Tiwag 2024 with significant profit jump and decline in sales

The state-owned Tyrolean energy supplier Tiwag recorded a substantial profit jump in the 2024 fiscal year. Consolidated earnings before taxes (EBIT) rose significantly from EUR 195 million in 2023 to EUR 346.8 million, the company announced in a press release. The additional revenue will primarily come from the wholesale business, it was stated. Consolidated sales, however, shrank significantly from EUR 2.5 billion to EUR 1.98 billion.

Given the substantial profit, the owner, Land, will also receive a significantly higher dividend: EUR 110 million, up from EUR 50.5 million in the previous year. According to Tiwag management, this dividend is partly funded by a stake in Verbund AG.

In any case, the additional revenue is "urgently needed to finance the planned multi-billion euro major investments in the coming years without support from the state of Tyrol and to ensure low electricity prices for household customers," said Tiwag Supervisory Board Chairman Eduard Wallnöfer, speaking of "record investments." The state energy supplier, including its subsidiaries, has earmarked €520 million for 2025 alone. Total investments of €2.4 billion are planned by 2029. In addition to the power plant projects already underway in the Oberland (Kühtai, Imst-Haiming) and East Tyrol (Tauernbach-Gruben), the grid, district heating, e-mobility, and photovoltaics will be "massively expanded."

It was also emphasized that Tyrolean households have the lowest electricity prices of any state energy provider. Compared to other major energy providers, including Verbund, the Tiwag energy price is around 32 percent cheaper.

Three-person team leads state energy supplier

Meanwhile, announced changes on the personnel front were also formally implemented: The previous CEO, Erich Entstrasser, retired at the end of March. He had led the company for ten years. He was succeeded by Michael Kraxner, previously Technical Director of the Management Center Innsbruck (MCI). He will lead the state-owned company together with Chief Sales Officer Thomas Gasser and Chief Construction Officer Alexander Speckle. Meanwhile, the mandates of Supervisory Board members Wallnöfer, Hannelore Weck-Hannemann, Manfred Pletzer, and Michaela Hysek-Unterweger were extended, as announced.

APA