Electricity

Significant revenue increases were achieved in Q1/2005 due to the positive price effects in market price indexed contracts for annual, quarterly and monthly products. The Front Year Base for 2005 was up approx. 19 % compared to 2004. In addition, the output marketable at short notice in Q1/2005 was also sold at a price level that exceeded that of the previous year. The average Day-ahead prices for base and peak on the European Electricity Exchange (EEX) lay 35 % and 40 % above the values recorded in the previous year. The development on the spot market also endorsed the positive development (base) of the long-term forward prices. The group’s electricity sales totalled € 799.2 million in Q1/2005 (including eco-electricity) and therefore lie well above the previous year’s value (€ 647.3 million).

Electricity sales were increased by a total of 26.8 % in Q1/2005. This is attributable, above all, to the increase in trading activities with international traders on the futures market and the enhancement of distribution activities in the German and French electricity markets. The quantities sold on foreign markets amounted to 74.9 %.

End-customer business deteriorated by 41.2 % on account of the enhanced focus on trading business and the withdrawal from the Austrian end-customer market in 2004.

Business with resellers only displayed a slight increase (1.6 %) due to a slowdown in business activities with Austrian provincial companies. In addition, the poorer water supply resulted in a drop in supplies from purchase rights.

The total generation of the group came to 6,411 GWh and was therefore 8.6 % below the value reported in the previous year. Hydraulic generation fell by 9.3 % and thermal generation by 6.1 %.

The increase in trading activities on the futures market also resulted in a 48.5 % increase in electricity purchases. These accounted for 70.2 % of total generation.