Kraftwerke Hinterrhein AG

What Kraftwerke Hinterrhein AG does

Kraftwerke Hinterrhein AG (KHR) is a Swiss hydroelectric power producer headquartered in Thusis, Canton Graubünden, founded on 10 December 1956 as an Aktiengesellschaft with CHF 100 million share capital. It operates the largest power plant combination in Graubünden and one of the largest in Switzerland on behalf of nine shareholders spanning Swiss municipal utilities (Stadt Zürich 19.5%, Kanton Graubünden 12%, IWB Basel 2.5%), major Swiss energy companies (Axpo, Alpiq 9.28%, BKW 7.72%, Repower 6.5%), concession municipalities (3%), and Italy's Edison International Shareholdings (20%).

The core technology is a three-stage cascaded hydroelectric system anchored by the 197 million m³ Valle di Lei reservoir in Italy (a 138m arch dam, Switzerland's third-largest), feeding the Ferrera cavern plant (185 MW turbines, 90 MW pumping on a 524m head using high-pressure Francis turbines), the Bärenburg plant (220 MW), the Sils plant (249 MW including 9 MW of dedicated 16 2/3 Hz single-phase generation for Rhätische Bahn railway), and a smaller Thusis residual-water plant (4.6 MW). The system integrates a ~400 km valley distribution network (Talversorgungsnetz) with 130 transformer stations and ~3,200 household connections, operated at KHR's own cost — an arrangement described as unique in Switzerland.

KHR generates approximately 1,500 GWh annually (1,395 GWh in FY2024/25, ~98% of long-term average), sufficient to power ~350,000 households and representing roughly 4% of Swiss hydroelectric output and ~20% of Graubünden's. Revenue (CHF 84.4M total financial performance in FY2024/25) flows from electricity off-take by shareholders proportional to equity stakes, preferential energy supply to 14 concession municipalities (2.8 GWh free, 2.5 GWh at 2-6 Rp/kWh), dedicated railway traction power to Rhätische Bahn (~40% of its needs), and concession fees/taxes of approximately CHF 24.3M annually to municipalities, the canton, and Italy.

Name

Kraftwerke Hinterrhein AG

Legal name

Kraftwerke Hinterrhein AG

Website

https://khr.ch

Company type

Private

Founded year

1956

Operating status

Operating

Headcount range

11–50 employees

Short description

Kraftwerke Hinterrhein AG (KHR) is a Swiss hydroelectric power producer operating a three-stage, 650 MW cascaded plant complex on behalf of nine shareholders, generating ~1,500 GWh annually (~4% of Swiss hydropower) and supplying 14 Graubünden concession municipalities and Rhätische Bahn railway.

Ownership category

akta.pro rank

Product category

Hydroelectric Power Generation

NAICS

Hydroelectric Power Generation (221111), Electric Power Transmission, Control, and Distribution (22112)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Pumped-Storage Hydroelectric Generation (EUACAEAC)

Keywords

• Hydroelectric power generation
• Pumped storage energy
• Electricity distribution networks
• Renewable energy utility
• Railway traction power

Headquarters

HQ city

Thusis

HQ country

Switzerland

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Electricity Production and Sales: KHR generates approximately 1,500 GWh of electricity annually from its hydroelectric facilities. Revenue is generated through sales of produced electricity to shareholders proportional to their equity stakes. Energy is sold to shareholders who then distribute in their respective service areas. The company also supplies concession municipalities with free energy (2.8 million kWh/year) and preferential rate energy (2.5 million kWh/year at 2-6 Rp/kWh).
2. Grid Operations and Network Services: KHR operates and maintains the valley distribution network (~400 km of high and low voltage lines, 130 transformer stations) for concession municipalities at its own cost. This infrastructure service is unique in Switzerland. Average annual investment budget of approximately CHF 1 million for network infrastructure.
3. Water Rights Fees and Taxes: KHR pays water rights fees and taxes to concession municipalities, canton of Graubünden, and Italy. Annual payments total approximately CHF 24.276 million (at average production), including CHF 9.985 million water fees to communities, CHF 10.551 million to canton, and approximately CHF 1 million to Italy.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

KHR generates hydroelectric power through a three-stage cascade system (Ferrera, Bärenburg, Sils, plus Thusis) fed by the 197 million m³ Valle di Lei seasonal reservoir and 16 million m³ Sufers compensation basin, with 650 MW turbine and 90 MW pumping capacity producing ~1,500 GWh annually. The company also operates and maintains the regional valley distribution network of ~400 km across voltage levels from 60 kV down to 400 V, and supplies dedicated 16 2/3 Hz railway traction power to Rhätische Bahn covering roughly 40% of its needs. Electricity is distributed proportionally to nine shareholders and via preferential allocations to 14 concession municipalities.

Product overview

Kraftwerke Hinterrhein AG (KHR) operates as a hydroelectric power utility company managing the largest power plant combination in the Canton of Graubünden and one of the largest in Switzerland. The core product is a three-stage hydroelectric power plant system comprising Valle di Lei (seasonal reservoir with 197 million m³ capacity), Ferrera (185 MW turbines with 90 MW pumping capacity), Bärenburg (220 MW), Sils (249 MW including 9 MW railway power), and Thusis (4.6 MW) power stations. Supporting products include the Inforama visitor center at the Valle di Lei dam, guided tours of facilities, live webcams, downloadable resources (tariffs, forms, regulations), and a customer portal for account management. The integrated valley supply network spans approximately 400 km covering 14 concession municipalities.

Differentiator

Problem solved

Functional benefit

Products and services

• KHR Three-Stage Hydroelectric Power Plants (Ferrera, Bärenburg, Sils) Three-stage cascaded hydroelectric power stations: Ferrera (185 MW turbine + 90 MW pump), Bärenburg (220 MW) and Sils (249 MW including 9 MW single-phase generation for railway), fed by the Valle di Lei reservoir with a 1931m to 667m elevation drop. Produces around 1,500 GWh of electricity annually on average for off-take by nine shareholders.
• Kraftwerk Thusis Lower-stage hydroelectric power station of 4.6 MW with two horizontal-axis Francis turbines using a 90m head and residual/dotier water from the Hinterrhein to supply surrounding municipalities.
• Stausee Valle di Lei (Seasonal Storage Reservoir) Third-largest dam in Switzerland (138m arch dam, 690m crown length) with 197 million m³ storage capacity. Spans Swiss-Italian territory and forms the seasonal storage core of the KHR system, enabling shift of summer production to winter demand peaks. Average 60 million m³ is pumped annually into the reservoir from the Ferrera compensation basin and Sufers.
• Stausee Sufers (Compensation Basin) Compensation reservoir of 16 million m³ between the Ferrera and Bärenburg power stages, providing inter-stage flow balancing and pumping feed for the pumped storage cycle.
• Talversorgungsnetz (Valley Supply Network) Owned and operated valley supply network spanning approximately 400 km across voltage levels from 60 kV down to 400 V household connections, with 130 transformer stations and around 3,200 house connections serving 14 concession municipalities. KHR funds ~CHF 1 million of annual network investment and approximately CHF 4 million of annual services.
• Guided Tours of Facilities Group guided tours of the Valle di Lei dam and the Ferrera, Bärenburg and Sils power plants, available to the public and educational groups (6-20 persons) on advance booking; minimum two weeks' lead time required.
• Inforama Visitor Center at Valle di Lei Dam Free public exhibition at the Valle di Lei dam with interactive exhibits, panels and short films documenting over 50 years of KHR history and current operations. Open seasonally 15 May to 31 October, 09:00-20:00.
• Kundenportal (Customer Portal) Online customer portal (Kundenportal) powered by the enControl platform enabling customers to log in, access their accounts and manage their energy services with KHR.

Quantifiable outcome

• ~1500 GWh clean electricity produced annually
• +7 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature6 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Swissgrid SAminorStrategic or Co-development Partner · 1 January 2013National grid operator. KHR transferred 220kV and 380kV transmission network assets to Swissgrid (completed 2012-2015). Kraftwerke Hinterrhein Netz AG (KHN) was liquidated in 2012.
• Rhätische Bahn (RhB)coreChannel Partner/ Reseller/ Distributor · 1 January 1963Major railway customer receiving ~40% of traction power needs from KHR. KHR operates dedicated single-phase generators (9,000 kW at 16 2/3 Hz) at Sils plant exclusively for RhB.
• Concession Municipalities (Konzessionsgemeinden)coreStrategic or Co-development Partner · 1 January 195614 municipalities holding water rights concessions (Andeer, Avers, Bregaglia, Ferrera, Muntogna da Schons, Rongellen, Sils i.D., Rheinwald, Sufers, Thusis, Zillis-Reischen, etc.). Receive free and preferential energy, network services (~CHF 4M/year), and water fees (~CHF 10M/year).
• PricewaterhouseCoopers AGminorOthersExternal auditor for KHR. Confirmed as auditor by shareholders at annual general meetings.

Scale indicators25 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Axpo Power AG: Major Swiss utility and KHR shareholder; operates large hydroelectric and other generation assets across Switzerland. Directly comparable in hydropower generation and Swiss utility business model.
• Elektrizitätswerk der Stadt Zürich (EWZ): Municipal utility of Zurich and KHR's largest Swiss shareholder (19.5%); operates its own hydroelectric generation portfolio and distribution network. Comparable as a Swiss municipal utility with hydro generation and integrated T&D.
• IWB Industrielle Werke Basel: Basel municipal utility and KHR shareholder (2.5%); multi-utility including renewable generation. Comparable as a Swiss utility shareholder with similar offtake and governance profile.
• Repower AG: Swiss/Italian energy utility and KHR shareholder (6.50%); operates hydroelectric plants in Graubünden and across the Alps. Directly comparable in Alpine hydro generation and cross-border Swiss-Italian operations.
• Verbund AG: Austria's largest hydroelectric utility operating Alpine run-of-river and pumped-storage plants. Closest peer by geography, technology (Francis turbines, pumped storage), and Alpine hydro business model.
• BKW Energie AG: Swiss integrated energy company and KHR shareholder (7.72%); operates hydropower generation in the Bern/Swiss Alps region. Comparable Swiss utility with hydroelectric generation and grid operations.
• Edison S.p.A. Italian energy company and KHR's largest single shareholder (20%); operates hydroelectric and thermal generation in Italy. Directly comparable as the Italian counterparty in KHR's cross-border Alpine hydropower operations.
• Alpiq Holding AG: Swiss electricity producer and KHR shareholder (9.28%); operates pumped-storage and run-of-river hydropower. Directly comparable as a Swiss utility with hydroelectric and pumped-storage assets.

Broad incumbents

• EDF (Électricité de France): French national utility with extensive pumped-storage and hydroelectric assets in the Alps. Comparable as a major European incumbent in Alpine hydro and pumped storage, though with nuclear and thermal portfolio breadth KHR does not have.
• Engie SA: Global utility with significant European hydroelectric and pumped-storage operations. Comparable as a broad incumbent in European hydro generation, though KHR is much smaller and more regionally focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

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 Hinterrhein AG