ClimateTicker

Verbund

Vienna Stock Exchange: VER80Climate Leader· Provisional
0 followersIntegrated utility·Vienna, Austria
www.verbund.com

Austria's dominant electricity provider, generating ~90% of output from 108 hydropower plants with 6,600 MW installed capacity and ~24.8 TWh average annual hydro generation; 51% owned by the Austrian state.

80/100
Climate Leader· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: high

Why it's on ClimateTicker

Verbund is one of Europe's most genuinely low-carbon integrated utilities, generating ~96% of electricity from hydro, wind, and solar — a core business that structurally avoids hundreds of millions of tonnes of CO2 annually. Its climate targets are verified as 1.5°C-aligned by Moody's Net Zero Assessment, and it reports to CDP at A– leadership level. The main credibility qualifiers are its 51%-owned Gas Connect Austria gas transmission subsidiary, a residual thermal fleet (~4% of output), Scope 3 coverage limited to only 1 of 15 categories, and ongoing biodiversity criticism from new hydropower expansion projects.

mitigationVerbund earns revenue from selling wholesale and retail electricity generated predominantly by hydropower in Austria and Bavaria, from regulated transmission tariffs via its 100%-owned grid subsidiary Austrian Power Grid AG (APG), and from electricity trading across Europe; a minority share of earnings comes from gas transmission via its 51%-stake in Gas Connect Austria.

Commitments & Certifications

CDP: A– (Leadership) ↗other: MSCI ESG AAA ↗other: EcoVadis Gold Medal — 75/100 ↗other: ISS ESG B+ (Prime) ↗other: Moody's Net Zero Assessment — 1.5°C aligned ↗other: Green Bond — ISS-Corporate External Review ↗

Controversy & Greenwashing Watch

lowAustria windfall electricity tax — regulatory risk

Austria's Electricity Energy Crisis Contribution (EKB-S) windfall tax, applied at 95% on revenues above thresholds, could cost Verbund €50–100 million in 2025 earnings and represents a state-ownership governance tension.source ↗

mediumHydropower expansion — biodiversity and river ecosystem opposition

The proposed Gratkorn hydropower plant in Styria and Kaunertal expansion in Tyrol faced environmental group opposition citing habitat fragmentation, fish migration barriers, sediment trapping, and local citizen votes against expansion.source ↗

mediumGas Connect Austria — fossil gas infrastructure ownership

Verbund controls a 51% stake in Gas Connect Austria, operator of a 900-km natural gas high-pressure transmission network that is a real, if minority, fossil infrastructure exposure within an otherwise predominantly renewable group.source ↗

lowCEO/executive pay not linked to climate targets

Moody's NZA notes that CEO and senior executives are not directly incentivised via remuneration to achieve climate-related targets, a governance gap relative to best practice.source ↗

low2012 combustion investment criticism — alleged domestic/international double standard

Critics accused Verbund of 'label fraud' in 2012 for promoting hydropower domestically while simultaneously investing millions in combustion power plants abroad, highlighting a gap between sustainability rhetoric and international investment practice.source ↗

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