POWER: Axpo Raises Hedging for 2025-27, Begins 2028 Delivery Year
Dec-11 09:53
Swiss utility Axpo has increased its hedging for the 2024-25, 2025-26 and 2026-27 delivery years, with prices dropping for all years, except 2024-25. The firm has started hedging power for the 2027-28 delivery year, according to its latest financial results on 11 December.
- The firm hedged 24TWh of its power generation for the 2024-25 year at the end of September 2025, with no open positions available. This compares to 23TWh hedged at €77/MWh in 1H25.
- For 2025-26, the firm hedged 19.8TWh at an average price of €91/MWh and an open position of 3.9TWh. This compares to 19.7TWh hedged at €92/MWh in 1H25.
- Additionally, for 2026-27 delivery year, 19.8TWh was also sold forward at €79/MWh, with an open position of 5.3TWh. This was up from 14.7TWh at €80/MWh in 1H25.
- Axpo also started hedging for 2027-28 for which the firm had hedged 19.1TWh of output with an open position of 6.4TWh at an average price of €71/MWh.
- It is important to note that hedging numbers represent values as of September 2025.
- Separately, Axpo highlights that hedging power prices are anticipated to peak in 2025-26, with its current hedging strategy maintained.
The delayed return of the Gosgen nuclear reactor to February 2026 is also forecast to impact results.
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