Kraftwerke Oberhasli

What Kraftwerke Oberhasli does

Kraftwerke Oberhasli AG (KWO) is a Swiss hydropower operator founded in 1925, headquartered in Innertkirchen in the Canton of Bern, that runs one of the most complex hydroelectric systems in the Alps. Its infrastructure comprises 13 power plants with 28 turbines, 8 storage dams (including the newly rebuilt 113-meter Spitallamm arch dam, completed September 2025), and 8 storage lakes holding 195 million cubic meters of water across a 450 km² catchment area spanning the Grimsel and Susten passes. Installed capacity totals approximately 1,300 MW of turbine power and 440 MW of pumping power, and the system produces 2,100-2,400 GWh of CO2-free electricity annually — enough to supply over 1 million people and contributing to Switzerland's winter electricity security through seasonal water shifting.

The company operates under a cantonal concession valid until early 2042 and is enshrined in Switzerland's 2024 Electricity Act as strategic hydropower infrastructure. KWO generates revenue through three channels: wholesale electricity sales (Grimselstrom brand) to grid operators and utilities; grid stabilization services (primary, secondary, and tertiary regulation power, plus reactive power) supplied to Swissgrid; and ancillary engineering and tourism operations conducted under the Grimsel Hydro and Grimselwelt brands, respectively. Ownership is split equally between BKW Energie AG and a consortium of municipal utilities (Industrielle Werke Basel, Energie Wasser Bern, and Stadt Zürich's ewz), with the company financed in part through a Green Bond program for expansion capex.

KWO's growth strategy centers on a pipeline of major expansion projects — Pumpspeicherwerk Grimsel 4 (construction starting June 2026), Vergrösserung Grimselsee (doubling energy content to 510 GWh), Trift reservoir (adding 145 GWh/year), Kraftwerk Handeck 4, and Vergrösserung Oberaarsee — collectively capable of lifting generation capacity by more than 15% above current levels and meaningfully expanding pumped-storage and grid-balancing revenue. The company is also pursuing concessional and regulatory support through structured stakeholder engagement, including the 2025 Grimsel-Dialog agreement with environmental NGOs covering residual water regimes and ecological compensation measures.

Name

Kraftwerke Oberhasli

Legal name

Kraftwerke Oberhasli AG

Website

https://grimselstrom.ch

Company type

Private

Founded year

1925

Operating status

Operating

Headcount range

251–500 employees

Short description

Kraftwerke Oberhasli AG is a Swiss hydropower operator founded in 1925 that runs 13 power plants, 8 dams, and 8 storage lakes in the Grimsel and Susten alpine regions, producing 2,100-2,400 GWh of CO2-free electricity annually for over 1 million people and providing grid stabilization services to Swissgrid.

Ownership category

akta.pro rank

Product category

Hydropower Generation

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation (22111)

akta.pro primary industry

Hydropower Operations, Maintenance & Asset Management (O&M, Spares, Performance) (EUAMADAE)

akta.pro secondary industries

Hydropower Modernization, Refurbishment & Uprates (Re-powering, Efficiency Upgrades) (EUAMADAF), Hydropower Grid Services & Dispatch Optimization (Ancillary Services, Scheduling) (EUAMADAH), Hydropower Project Development & Permitting (Greenfield, Licensing, Water Rights) (EUAMADAA)

Keywords

• Hydroelectric power generation
• Pumped storage energy
• Grid stabilization services
• Alpine reservoir management
• Hydropower engineering services

Headquarters

HQ city

Innertkirchen

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Electricity Sales: KWO generates revenue from selling CO2-free band and peak electricity produced from its 13 hydropower plants to grid operators, energy traders, and utilities. Annual production ranges between 2,100-2,400 GWh, serving hundreds of thousands of people in Switzerland and abroad.
2. Grid Stabilization Services: KWO provides critical grid stabilization services including primary, secondary, and tertiary regulation power to Swissgrid, contributing to network balancing and voltage maintenance in the transmission grid. This also includes reactive power (blindleistung) provision.
3. Grimsel Hydro Engineering Services: Through the Grimsel Hydro business unit, KWO provides engineering, maintenance, and consulting services for hydropower plant components and ecological consulting to other power plant operators domestically and internationally.
4. Tourism (Grimselwelt): KWO operates tourist offerings including hotels, railways, power plant tours, and the Kristallkluft attraction, contributing to regional tourism and engagement.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Kraftwerke Oberhasli AG generates CO2-free electricity from 13 hydroelectric power plants with 28 turbines and 8 storage reservoirs (195 million m³ total) in the Grimsel/Susten alpine region, producing 2,100–2,400 GWh per year for wholesale supply to grid operators and utilities and providing primary, secondary, and tertiary regulation power to Swissgrid. The company complements generation with Grimsel Hydro engineering/maintenance/consulting services for other hydropower operators and Grimselwelt tourism (hotels, railways, plant tours, Kristallkluft) to make its infrastructure tangible to visitors.

Product overview

Kraftwerke Oberhasli AG (KWO) operates one of the most complex hydroelectric systems in the Alps, organized into three main business segments: KWO Grimselstrom (electricity production and supply), Grimsel Hydro (hydropower technology center and engineering services), and Grimselwelt (tourism). The core infrastructure consists of 13 hydroelectric power plants with 28 turbines producing 2,200-2,400 GWh annually, 8 dams, and 8 storage lakes with 195 million cubic meters total capacity. The company also operates an installed turbine capacity of approximately 1,300 MW and pumping capacity of 440 MW. Major ongoing projects include the new Spitallamm dam (completed 2025), Pumpspeicherwerk Grimsel 4, Kraftwerk Handeck 4, and expansion projects for Grimselsee and Oberaarsee.

Differentiator

Problem solved

Functional benefit

Brands

• Grimsel Hydro: Technology center and engineering services division of KWO, bundling the company's expertise in hydropower. Provides maintenance, engineering, and development services for other power plant operators domestically and internationally. Also includes the in-house Ecology Unit offering ecological consulting.
• Grimselwelt
• Grimselstrom

Products and services

• Grimselstrom (KWO electricity supply) Wholesale supply of CO2-free band and peak electricity produced from 13 hydropower plants and 8 storage lakes in the Grimsel and Susten alpine region, sold to grid operators and utilities for distribution to residential, commercial, and industrial customers in Switzerland and abroad.
• Grid stabilization services (regulation energy and reactive power) Provision of primary, secondary, and tertiary regulation power as well as reactive power (blindleistung) to Swissgrid for frequency and voltage balancing on Switzerland's high-voltage transmission grid, leveraging KWO's pumped-storage and dispatchable hydropower assets.
• Grimsel Hydro (engineering, maintenance and ecological consulting) Technology center bundling over 100 years of KWO hydropower know-how, providing engineering services, power plant component revision/maintenance, and ecological consulting (including the in-house Ecology Unit) to other hydropower plant operators domestically and internationally.
• Grimselwelt tourism offerings Tourism division comprising 4 hotels and mountain houses, 9 public railways including the Gelmerbahn funicular, guided power plant tours, and the Kristallkluft attraction, making hydroelectric power generation tangible for visitors and contributing to regional tourism in the Haslital.
• KWO hydroelectric power plant portfolio (13 plants) Portfolio of 13 hydroelectric power plants equipped with 28 turbines, including Hopflauenen, Fuhren, Innertkirchen 1–3, Grimsel 1–2, and Handeck 1–3, jointly producing approximately 2,200 GWh of electricity annually.
• KWO dam portfolio (8 dams) Eight dams — Spitallamm, Seeuferegg, Räterichsboden, Oberaar, Mattenalp, Gelmer, Trübtensee, and Totensee — providing 195 million m³ of water storage essential for electricity production and flood protection.
• KWO storage reservoir system (8 lakes) Eight storage lakes — including Grimselsee, Räterichsbodensee, Oberaarsee, Gelmersee, and others — serving as energy storage facilities with total capacity of 195 million cubic meters and enabling seasonal water shifting from summer inflows to winter demand.
• Pumped storage plant Grimsel 2 Most powerful KWO facility, a pumped storage plant with four machine groups each combining a pump and turbine on the same shaft, providing grid stabilization services and seasonal energy storage to balance Swiss electricity supply and demand.
• KWO Green Bond Fixed-interest bond product where proceeds are used to finance measures that promote positive environmental effects or that reduce negative environmental impacts, including climate change adaptation, supporting KWO's hydropower and ecological projects.

Quantifiable outcome

• 195 million m³ annual water storage capacity across 8 storage lakes
• +4 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and major.

• SwissgridcoreTechnology or Integration · 1 January 2024Swissgrid is Switzerland's national grid operator. KWO provides critical grid stabilization services including primary, secondary, and tertiary regulation power to Swissgrid, contributing to network balancing and voltage maintenance in the transmission grid.
• Environmental Organizations (WWF, Pro Natura, Aqua Viva, SAC, SL-FP, SFV)majorStrategic or Co-development Partner · 1 January 2024KWO conducted the 'Grimsel-Dialog' participative process with environmental NGOs for the Grimselsee expansion project. Resulted in agreement on residual water regimes and environmental compensation measures, with parties calling it a success.
• Swiss Federal Office for Energy (BFE)majorStrategic or Co-development Partner · 1 January 2024Federal authority overseeing dam safety required KWO to submit an approved construction project for Spitallamm dam by 2017. BFE is the supervisory authority for all KWO dam structures.
• Canton of Bern (Amt für Wasser und Abfall, Amt für Landwirtschaft und Natur)majorStrategic or Co-development Partner · 1 January 2024Cantonal authorities are processing KWO's concession applications for expansion projects. KWO conducts water balance monitoring in cooperation with cantonal experts, environmental associations, and fisheries stakeholders.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Axpo Holding AG: Switzerland's largest producer of electricity and a major operator of large-scale hydropower assets, including run-of-river and storage plants. Closely comparable to KWO in asset type, Swiss market focus, and grid services role, though at substantially larger scale.
• BKW Energie AG: 50% owner of KWO and one of Switzerland's largest integrated energy utilities, with significant own hydropower generation across Bernese Oberland and beyond. Directly comparable as a Swiss hydropower operator with a similar mix of storage, run-of-river, and grid services exposure.
• VERBUND AG: Austria's largest electricity company and one of Europe's leading hydropower operators, with large storage and run-of-river plants in the Alps. Closely comparable to KWO in alpine topography, storage-based business model, grid balancing role, and regulatory framework.
• Repower AG: Swiss-Italian energy company headquartered in Graubünden with hydropower generation across the Alps and exposure to Swiss and Italian wholesale markets. Comparable to KWO in alpine hydropower operations, cross-border sales, and grid services.
• Alpiq Holding AG: Major Swiss electricity producer with a sizable hydro fleet (own and partner plants) and significant pumped-storage capacity. Comparable to KWO as a Swiss hydropower operator with grid services and flexibility assets, including the Nant de Drance pumped-storage plant.

Others

• Elektrizitätswerk der Stadt Zürich (ewz): Municipal utility of the City of Zurich and ~16.67% shareholder in KWO, with its own hydropower generation portfolio in the Graubünden Alps. Comparable to KWO as a Swiss hydropower operator and connected through shared ownership and supply arrangements.
• Industrielle Werke Basel (IWB): Municipal multi-utility of Basel and ~16.67% shareholder in KWO. Related through shared ownership and a long-term electricity offtake relationship rather than direct operational overlap in alpine hydropower.

Broad incumbents

• Vattenfall AB: Swedish state-owned utility with a large Nordic hydropower portfolio and growing pumped-storage / flexibility assets. Comparable to KWO in core hydro technology and grid services, though primarily serves Nordic and Northern European markets.
• Statkraft AS: Europe's largest generator of renewable energy, predominantly hydropower, with significant pumped-storage and reservoir assets in Norway and across Europe. Comparable to KWO in core technology and grid services offering, but operates at much larger scale and across multiple countries.
• EDF (Électricité de France): French state-owned integrated utility with the world's largest pumped-storage and conventional hydropower fleet. Overlaps with KWO in pumped-storage, grid balancing, and large-dam operations, but spans nuclear, hydro, and other technologies across a much wider footprint.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kraftwerke Oberhasli