Verbund Ag Ord (OEZVF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the conference call on the half-year results 2024 of Fabuntage. I'm Vassilios, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference has been recorded. The presentation will be followed by question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Peter Coleman. Please go ahead. Thank you very much. Ladies and gentlemen, let me welcome you to the presentation of Forbund for the first half year 24. And let me thank you for joining today's conference call. I'm here with Andreas Wollan, our head of finance and investor relations. After a record year in 23, Forbund started the financial year 24 as a strong, resilient and well-positioned company. But as you know, the energy environment remains highly uncertain. In particular, the most important value driver for Fagund, the wholesale power price, is highly volatile. We have an increase in the second quarter following the sharp correction in the first quarter of 2024. And overall, the level of wholesale prices remains higher than before the start of the Russian-Ukrainian war, but well below the highs of 22 and 23. But now let's move on to the details of the first half year 24. At the beginning, as always, let me highlight the most important influencing factors for the results development in the first half year 24 at a glance. Based on our hatching strategy for our own electricity generation from hydropower, the average achieved contract price decreased by 68.8 euros per megawatt hour to 113.3 euros in the ...