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The Generation Segment covers the generation of electricity from thermal production capacities and renewable energy sources in Austria, Germany, Bulgaria and Albania as well as projects for the construction of power generation plants in Austria and Bulgaria.

The external revenue recorded by this segment is derived mainly from the sale of electricity from renewable windpower. Internal revenue from electricity generation (in particular hydropower plants as well as windpower plants that are no longer covered by subsidy schemes) is based on the market price for electricity. Revenue from thermal power generation in the Dürnrohr, Korneuburg and Theiss power plants and the storage power plants is based on the option value; the energy procurement contract with Steag-EVN Walsum 10 Kraftwerksgesellschaft is reported at full costs. The option value generally reflects the pre-defined difference between the forward prices for electricity and the related fuel costs. It also includes the allocation and use of reserve capacity to ensure network security in southern Germany. The sale of the generated electricity and the procurement of primary energy are reported under the Energy Trade and Supply Segment.

Highlights 2013/14

  • Increase of 23.2% in electricity generation
    - Commissioning of the Duisburg-Walsum power plant
    - Commissioning of the Prellenkirchen windpark
    - Full-year operations in the Deutsch-Wagram windpark
    - Decline in hydropower production due to lower water flows
  • Allocation of 785 MW of reserve capacity for southern
  • Revenue increase of 64.0%
  • Earnings negatively affected by impairment losses in
    Austria, Germany and Bulgaria
Key indicators – Generation 2013/142012/131)Change
in %
Key energy business indicatorsGWh
Electricity generation volumes 3,7203,02170023.2
thereof renewable energy sources 1,5341,637-102-6.2
thereof thermal energy sources 2,1861,38480257.9
Key financial indicatorsEURm
External revenue 33.739.0-5.3-13.7
Internal revenue 153.875.378.5-
Total revenue 187.5114.373.264.0
Operating expenses -115.1-78.4-36.6-46.7
Share of results from equity accounted
investees with operational nature
EBITDA 33.6-9.142.7-
Depreciation and amortisation including
effects from impairment tests
Results from operating activities (EBIT) -53.1-37.0-16.1-43.6
Financial results -25.3-12.5-12.8-
Profit before income tax -78.4-49.5-28.9-58.3
Total assets 1,218.21,139.978.36.9
Total liabilities 1,034.7891.5143.116.1
Investments2) 88.974.414.519.4

In connection with the initial application of the new IFRS consolidation standards in the third quarter of 2013/14, the earnings contributions from the Verbund-Inn River power plants, EVN-WIEN ENERGIE Windparkentwicklungs- und Betriebs GmbH & Co KG, Vienna, and Shkodra Region Beteiligungsholding GmbH were reported under the share of equity accounted investees with operational nature as part of the results from operating activities (EBIT). The investment in Steag-EVN Walsum 10 Kraftwerksgesellschaft, which was previously included at equity, is now included through proportionate consolidation.

Development of power generation

Electricity generation rose by 700 GWh, or 23.2%, to 3,720 GWh in 2013/14. The thermal production from EVN’s own heating plants increased by 802 GWh, or 57.9%, to 2,186 GWh, but the generation from renewable energy fell by 102 GWh, or 6.2%, to 1,534 GWh.

As in the past two winter half-years, the Theiss and Korneuburg power plants again provided reserve capacity for southern Germany during the winter of 2013/14. These reserves were not used during the reporting year. Production in the Dürnrohr coal-fired power plant was lower than the previous year due to maintenance-related downtime in the third quarter of 2013/14 and temporary standstills resulting from market distortions. The commissioning of the Duisburg-Walsum power plant in December 2013 led to a substantial increase in thermal power generation. Weather-related factors led to a year-on-year decline in water flows and a resulting 9.9% decrease in production. The generation from windpower plants increased, above all due to the commissioning of the windparks in Prellenkirchen and Deutsch-Wagram with their total generation capacity of 39 MW.

EVN covered 22.7% of the electricity sold during the reporting year with its own production (previous year: 18.3%). The comparable value for Austria and Germany was 64.7% (previous year: 51.5%). The share of renewable energy in the Group’s total production was 42.5% (previous year: 52.8%).

Revenue development

Revenue in the Generation Segment rose by EUR 73.2m, or 64.0%, to EUR 187.5m in 2013/14. This increase resulted, above all, from the commissioning of the Duisburg-Walsum power plant. Additional revenue was generated by the allocation of balancing energy and 785 MW of reserve capacity to support network security in southern Germany.

Operating expenses

Operating expenses increased by EUR 36.6m, or 46.7%, to EUR 115.1m in 2013/14 based on higher costs related to the commissioning of the Duisburg-Walsum power plant. The start of operations in December 2013 was also connected with costs for the first purchases of energy carriers.

Results from equity accounted investees

The share of results from equity accounted investees with operational nature improved by EUR 6.1m over the previous year, but remained negative at EUR –38.9m. The negative results were attributable primarily to Verbund Innkraftwerke GmbH and were based on an impairment loss recorded in the fourth quarter of 2013/14.

Operating results

The Generation Segment recorded EBITDA of EUR 33.6m in 2013/14, which represents an increase of 42.7m over the previous year. Depreciation and amortisation, including the results of impairment tests, rose by EUR 58.8m to EUR –86.7m. Current depreciation and amortisation were higher owing to the commissioning of the Duisburg-Walsum power plant and renewable energy generation plants. In addition, impairment losses were recognised on generation capacity in Austria and Bulgaria during the reporting year. EBIT fell by EUR 16.1m, or 43.6%, to EUR –53.1m.

Financial results and profit before tax

Financial results totalled EUR –25.3m in 2013/14 and were EUR 12.8m lower than the previous year. This decline was attributable to the commissioning of the Duisburg-Walsum power plant and the related interest expense. Profit before tax fell by EUR 28.9m, or 58.3%, to EUR –78.4m.


Investments in this segment increased EUR 14.5m, or 19.4%, year-on-year to EUR 88.9m. Activities focused on the completion of the Duisburg-Walsum power plant and the expansion of windpower capacity in Lower Austria. The windpark in Prellenkirchen, which has a capacity of 24 MW, was opened in 2013/14 and increased the number of windparks operated by EVN to 14. The ground-breaking ceremony for the Prottes-Ollersdorf windpark with a total capacity of 37 MW took place in November 2013 and will save 55,000 tonnes of CO2 each year after commissioning.


The operating framework for thermal generation is expected to remain challenging because of the low spreads between the cost of primary energy and the market price of electricity. As a consequence, the natural gas-fired power plants in Korneuburg and Theiss will be used to support network security for southern Germany – as required by the Federal Network Agency – and for balancing energy. Based on full-year operations in the Duisburg-Walsum power plant and the Prellenkirchen windpark as well as the scheduled commissioning of the Prottes-Ollersdorf windpark, an increase in production volumes can be expected. Earnings in the Generation Segment are forecasted to exceed the prior year in 2014/15.



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