household segment and, because they belonged to the same economic group, aggregated their data for that specific analysis.[207]
Axpo Energia Portugal, Unipessoal, Lda. has its registered office in Lisbon.[208] Goldenergy maintains its commercial structure in Vila Real, where the company is headquartered.[209]
Development in the electricity market
ERSE data show a gradual increase in Axpo's direct share of the Portuguese liberalised electricity market, measured by supplied consumption, between 2016 and 2024, followed by a decline in 2025. The following series presents only the share published for the Axpo brand and does not consolidate Goldenergy, which ERSE reports separately in its market bulletins.[210][211][212][213][214]
| Year | Share |
|---|---|
| 2016 | 0.9% |
| 2017 | 1.1% |
| 2018 | 1.3% |
| 2019 | 2.4% |
| 2020 | 2.8% |
| 2021 | 3.1% |
| 2022 | 3.6% |
| 2023 | 3.8% |
| 2024 | 4.0% |
| 2025 | 2.7% |
The change was particularly marked in the industrial segment. According to ERSE, Axpo's share of consumption by industrial customers rose from 2.1% in 2016 to 6.7% in 2022; in December 2025 it stood at 4.8%. In the small-business segment, the share was 4.6% in 2022 and 4.0% in December 2025.[210][211][214]
Goldenergy followed a different pattern, with a greater focus on smaller customers. In 2022, ERSE reported that Goldenergy accounted for around 6% of customers in the liberalised electricity market, making it the third-largest supplier by customer numbers at that time.[211] In December 2025, its share by customer count was 9.2%, while its share by supplied consumption was 3.6%. In the same month, Axpo accounted for 2.7% of supplied consumption.[214] These figures are published separately by the regulator and do not represent a consolidated group market share.
Natural gas
Axpo's acquisition of an interest in Goldenergy also changed the group's presence in the Portuguese natural-gas market. In 2015, ERSE stated that Axpo operated in gas in Portugal only in the wholesale market, while Goldenergy supplied gas to end customers.[204] According to ERSE data, Goldenergy accounted for 3.7% of supplied consumption in the liberalised gas market in 2018, 4.0% in 2019, 6.0% in 2020, 4.6% in 2021 and 5.6% in 2022. Axpo, considered separately, did not have a significant direct share in this indicator through 2021 and reached 1.8% in 2022.[207][211]
| Year | Goldenergy | Axpo |
|---|---|---|
| 2018 | 3.7% | 0.0% |
| 2019 | 4.0% | 0.0% |
| 2020 | 6.0% | 0.0% |
| 2021 | 4.6% | 0.0% |
| 2022 | 5.6% | 1.8% |
Representation of producers and long-term contracts
In addition to supplying end customers, Axpo operates in Portugal as a representative of producers in the wholesale market and enters into long-term power purchase agreements. In 2021, Aquila Capital announced a series of PPAs and representation-service agreements with Axpo covering four photovoltaic plants in Portugal with total capacity of around 25 MW.[215] According to the parties, the four projects had estimated annual generation of around 58 GWh.[216]
Sponsorships
Axpo has also undertaken sports sponsorships in Portugal. During the 2020–21 season it was an official sponsor of Boavista F.C.; in May 2021, as part of a campaign supporting small and medium-sized enterprises, it temporarily gave a Portuguese company access to advertising space it held at the Estádio do Bessa.[217] An Axpo Iberia non-financial report for 2024 also recorded support of €17,500 for União Ciclista de Vila do Conde and €15,000 for the rugby section of the Associação Académica de Coimbra.[218] The Portuguese Cycling Federation lists the Vila do Conde development team under the name "AXPO / FirstBike Team / Vila do Conde".[219]
Regulation and supervision
In 2025, ERSE concluded two enforcement proceedings concerning Axpo Energia Portugal, relating to consumer-information obligations, contractual documentation and billing elements. The company submitted a settlement proposal, acknowledged the facts and provided evidence that the identified infringements had been corrected. ERSE imposed a single fine of €15,000, subsequently reduced to €7,500 under the settlement procedure; the fine was paid on 21 January 2025 and the decision became final.[220]
Environmental impact and sustainability
Greenhouse-gas emissions
Axpo's climate impact varies significantly depending on the technology used. Hydroelectric, nuclear, solar and wind generation have relatively low direct emissions during operation, while the combined-cycle natural-gas plants in Italy are the group's principal source of direct greenhouse-gas emissions.[113]
In the 2024/25 financial year, Axpo reported greenhouse gas emissions from scopes 1 and 2, calculated using the location-based method, of approximately 1.370 million tonnes of CO2 equivalent. Of this total, about 1.307 million tonnes were direct scope 1 emissions and 63,024 tonnes were scope 2 emissions.[113]
| Indicator | 2022/23 | 2023/24 | 2024/25 |
|---|---|---|---|
| Scope 1 and 2 emissions (t CO2e, location-based) |
1,172,691 | 1,382,999 | 1,369,608 |
| Scope 3 emissions (t CO2e) |
28,760,353 | 27,824,686 | 25,963,688 |
| Direct generation intensity (g CO2e/kWh) |
44.0 | 55.9 | 62.3 |
| Life-cycle intensity (g CO2e/kWh) |
56.4 | 81.2 | 89.5 |
Scope 3 emissions—associated with the value chain—are substantially higher than emissions from directly controlled operations. In 2024/25 they amounted to approximately 25.96 million tonnes of CO2 equivalent. Most arose from fuel- and energy-related activities and the use of sold products, including natural gas supplied to end customers.[113]
The Calenia and Rizziconi combined-cycle plants had greenhouse-gas intensities of approximately 397 and 398 g CO2e/kWh, respectively, in 2024/25. These plants are also the principal source of nitrogen-oxide and carbon-monoxide emissions from the generation fleet controlled by the group.[113]
Water, biodiversity and waste
The technologies used by Axpo have different environmental effects. At hydroelectric plants, dam construction, changes in river flows, sediment retention and rapid variations in discharge can affect river ecosystems, particularly fish migration and spawning areas.[113] At ground-mounted solar installations, the principal identified impact is land occupation and habitat alteration, while at wind farms effects on birds and bats are particularly relevant.[113]
The Italian Calenia and Rizziconi combined-cycle plants require water for cooling systems and are located, according to the company's environmental analysis, in regions subject to high water stress. The Rizziconi plant has a zero-liquid-discharge system that enables wastewater treatment and reuse and collection of rainwater.[113]
At the Beznau Nuclear Power Plant, water from the Aare is used for cooling and then returned to the river. The calculated temperature of the water after mixing must remain below specified regulatory limits; during periods of heat and low river flow, these requirements can necessitate power reductions or temporary interruptions of generation. During the heatwave at the beginning of summer 2025, output was reduced for several days.[113]
Nuclear generation also produces radioactive waste and spent fuel. At Beznau, operational waste is conditioned and stored temporarily, while used fuel elements initially remain in cooling pools before being transferred to storage containers. These containers are kept at the Zwilag and Zwibez interim-storage facilities while no final deep geological repository is available in Switzerland.[113]
Climate targets
Axpo has defined a climate-transition plan providing for a 16% reduction in scope 1 and 2 emissions by 2030 and a 97% reduction by 2040, compared with the 2020/21 base year. For residual emissions, the company plans to use negative-emissions technologies, with the stated goal of achieving net-zero scope 1 and 2 emissions by 2040.[221]
For value-chain emissions, corresponding to scope 3, the stated target is net zero by 2050. The company itself notes that achievement of interim targets depends, among other factors, on future use of its combined-cycle gas plants in Italy, whose output varies according to market conditions and security-of-supply requirements.[113]
Controversies and sanctions
Mayak uranium supply
In 2011, Axpo was nominated for the Public Eye People's Award by the Swiss Energy Foundation. The nomination criticised the use of uranium from the Mayak nuclear facility in Russia for fuel supplied to the Beznau plant and accused the company of insufficient transparency regarding the origin and environmental impacts of the supply.[222]
In November 2011, after criticism from environmental organisations and difficulties in obtaining access to the Russian facility for inspections, Axpo suspended purchases of uranium from Mayak.[223] In January 2014, it decided not to resume purchases. According to the company, three independent measurement campaigns carried out between 2012 and 2013 did not establish unequivocally whether the production then in place complied with the applicable environmental limits.[224][225]
axpocorrupt.com domain dispute
In 2023, Axpo Holding filed a complaint with the Arbitration and Mediation Center of the World Intellectual Property Organization (WIPO) concerning the domain axpocorrupt.com, which had been registered by a former employee and used to publish criticism and allegations against the company.[226]
The WIPO panel stated that it was not its role to determine whether the published allegations were true or false. It nevertheless found that the registrant's offer to sell the domain to Axpo for US$1,000, an amount exceeding registration costs, weakened the claim that the domain was being used solely for non-commercial criticism and constituted evidence of bad-faith registration and use. WIPO ordered the domain transferred to Axpo.[226]
Data protection in Italy
In 2023, the Italian data-protection authority, the Garante per la protezione dei dati personali, fined Axpo Italia €10 million for unlawful processing of personal data in connection with the activation of unsolicited electricity and gas contracts.[227] According to the authority, data belonging to more than 5,000 people had been processed unlawfully, including inaccurate or outdated information, and the company was required to adopt technical and organisational measures to correct the identified practices.[227]
Electricity-market manipulation in Spain
In October 2024, the Spanish National Commission on Markets and Competition (CNMC) fined Axpo Iberia €1.5 million for manipulation of the continuous intraday electricity market.[228]
The CNMC concluded that between 30 September and 30 December 2022 the company entered and withdrew sell orders that it did not intend to execute, in order to obtain a more favourable position in the processing queue and facilitate execution of electricity-sale contracts through the interconnection with France. The regulator found that the conduct sent false or misleading signals regarding supply and breached Article 5 of the European Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).[229]
Sanction in Portugal
In January 2025, the Portuguese energy regulator ERSE concluded two enforcement proceedings against Axpo Energia Portugal concerning customer-information obligations and the configuration of electricity- and gas-billing elements.[230]
Under a settlement procedure, the company acknowledged the alleged facts, provided documentation showing that the infringements had been corrected and waived litigation. ERSE imposed a single fine of €15,000, subsequently reduced to €7,500 owing, among other factors, to the company's cooperation and correction of the identified situations. Axpo paid the fine on 21 January 2025, making the decision final.[230]
Management remuneration
In December 2024, the government of the Canton of Aargau, one of Axpo's public shareholders, criticised the increase in remuneration of the group's management following publication of the 2023/24 results. Chief executive Christoph Brand's remuneration rose from CHF 889,000 in the previous financial year to CHF 1.548 million, excluding pension-fund and social-insurance contributions.[231]
The cantonal government said there was little public understanding for large bonus payments shortly after the end of the emergency liquidity facility made available by the Confederation in 2022, even though Axpo never used that facility. The canton proposed an amendment to the articles of association so that remuneration of management and the board of directors would be approved annually by the general meeting of shareholders rather than determined solely by the board.[231]
Other information
Until 2012, Axpo Holding was the main sponsor of the top-tier Swiss football league, then known as the Axpo Super League.
The greenhouse gas intensity of the group's entire power-plant portfolio, including facilities abroad such as the combined-cycle gas plants in Italy, was 97 g of CO2 equivalent per kilowatt-hour (kWh) in the 2018/19 financial year. By comparison, the value for the European electricity mix was around 300 g.[232]
In 2018, Axpo generated, on average, 103 grams of CO2 equivalent and 29 cubic millimetres of nuclear waste per kilowatt-hour. Among Switzerland's four largest energy companies—Axpo, Alpiq, BKW and Repower—Axpo ranked in the middle, with an average of 316 environmental impact points (EIP).