Partner in the Energy Transition Annual and

Sustainability Report 2014

Partner in the Energy Transition Annual and

Sustainability Report 2014

22

1,188 employees

Europe

Switzerland

224,545 customers

5585 GWh power generation

3,747 GWh power supplied to Switzerland

238 GWh heating and cooling sales, energy services

CHF 791.5 million Operating income 2014

85% of power products to business customers

1,1,11,11,1881,,188,188 employees1, employees employees,188

employees,1881,,188,188

employees,188,18818,188,188,1888,188,188

employees em employees employeesployeeployee employeesployee employees employees,188

employees,188ployee,188,188

employees,188

employees1, employees employeesployee employees employees1, employees employees,188

employees,1881,,188,188

employees,188ployee,188,188

employees,188,1881,,188,188

employees,188,188

ss employeess employees employees

55555585 GWh555585 GWh5585 GWh85855585 GWh855585 GWh5585 GWhGWGW5585 GWhGW5585 GWh5585 GWhhh5585 GWhh5585 GWh5585 GWhpower generapower generapowerpower generapowerpower generationpower genera generation generation generationti generation generation generationpower genera generation generationti generation generationpower genera generation generationonon generationon generation generation

3,3,3,7473,3,7473,7473,747743,7473,7477 7 3,7477 3,7473,747 GWGWGWhGWGWhGWhGWhhGWhGWh power su power supower supplied to Switzerland power supower supplied to Switzerlandpower supplied to Switzerlandpppppower supplied to Switzerlandpppower supplied to Switzerlandpower supplied to Switzerlandpower supplied to Switzerlandlipower supplied to Switzerlandpower supplied to Switzerlandpower supplied to Switzerlanded to Swpower supplied to Switzerlandpower supplied to Switzerlandpower supplied to Switzerlanditpower supplied to Switzerlandpower supplied to Switzerlandpower supplied to Switzerlandzepower supplied to Switzerlandpower supplied to Switzerlandpower supplied to Switzerlandrlanpower supplied to Switzerlandpower supplied to Switzerlandddpower supplied to Switzerlanddpower supplied to Switzerlandpower supplied to Switzerland

Power generation 2014in GWh

Hydroelectric power: 54 %Nuclear power: 40 %Solar/wind: 3.5 %Biomass/waste incineration plants: 2.5 %

Key performance indicatorsIncome statement 2013 2014 TrendOverall performance CHF m 757.0 7979791.1.1.555Operating earnings before interest and taxes CHF m 137.7 3434347.7.7.222Result of the City of Zurich CHF m 66.3 656565.3.3.3Employees Number 1,176 1,1,1,181818888Customers Number 222,948 2222224,4,4,545454555

Electrical energyDevelopment of new renewable energies MW 0.3 121212Generation of electrical energy GWh 4,760 5,5,5,585858555Sales of electrical energy GWh 3,745 3,3,3,747474777Sales of green electricity GWh 386 363636666

Thermal energy Sales of thermal energy GWh 212 232323888Earnings from energy services CHF m 37.2 474747.8.8.8

Distribution gridsOverhead lines km 348 414141444Cable km 4,837 4,4,4,959595888Substations Number 28 292929Transformer stations Number 846 8585859995-year average SAIDI¹) for the City of Zurich Minutes 7.9 7.7.7.777

TelecomBuildings with broadband connections Number 13,100 191919,,,000000000Available broadband connections Number 92,000 1414145,5,5,909090000

Development grantsewz.effizienzbonus CHF m 14.2 141414.4.4.4Power conservation fund CHF m 12.8 7.7.7.9 9 9 naturemade star fund CHF m 1.8 2.2.2.0 0 0

Employees

208 women

980 men

Grid losses and transitory differences

naturemade star-c star-c star ertified

naturemade basic-certified

Without naturemade certification

PowePower r suppsupplilieded toto SwiSwitztzerlanderland: : 3, 3,747477

PowePower r suppsupplilieded toto EuropeanEuropean gridgrids:s: 333366

TrTraadinding:g: 1,1,898911

¹) SAIDI is an indicator of reliability defined in the IEEE international standard. Customers can expect total interruptions of 7.7 minutes per year on average.

33

1,188 employees

Europe

Switzerland

224,545 customers

5585 GWh power generation

3,747 GWh power supplied to Switzerland

238 GWh heating and cooling sales, energy services

CHF 791.5 million Operating income 2014

85% of power products to business customers

224,224,224,545224,224,545224,545224,54554224,545224,54555224,5455224,545224,545custcustcustomerscustcustomerscustomersomeromercustomersomercustomerscustomerssscustomersscustomerscustomers

2323238232382388 8 2388 238238 GWGWGWhGWGWhGWhhhGWhhGWhGWhheating and cooling sales, heatheating and cooling sales, heating and cooling sales, heating and cooling sales, inheating and cooling sales, heating and cooling sales, g g heating and cooling sales, g heating and cooling sales, heating and cooling sales, heating and cooling sales, anheating and cooling sales, heating and cooling sales, heating and cooling sales, d coheating and cooling sales, heating and cooling sales, heating and cooling sales, olheating and cooling sales, heating and cooling sales, heating and cooling sales, inheating and cooling sales, heating and cooling sales, g sales,g sales,heating and cooling sales, g sales,heating and cooling sales, heating and cooling sales, energy servicesenerenergy servicesenergy servicesenergy servicesgyenergy servicesenergy servicesenergy services seenergy servicesenergy servicesenergy servicesrvenergy servicesenergy servicesicesicesenergy servicesicesenergy servicesenergy services

CHF CHF CHF CHF CHF CHF 7979791.579791.5791.51.1.791.51.791.5791.55 5 791.55 791.5791.5 mimimillion mimillion million llllmillion llmillion million ioiomillion iomillion million n n million n million million Operating income 2014 Operat Operating income 2014 Operating income 2014 Operating income 2014in Operating income 2014 Operating income 2014g g Operating income 2014g Operating income 2014 Operating income 2014 Operating income 2014in Operating income 2014 Operating income 2014 Operating income 2014co Operating income 2014 Operating income 2014 Operating income 2014me Operating income 2014 Operating income 2014 Operating income 201420 Operating income 2014 Operating income 2014 Operating income 201414 Operating income 2014 Operating income 2014

858585%8585%85%%%85%%85%85% of power prod of power prod of of power prod of of power of power prodpower power products of power prodproducts products products ucproducts products products tsproducts products to busi to busi to business customers to busi to business customers to business customersness ness to business customersness to business customers to business customerscustcust to business customerscust to business customers to business customersomeromer to business customersomer to business customers to business customersss to business customerss to business customers to business customers

25,056 commercial and business customers

199,489 residential customers

Customers

3,070 GWh sold to commercial and business customers

550 GWh sold to residential customers

2013

66.3

2014

65.3

2011

66.272.1

2010

2012

67.2

Financesin CHF m

Annual profit

162

2010

2011

2012

2013

2014

Energy servicesin GWh

238

1,188 employees

Europe

Switzerland

224,545 customers

5585 GWh power generation

3,747 GWh power supplied to Switzerland

238 GWh heating and cooling sales, energy services

CHF 791.5 million Operating income 2014

85% of power products to business customers

EuropeEuropeEuropeEuropeEuropeEurope

Switzerland SwSwitzerland Switzerland ititSwitzerland itSwitzerland Switzerland Switzerland zeSwitzerland Switzerland rland rland Switzerland rland Switzerland Switzerland

The Grisons (Mittelbünden and Bergell)

Zurich

Sites and grids Main ewz sites

Production sites Energy contracting Telecom fiber-optic network Distribution grid

44

Table of Contents

ewz at a glance 2

Sustainability at ewz 13

ewz pushes ahead with the energy transition 21

Shaping the future together 27

Successful through know-how and team spirit 33

Organization 37

Financial report 45

About this report 53

Jointly committed to the energy transition 5

ewz perspectives 6

Sustainability trends 14

Sustainability strategy 15

Value chain of electrical energy 16

Global megatrends – answers from ewz 18

Investments in a renewable future 22

A powerful culture of innovation 23

A fi ber-optic network for today and tomorrow 24

Commitment to biodiversity 25

ewz increases its energy effi ciency 26

In dialogue with stakeholders 28

Supply reliability 29

Energy effi ciency for customers 30

Sustainable products and services 31

Performance and energy data 32

An attractive employer for the energy transition 34

A safe and healthy working environment 35

Equal opportunity for everyone 36

Targeted opportunity and risk management 39

Financial statement 2014 45

Income statement 2014 47

Balance sheet 2014 48

Cash fl ow account 2014 49

Notes 50

GRI Index “Core” 55

5

What exactly does that mean for the business operations of ewz? Actually, a company’s goal is to generate as much financial added value as possible.The business operations of ewz are based on the basic principles of sus-tainability, i.e. the inclusion of economical as well as ecological, political and social aspects. The aspirations of the 2000-Watt Society are also a top priority to ewz. The fact is that we will consume more and more elec-tricity one way or the other due to new electronic devices. That’s why energy-saving and energy-efficient usage are required. Besides new tech-nologies, it is mainly people’s behavior that is important to make the en-ergy transition work. Considerable savings are also possible, especially in terms of energy management in buildings. This is already a key argument when planning new buildings and when old buildings are renovated, at-tempts are being made to optimize their energy efficiency. It is exactly these services in the energy management sector that ewz wants to strengthen in the future.

2015 marks the first ewz annual and sustainability report pub-lished in which these challenges and opportunities are portrayed. What does sustainability mean to you? To me personally, sustainability is a must, because as the saying goes, we didn’t inherit the earth from our parents, rather we’re borrowing it from our children. As the director of ewz, I am dedicated to sustainable corpo-rate management. It promotes long-term competitiveness through the targeted exploitation of opportunities and comprehensive management of risks. We have set ambitious sustainability objectives for ourselves. For example, we are striving to increase long-term sales of environmentally friendly energy for heating and cooling by 10% and we want to constantly increase customer satisfaction. In addition, we want to increase the share of women among the ranks of ewz employees – including upper management – to 25% by the year 2020. With these and other objectives, we would like to generate above average added value for ewz, for the city as the owner and for society.

Marcel FreiDirector

Jointly committed to the energy transition

The National Council addressed the 2050 energy strategy in the 2014 winter session of parliament. How do you explain the energy transition?We are faced with major challenges globally in connection with the provision and utilization of energy. In the past few years, the City of Zurich and its population has spoken out re-peatedly and clearly in favor of concentrating on renewable energies and energy efficiency.

For climate policy reasons, we are already seeing a trend towards the replacement of fossil energy sources. Public awareness of the risks of nuclear power has certainly increased since the disaster at Fukushima. We bear responsibility for future generations.

Supply reliability in particular is an issue that arises over and over again in connection with the energy strategy. Is this ensured if we phase out nuclear power? That is certainly one of the biggest challenges. Since no satisfactory solu-tion has been found to the question of how to store energy for many types of renewable energy, innovations are tremendously important. However, there are good ideas, and investments must be made in these types of renewable energy. That’s why ewz has been a pioneering force in this sector for a long time now. Innovativeness is the key to the sustainable further development of our society. We are working on solutions with our stakeholders and specifically promoting innovations.

Interview with Marcel Frei, Director of ewz

6

“Sustainability also means minimizing ou tage rates through the use of highly inno vative technologies. This challenge mo tivates me each day.”

“ewz dedicates itself consistently to making power production more and more eco-logical.”

“Sustainable power production doesn’t stop at the borders.”

Marcel Frei Benedikt LoepfeCédric Aubert Romeo Deplazes

ewz perspectives

“The innovativeness of our employees is the key to sustainable further develop-ment and to the success of our company.”

“Our products and services are geared toward our customers’ needs. That’s why innovation and sus tainability are in the center of our thoughts and actions.”

Department of Public Utilities and Transport of the City of Zurich

City Councilor Andres Türler

Equal opportunity representative: Regula Bel KadhiData protection representative: Arno StarkEnvironmental management representative: Romeo DeplazesSafety and health management representative: Benedikt LoepfeProcess and quality management representative: Hanspeter RahmRisk management representative: Stéphanie Engels

As of: May 2015

Member of the Sustainability Council

Martin Roth

Company structureGeneral Management

Marcel Frei

Executive Board

Benedikt Loepfe

Distribution Grids

Grid Design

Grid Support

Project Planning and Realization

Operation and Maintenance

Mittelbünden Distribution Grid

Grid Services

Regulation and Data Management

Romeo Deplazes

Marketing and Sales

Sales

Market in the Grisons

Energy Effi ciency Consulting

Market Development

Marketing

Billing Management

Cédric Aubert

Energy Economics

Power Trading

Renewable Energy Trading

Energy Services

Controlling and Services

Sales

Implementation

Operation

Martin Roth

Power Generation

Business Development

Project Planning and Realization

Asset Management

Limmat Power Plants

Bergell Power Plants

Mittelbünden Power Plants

7

“Ecologically expedient, socially responsible and fi nancially viable investments will decide the company’s long-term success.”

“ewz success -fully exploits opportunities which arise through the convergence of energy with modern infor -ma tion and com-mu nications technology.”

Arno StarkPeter Messmann Hanspeter Rahm Harry Graf

“Our fi ber-optic network forms the basis for modern tele communications services as well as intelligent, all-in-one solutions in the city and in buildings.”

“We maintain an active, intense dialogue with our stakeholders in order to strengthen confi dence in our business actions.”

“ewz stands for teamwork and promotes diversity. We will master the challenges of the future together and across divisional boundaries.”

Bruno Hürlimann

Arno Stark

Services

Purchasing

Personnel

Real Estate

Legal

Project Management and ICT Architecture

Telematics

Peter Messmann

Telecom

Strategy & Innovation Projects

Strategy & Business Development

Sales & Marketing

Networks & Operation

Rollout

Controlling

Telecom Communications

Services

Hanspeter Rahm

Finance and Controlling

Controlling

Accounting

Harry Graf

Corporate Communications

Bruno Hürlimann

Strategic Projects

Stéphanie Engels

“We work on inno-vations which combine ecological and social interests with economic interests.”

Stéphanie Engels

Company Development

Operational Sustainability

Strategy

Innovation

“There is a change of perspective at the beginning of every sustain-able innovation.”

Nicola Blum, Member of the Executive Board Impact Hub Zurich

“I connect Zurich.”

Atilla Demir, grid electrician trainee at ewz

“Our objective is to explore triggers of sustainable action.”

Prof Renate Schubert, ETH Zurich

“Many forces have to join together on the road to the 2000-Watt Society. In terms of its implementation, ewz is one of the most innovative forerunners.”

Bruno Bébié, Energy representative of the City of Zurich

12

Stakeholder portraitsThe photographs show representatives of some of our most important stake-holders: business customers, SMEs, residential customers, start-ups, con-tracting municipalities, academic and research institutions and the City of Zurich as the owner. These stakeholders are ewz partners in the energy transition, each one in its own way. Their portraits each contain a reversed element, which symbolically stands for the transition. A competition challenges your resourcefulness to find all the reversed ele-ments: Readers can take part in the competition at www.meinewende.ch and win attractive prizes. We would like to thank all stakeholders for the valuable working relationship and their willingness to take part in the photo shoot. Many thanks also to photographer Philipp Rohner for his great work.

1313

Sustainability at ewz

The business activities of ewz are based on the fundamental principles of sustainability. With the vision of being the leading energy services provider in Switzer-land with a role as forerunner in ecology and energy effi ciency, ewz start-ed setting high goals for itself in 2012. To achieve them, ewz introduced systematic sustainability management. With its tradition and strategy for the future, ewz is on the right track. This was confi rmed recently by a comparison of energy services providers carried out across Switzerland by order of the Federal Offi ce of Energy: ewz took fi rst place. The survey looked at energy effi ciency and renewable energy as well as how these are incorporated into the strategy, products and services.

Sustainability trends 14

Sustainability strategy 15

Value chain of electrical energy 16

Global megatrends – answers from ewz 18

1414

Sustainability trends

Energy future, global and national The energy future will be characterized by glo-bal trends which have an effect on Europe and Switzerland. • With record values for global ocean and air

temperatures registered once again in 2014, it is likely that the global climate change trig-gered by greenhouse gases will continue. Switzerland is expecting temperatures to in-crease 4.8° C by 2099 in the worst case, or 1.2° C in the best case¹) . This affects the pat-terns of precipitation and hence the produc-tion output of hydropower plants.

• The City of Zurich has committed to the 2000-Watt Society. The objective is to considerably reduce energy consumption and CO2 emis-sions, promote renewable energy and energy effi ciency and to not renew investments in nuclear power plants.

• The incident in Fukushima has caused several countries to decide to phase out nuclear power. In 2011, Switzerland’s Federal Council and Parliament made a fundamental decision to gradually pull out.

Change in energy demandThe international climate policy has the goal of limiting global warming to 2° C. More than a few countries support this goal and are taking measures. The use of CO2-free energy instead of fossil fuels is one such possibility. Because the potential of hydropower is almost exhaust-ed in Europe, energy suppliers are investing increasingly in wind and solar energy as well as in geothermal energy pilot projects. In the fu-ture, the power supply will no longer be sup-ported by just a few central large power plants, rather by many smaller solar power plants or remote wind farms. Due to the increased amount of this irregularly fed-in renewable energy, there are new challenges for integra-tion into the power system.Innovativeness is the key to sustainable further development. This affects not only the power supply, but also the optimization of heating, cooling and transport systems. Other innovative energy solutions and services are needed.

¹) CH2011 (2011), Swiss Climate Change Scenarios CH2011, published by C2SM, MeteoSwiss, ETH, NCCR Climate, and OcCC, Zurich, Switzerland

1515

Sustainability strategy

Organizational anchoring of sustainability

On the path to the energy transitionewz is reacting to the global trends and their repercussions. Together with its stakeholders, ewz wants to master the challenges of the fu-ture and establish a sustainable energy supply system for future generations.The sustainability strategy has a broad base of support in the company. Sustainable actions are part of the corporate culture. ewz understands sustainability to be a guiding concept based on economical, ecological, political and social cri-teria. Through the exploitation of opportunities and targeted risk management, added value will be generated in the long-term for the company, the environment and society.To lay a solid foundation for sustainability man-agement, ewz worked together with key stake-holders in 2013 to defi ne the sustainability pri-orities discussed in this report:• Supply reliability• Investments in renewable energy• Ecological products and services• Customer satisfaction• Innovation• Minimization of negative environmental

impacts • Energy effi ciency for customers• Energy effi ciency at ewz• Stakeholder involvement • Opportunities and risk management • Occupational safety and health protection

These priorities are supplemented by issues that ewz is promoting heavily: • Talent acquisition and employee development• Diversity• Broadband access for Zurich

In 2014, ewz introduced sustainability manage-ment and intensifi ed its commitment to a sustain-able energy supply. The organizational anchoring of sustainability ensures that goals will be set for these key topics and that they will be pushed ahead with the necessary measures. The Sustainability Council, consisting of mem-bers of the Executive Board, stipulates the strategy and objectives to defi ne the approach to be adopted for the four sustainability dimen-sions: social, ecological, economical, and politi-cal. The Sustainability Committee takes over active control of the key topics. It operationa-lizes the objectives and suggests measures and activities for their implementation. The commit-tee members lead teams which assist them as they address their respective topics.

Sustainability Council

Strategy8 members of the Executive Board

Specialists

Operational implementation

Further development of sustainability topics14 members

Sustainability Committee

1616

Value chain for electrical energy

Raw materials production1● Biomass production● From uranium mining to fuel rods● Petroleum exploration for fuel

ewz business activities● None

2Power generation● Construction, operation, maintenance,

renewal, dismantling of plants(hydropower, wind, biomass, solar thermal energy, nuclear power, photovoltaic)

● Purchase and transport of fuel● Operation of electricity,

heat and cooling production

ewz business activities● Generation● Distribution grids ● Energy services

Power trading3● Contracts with third parties● Purchase of physical electricity

and proof of origin of third parties ● Energy services

ewz business activities● Renewable energies trading● Energy trading ● Energy services

Electric energy is a key business of ewz: As a vertically integrated company, ewz covers almost the entire value chain for electrical energy – from generation to sales.

1717

Transport and distributionof electricity

4● Expansion, maintenance and dismantling

of power and heating/cooling transport systems as well as distribution grids

● Operation of distribution grids for power,cooling and heating

ewz business activities● Zurich distribution grid● Mittelbünden distribution grid● Bergell distribution grid● Energy services

Electricity sales5● Products and services in all

areas of energy

ewz business activities● Electricity sales● Energy efficiency consulting● Decentralized production● Services in the area of decentralized

production● Energy services● Distribution grids (grid services, lighting,

calibration, clocks)

Power consumption6● Energy efficiency● Demand management● Energy efficiency consulting

ewz business activities● Energy provision for customers● Energy efficiency consulting● Energy services● Power conservation fund

1818

Global megatrends

Increasing energy demand

Climate change

Urbanization

Shortage of resources

Digitalization

Increasing energy demand

Climate change

Urbanization

Shortage of resources

Digitalization

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1919

2121

ewz drives the energy transition forward

The energy supply of the future will be mainly based on renewable energy. In addition, energy will be produced increasingly in a decentralized way. This calls for intelligent energy supply systems that can balance produc-tion and consumption. ewz recognized this at an early stage and has focused on renewable energy production for a long time now. In addition, ewz is building a fi ber-optics network for the City of Zurich, which will support the development of intelligent supply systems. In parallel to this, ewz is increasing its effi -ciency, continuing to minimize environmental pollution and promoting bio-diversity in Swiss bodies of water. A strong innovation strategy supports the development of new business models. Hence, ewz is making an important contribution to the energy future.

Investments in a renewable future 22

A powerful culture of innovation 23

A fi ber-optic network for today and tomorrow 24

Commitment to biodiversity 25

ewz increases its energy effi ciency 26

2222

Investments in a renewable future

Growing public awareness about the dangers of climate change and reassessment of the bene-fi ts and risks of nuclear power in society are in-creasing the demand for renewable energy and energy effi ciency. Changes to power production and energy consumption, among other things, are decisive for the business success of ewz.ewz sees tremendous potential in switching from fossil fuels to alternative energies for heat-ing and cooling buildings. ewz is giving due care to covering its power production through the use of renewable energy sources and its own production as much as possible. The study pre-pared by ewz in 2012 (“Our future is renewable! ewz and the future of electricity 2012 – 2050”) is used as a foundation for expanding renewable energies. This development is reviewed periodi-cally and documented in the reports. Essential elements of the production strategy are as fol-lows:• As a vertically integrated company, ewz pro-

vides, distributes and sells energy.• The investments and buying options in nuclear

power plants will expire by 2034 at the latest.• Increases in the amount of power produced

through the use of wind energy, in particular, will serve as a replacement for nuclear power.

• The proportion of hydropower will be main-tained if possible.

To achieve the objectives of the production strategy, ewz must invest an average annual amount of CHF 100 million. Thanks in part to fa-vorable hydrological conditions, ewz increased its output from renewable energies by 14% in 2014.

OutlookThe Butendiek wind farm will go into operation in 2015. The entire wind farm comprises 80 wind turbines with total output of 288 MW. ewz holds a 4.9% stake. Butendiek is the fi rst investment in the offshore area.

Our ambition for 2020The strategic goal for 2020 is to increase power production from renewable energy by 40% com-pared to 2013.

Power production from renewable energy increased by 14%

ewz put the Epinette wind farm into operation in September 2014. The six gearless wind turbines are located in the French region of Nord Pas de Calais, 30 kilometers from the English Channel. The installed capacity is 12 megawatts and expectations are that it will supply 13 000 homes with electricity each year.

Investment costsin CHF m

Investment costs for the production of renewable energy and energy services

78.0

2010

2014

97.920

13

86.7

2012

54.7

2011

59.4

Power production from renewable energies

2,502

2,955

2010

2012

2013

2015

2017

2019

2011

2014

2016

2018

2020

in GWh

Our ambition for 2020 Power production from renewable energies

2323

A powerful culture of innovation

Innovation portfolio with selected projects

The fundamental decision by Switzerland’s Fed-eral Council and Parliament to gradually phase out nuclear power, increasing price pressure and the upcoming complete liberalization of the en-ergy market in Switzerland are only a few of the challenges that Swiss energy providers have to tackle today.Active innovation management is important with regard to a dynamic market environment and the ongoing development of new technolo-gies. Hence, ewz promotes the culture of inno-vation and innovative power inside the compa-ny. Innovation management is established at the Executive Board level, and ensures effi cient im-plementation of the best ideas for the business activities of ewz.The Executive Board periodically discusses the innovation portfolio and makes direct decisions regarding the most important strategic lines of attack. The cross-divisional Innovation Com-

mittee takes a central role as a decision-making body and innovation ambassador, and it strength-ens the culture of innovation in the individual areas.

OutlookIn the future, ewz will rely increasingly on a co-determination approach for innovations and strengthen the cooperation with business part-ners, especially with start-ups as well as aca-demic and research institutions. The coopera-tion with ActionJam – the Swiss innovation network – starts in 2015. Cooperation such as this and an increased culture of innovation will pave the way to a successful future.

Innovation architecture established and innovation activity increased

After the introduction of the innova-tion management system in 2013, ewz increased employees’ awareness of how the culture of innovation is being promoted. A total of two events and fi ve training sessions were organized on the topic of innovation management. The Sustainable Innovation Day was held for the fi rsttime in 2014 at the ewz Selnau substation. Employees were able to present new ideas and secure immediate fi nancing from the ewz innovation fund. One of the winning ideas was a project called “Intelligent Streetlights”: Motion sensors were in -stalled in Affoltern-strasse in Zurich, which caused the newly installed LED streetlights to illuminate as soon as a person or vehicle approached and to dim when they were gone. That allowed energy to be used effi ciently without these savings having an adverse effect on the safety of road users.

Execution/implementationPilot/prototype Concept/observation

Makes a contributionto the current ewz result

Timing

Mat

urit

y

Will make a contributionto the ewz resultin 1 to 5 years

Will make a contributionto the ewz resultin > 5 years

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2424

A fi ber-optic network for today and tomorrow

ewz.zürinet

With the setup and operation of ewz.zürinet, broadband access through a fi ber-optic network ewz is supporting the fi nancial and social de-velopment of the City of Zurich. The modern communications network strengthens the at-tractiveness of Zurich as a place to live and do business. Thanks to high speeds, companies profi t by being able to network more closely and offer Internet-based services and IT innova-tions. ewz makes the platform for high defi nition TV, video on demand, broadband Internet, tele-phone services and other future applications available to providers of digital services. Half of private households, companies and public facilities are already able to profi t from these offers. Zurich’s fi ber-optic network is also a step to-wards the 2000 watt society. The requirements for a fl exible distribution grid increase along with the growing number of decentralized elec-tricity producers such as solar systems that feed excess electricity into the grid. Not only does it channel electricity from central power plants to the consumers, but it also has to recognize where, when and from whom electricity can be produced, consumed or stored. The fi ber-optic network is the basis of an intelligent grid with intelligent electricity meters that connect power producers, consumers and storage systems, and facilitates a trouble-free and reliable com-munication infrastructure. Only a trouble-free, reliable communications infrastructure can en-sure that these developments culminate in intel-ligent, all-in-one solutions in urban areas.

Outlookewz will forge ahead with the expansion of ewz.zürinet as planned. Optimization possibili-ties in connection with the progress of construc-tion and costs will continue to be utilized consis-tently. The synergies existing inside ewz will be strengthened further and developed with the objective of preparing specifi c services in the area of an intelligent, all-in-one solution for buildings thereby exploiting new business op-portunities. In addition, specifi c cooperative ventures will be expanded at a national level, which will benefi t companies in Zurich and thereby strengthen the Telecom project busi-ness.

60% of the homes and businesses in the City of Zurich have fi ber-optic access

Our ambitionThe entire population of Zurich will have access to the fi ber-optic network, i.e. the communica-tions network of the future, by 2019.

In 2014 we concentrated on the complete development of Schwamen-dingen as well as parts of Höngg and Altstetten with the fi ber-optic network. At the end of December, 145,900 broadband connections were available. Hence, more than half the population of Zurich has access to the modern fi ber-optic network.

Already developed, ewz.zürinet can be ordered Development in the next 12 months, ewz.zürinet can be ordered as of thenDevelopment in the next 13 to 36 months, ewz.zürinet can be ordered as of thenDevelopment at a later time, but by 2019 at the latest

2

777

888

1010101010101010101010101010

444

555 666

999

111111

121212

1111111111

3

(As of: December 2014)

2525

Commitment to biodiversity

Interventions in nature and the landscape are unavoidable when producing and distributing energy. This has a sustained, detrimental impact on the habitats of both fl ora and fauna. Run-of-river and pumped storage power plants have a direct impact on the water regime, which af-fects the ecosystems downstream. Hydropower plants can also be major obstacles for organisms living in the water such as fi sh.To tackle these challenges, ewz runs an ISO 14001-certifi ed environmental management system, which is audited by external institu-tions. All the company’s own production facili-ties are monitored by the “Association for Envi-ronmentally Compatible Energy” (VUE) and are naturemade basic or naturemade star certifi ed. The ewz environmental program is very exten-sive – with emphasis in particular on continuous improvement of biodiversity, reduction of emis-sions and contaminated site cleanup. Biodiversity is promoted in the rivers that ewz uses to produce electricity as well as in neigh-boring bodies of water. Providing resources of around CHF 2 million each year, the naturemade star fund from ewz facilitates the ecological upgrading and networking of rivers and streams. The fund is the biggest of its kind in Switzerland thanks to ewz customers who increase the fund by buying the products ewz.ökopower and ewz.wassertop. No other power company or environ-mental association contributes more to the restoration of waterways in Switzerland than ewz.

In 2014, total investments in ecological upgrad-ing measures amounted to CHF 1.96 million. Projects were supported in the regions of Mit-telbünden and Bergell as well as the Cantons of Aargau and Zurich.

OutlookThe focus in 2015 is on green space manage-ment. ewz owns properties covering just short of 3 million square meters, a considerable amount of which is located in and around the City of Zu-rich and its metropolitan area. ewz’s green space management takes the ecological value of areas into consideration. In 2015, an action plan is being worked out to boost biodiversity through the elimination of neophytes, i.e. non-native invasive plants.

CHF 1.96 million invested in the restoration of waterways

In the past few years, ewz has invested considerable resources from the naturemade star fund into the “Chly Rhy” (Little Rhine) wet-lands restoration effort by Rietheim in Canton of Aargau. The project will be completed in June 2015 and has been realized in close cooperation with the Canton of Aargau, Pro Natura, municipalities and other partners. The “Chly Rhy” is a unique wetlands zone of national importance that will give rise to new habitats for beaver, salmon and other animals and plants.

Investments in ecological upgrading measuresin CHF m

Investments in ecological upgrading measures of ewz’s naturemade star fund.

1.24

2010

2014

1.96

2013

1.76

2012

1.27

2011

1.67

2626

ewz increases its energy effi ciency

Electric vehicles

Efforts to minimize raw material and energy consumption while also boosting effi ciency are key factors of the energy transition – in particu-lar for the heating and cooling of buildings, fol-lowed by transport. Considerable savings po-tential still exists in a wide variety of electricity applications.ewz’s own buildings, particularly including of-fi ce buildings, substations and power plants, also have unexploited potential for increasing energy effi ciency. To systematically boost effi -ciency, ewz is introducing an ISO 50001-compli-ant building energy management process by 2019.In 2005, ewz signed a target agreement with the Offi ce for Waste, Water, Energy and Air of the Canton of Zurich (AWEL). ewz committed to in-creasing the energy effi ciency of its headquar-ters by 1% per year until the year 2020. At 3.6%, ewz exceeded its goals in 2014.

OutlookIn 2015, systematic energy monitoring will be introduced for selected buildings in the loca-tions of Zurich and the Grisons.

Our ambitionBy 2035, all properties, power plants and sub-stations of ewz will achieve a top energy rating in effi ciency category A or B.

New energy monitoring method introduced in selected buildings in Zurich and the Grisons

In 2014, ewz owned 41 electric vehicles which consisted of cars powered purely by electricity and other vehicles that run largely on electricity (see chart). ewz thus operates the largest fl eet of electric vehicles in the City of Zurich. In addition, ewz is continu-ously increasing the percentage of cars with energy effi ciency catego-ry A. More than one-third of ewz’s passenger cars already fall into this category. The fl eet’s increased effi ciency comes as the result of a shift away from gas and diesel-pow-ered vehicles to electric vehicles. An electric car “fi lled up” with green power is up to three times more effi cient than a comparable gas-pow-ered car. ewz plans to operate 25% of its fl eet of passenger and delivery vehicles on electricity by 2020.

Efficiency increase at ewz headquartersin %

Target for energy efficiency of main building Energy efficiency achieved at main building

2010

2012

2013

2015

2017

2019

2011

2014

2006

2007

2009

2005

2008

2016

2018

2020

100

116.3

139.7

in %

Percentage of electric cars in 2014Other vehicles in 2014

12.6

87.4

2727

Shaping the future together

The energy future opens up opportunities that ewz wants to exploit together with its stakeholders as partners. Renewable energy production is becoming increasingly decentralized while the importance of energy ef-fi ciency is on the rise. ewz is making an important contribution by not only continuing to guarantee its customers a high level of supply reliability, but also by identifying and implementing energy savings measures and offering com prehensive energy management solutions. Stakeholder man-agement ensures that the requirements of customers as well as other stakeholders are taken into consideration when developing products and services.

In dialogue with stakeholders 28

Supply reliability 29

Energy effi ciency for customers 30

Sustainable products and services 31

Capacity and energy data 32

2828

In dialogue with stakeholders

Stakeholders’ confi dence and ewz’s own credi-bility are pivotal to the company’s business suc-cess. The way ewz treats its stakeholders is based on the conviction that a successful future is only possible by working together as partners. ewz strives to employ a stakeholder manage-ment approach that systemizes its dialogue and interaction with the various stakeholders and gives them an even greater voice in the future. ewz is an energy supplier that not only produces electricity, but delivers it while maintaining other lines of business. Different stakeholder groups infl uence the business activities of ewz. Customers, employees, the voting public of the City of Zurich and the population at our three locations are our most important stakeholders.ewz understands its stakeholder dialogue to be

an active, constructive process aimed at meet-ing the needs of society. It should also enable ewz to seize opportunities in the market and strengthen its competitive edge over the long term.ewz systemizes a dialogue with the various stakeholders which includes continuous feed-back from customers, regular meetings and monitoring groups in connection with the con-struction of new power plants, residual water treatment and revitalization for existing power plants and even joint efforts with stakeholders to develop new business models.In 2014, ewz developed a stakeholder manage-ment concept aimed at promoting dialogue and interaction with the different stakeholders.

Stakeholder management intensifi ed

OutlookThe concept will be applied from 2015 onward and contains an annual exchange with the most important stakeholders. These meetings are to be held in a forum-type context. That way, the most important sustainability topics can be in-corporated into the objectives on an ongoing basis.

Stakeholders are involved in the planning of investment or concession projects at an early stage. ewz creates monitoring groups so that stakeholders can participate in the decision-making process. A monitoring group was formed for the re-concessioning of the Bergell power plants in 2014, for instance. It consisted of representatives from the municipality, the canton, environmental associations as well as ewz. The declared objective is to develop the foundation for the future use of hydropower in Bergell taking into consideration the inter-ests of all stakeholders.

2929

Supply reliability

A reliable power supply is the foundation of a developing economy and an important location advantage, especially in an increasingly digi-talized society.Many stakeholders expect high reliability and quality when it comes to the power supply, i.e. the lowest possible number and duration of in-terruptions and power fl uctuations. Customers show their satisfaction with the supply quality mainly through a lack of negative reactions.ewz has set a goal of limiting the interruption duration to 10 minutes per customer on a fi ve-year average. In order to achieve a high quality of supply and continue to improve it, ewz will be relying even more strongly in the future on opti-mizing its networking with neighboring grid op-erators, establishing an extensive load manage-ment system, and pushing ahead with the conversion to an intelligent grid. The average interruption duration per customer was 7.7 minutes in the past fi ve years. ewz met its goal of having a fi ve-year average interrup-tion duration of less than 10 minutes in 2014. That puts ewz considerably below the city’s tar-get value of 30 minutes. In light of the fact that construction activities in Zurich have been very intense over the past several years, ewz’s objec-tive is very ambitious – particularly during this phase. Of 115 incidents in 2014, around 48 were caused by construction work. Power cables were damaged in the process. That was also the case for a very long interruption in the Leimbach district: Two power cables were damaged so se-verely during excavation work that ewz was not able to repair them and had to insert a new piece of cable instead. Around ten employees worked through the entire night to remedy the outage as quickly as possible.

OutlookIn order to compensate for fl uctuations in the power grid, ewz is testing the use of hot water tanks in the WarmUp2 project. Short-term ex-cess electricity from renewable energy produc-tion can be converted into storable heat energy by our customers’ heat pumps.

Longstanding low interruption duration per person of less than 10 minutes

If a substation fails, the customers are connected to other substations quickly. This guarantees that power will be restored as swiftly as possible – no matter how long it takes to repair the damaged cable. Doing so reduces the outage costs to customers by 30%.

Reliability indicators for the City of ZurichPower interruptions in minutes per person

SAIDI¹ ) City of Zurich SAIDI¹ ) City of Zurich (5-year average) Target threshold SAIDI¹ ) City of Zurich (5-year average value)

2006

– 2

010

2010

– 2

014

7.9 7.7

11.4

10

2009

– 2

013

2007

– 2

011

7.8

7.0

5.5

3.4

2008

– 2

012

¹ ) SAIDI is an indicator of reliability defined in the IEEE international standard. Customers can expect total interruptions of 7.7 minutes per year on average.

3030

Energy effi ciency for customers

CO2 savings bycustomers

The promotion of energy effi ciency in homes and businesses is a key factor of the energy trans-ition. The City of Zurich has the objective of practically halving the annual continuous power from 4200 watts per person to 2000 watts. To do this, the consumption of ineffi cient fuels has to drop. In the best case, the electricity demand of the City of Zurich will stabilize. It is true that electricity demand can be reduced through more effi cient devices and innovative technologies. However, households are also using more and more electric devices. Like businesses, private households are changing from gas-powered to electric vehicles and from oil heating to heat pumps. ewz sees itself as an active partner in the energy transition and offers products and services for effectively reducing the total need for energy.ewz is one of the leading energy services com-panies in the area of heating and cooling net-works. ewz is currently increasing the energy effi ciency in 23 networks through innovative

concepts. For example, purifi ed wastewater or waste heat from computer centers is used for heating and cooling other buildings. The heating oil saved adds up to around 500 tanker trucks of heating oil per year, thereby reducing CO2 emis-sions by around 34 000 tons each year.Not only new technologies but people’s behav-iors, as well, are crucial for the energy transition to work. The 21 energy effi ciency consultants of ewz help customers use energy more effi ciently. The services offered as part of energy effi ciency consulting range from tips for residential cus-tomers in the Customer Service Center to ener-gy effi ciency concepts for companies. In March 2014, ewz also launched “smartsteps”, the online portal in which private households can increase their effi ciency in a fun way and reduce energy costs. “smartsteps” is a coopera-tive venture between “Energy Research of the City of Zurich”, ETH Zurich and ewz. ewz sup-ports “Energy Research of the City of Zurich” with CHF 1 million yearly.

OutlookTo improve the services for ewz customers fur-ther, effi ciency concepts recommended by the energy effi ciency consultants in 2015 will be re-corded systematically.

Customers saved 10,400 MWh through target agreements

ewz also supports households and companies fi nancially. For example, the power conservation fund of the City of Zurich pays contributions towards the investment costs of solar power plants and for effi cient electric appliances. Around CHF 90.7 million has been disbursed for energy effi ciency consulting, energy-saving appliances, photovoltaic systems and heat pumps since the fund was created in 1991.

in t CO²e

Cumulative CO²e savings through energy contracting Amount of CO²e savings added eachyear through energy contracting

2010

2014

22,127

31,164

33,786

2013

2011

19 ,60519,707

2012

3131

Sustainable products and services

Sales of sustainable products

Only products that are environmentally friendly and socially accepted along the entire value chain can secure the energy supply of Switzer-land in the long term. ewz offers such products as a contribution to the energy transition both in the electricity industry and in the area of thermal energy as a source of a heating and cooling.12% of electricity sales are from ecological power products that are distinguished by the naturemade star label. This green electricity cer-tifi cate is comparable to the “bio” label of certi-fi ed organic food. Power production is environ-mentally sound because it uses renewable sources and simultaneously protects the habi-tats of plants and animals. This promotes biodi-versity in bodies of water.

With energy contracting, ewz creates and oper-ates plants that cover the heating and cooling requirements of customers effi ciently, economi-cally and in an environmentally sound way. ewz buys the facilities and improves customers’ sup-ply reliability, energy effi ciency, and CO2 emis-sions. Different sources come into question for the energy supply facilities depending on avail-ability such as geothermal energy, the sun, puri-fi ed wastewater, waste heat from computer centers or biomass.In 2014, sales of naturemade star-certifi ed elec-tricity products dropped by 4%. ewz increased sales of environmentally friendly thermal ener-gy by 12%.

OutlookAdditional plants are planned for ewz.solarzüri in 2015. From 2015 onward, ewz’s basic power supply products will consist exclusively of re-newable energy.

Our ambition for 2020By 2020, ewz will increase the sales of nature-made star-certifi ed power products by an aver-age of 2.5% per year and sales of environmen-tally friendly thermal energy by an average of 10% per year.

With ewz.solarzüri, renters can now also invest in a solar power plant. In return for the investment, they receive a portion of the power generated by that plant for 20 years. The fi rst solar power plants covering 840 square meters will be built on the roofs of the Buchlern schoolhouse in Zurich-Altstetten. Every square meter was sold just two weeks after sales started, and many interested parties had to be consoled until sales start for the next plant.

Sales of naturemade star-certifi ed power products dropped slightly; sales of environmentally friendly thermal energy increased

Customer structure (number of connections) 2013 2014 Change

SwitzerlandResidential customers 197,938 199,489Commercial customers 23,093 23,060 Business customers 1,917 1,996

in GWh

Sales of naturemade star productsto end customers (electricity)Sales of environmentally friendlythermal energy (heating and cooling)

2010

2014

386369

2013

2011

345362

310

2012

Total customers 222,948 224,545

¹) With and without physical commutation, own production, production by partners, third party production, buying options

3232

Capacity and energy data

Total capacity from own plants and partner plants MW 1,315

Total electricity generation (incl. procurement rights) ¹ ) GWh 4,760.4

Total electricity purchases GWh 5,319.6

Total electricity supply GWh 5,319.6

Total sales in Switzerland GWh 3,745.4

Installed power plant capacity 2014Hydropower MW 931Nuclear power plants MW 300 Wind power plants MW 81Photovoltaic and solar energy MW 3.4Fuel cells MW 0.3

Electricity generation (incl. procurement rights)¹ ) 2013 2014 ChangeHydropower GWh 2,589.0 2,988.6 Nuclear power plants GWh 1,849.2 2,260.2 Wind power plants GWh 146.6 173.2 Waste incineration plants GWh 123.5 125.0 Biomass GWh 32.0 15.1 Photovoltaic and solar energy GWh 17.9 21.0 Fuel cells GWh 0.9 1.3 Gas/diesel GWh 1.2 0.8

Electricity purchases 2013 2014 ChangePurchases from own plants GWh 1,454.3 1,671.7Purchases from partner plants GWh 2,665.9 3,183.8Purchases from third parties GWh 380.6 394.0Purchases from European grids GWh 259.6 335.8Retail GWh 559.2 540.4

Electricity supply 2013 2014 ChangeSwitzerland GWh 3,745.4 3,746.9Traiding GWh 1,148.4 1,891.1European grids GWh 259.6 335.8Pumped storage GWh 166.2 151.8

Sales in Switzerland 2013 2014 ChangeResidential customers GWh 551.6 550.3Commercial customers GWh 360.3 353.2Business customers GWh 2,771.8 2,716.9Grid losses incl. substations own requirements GWh 101.9 97.3Transitory difference GWh – 40.2 29.1

5,585.2

6,125.7

6,125.7

3,746.9

3333

Successful through know-how and team spirit

ewz is positioned as a sustainable and innovative employer that is attrac-tive to employees of both genders. As an ideal partner, ewz appreciates its staff, promotes its talents, and offers a discrimination-free working environment. To ewz, a safe and healthy workplace is a matter of course.

An attractive employer for the energy transition 34

A safe and healthy working environment 35

Equal opportunities for everyone 36

3434

An attractive employer for the energy transition

Part-time

EmployeesCompetition in the energy industry has in-creased sharply. Hence, it is becoming more and more diffi cult to acquire the best talent for the company. In order to stay competitive in the future, targeted acquisition of the best-suited employees for the different jobs is a decisive factor. Customer requirements are becoming increasingly complex and require ewz to have a mix of skills that is perfectly geared toward the market. Therefore, besides the acquisition of new talent, ewz promotes employees’ exper-tise through targeted programs and a range of courses.

OutlookIn the coming year, ewz will further increase its involvement in the development of internal talent. By means of fl exible and more open ca-reer possibilities, the individuality of profes-sional careers will be taken into account more and more. For example, promotion opportunities for specialists without any management respon-sibility are to be improved so that valuable know-how can be retained and developed at ewz.

Our ambition for 2020ewz wants to be the most attractive employer in the Swiss energy industry by the year 2020 as a company that meets its social responsibility, attracts the best talent, promotes the skills of its employees in a targeted manner and places great value on their health.

Distinguished as the best recruiter in the Swiss energy industry in 2014

The high level of commitment to employee acquisition was confi rmed by the largest independent rating in the German-speaking region: “CAREER” distinguished ewz as the “Best Recruiter” in the Swiss energy industry, which means that it prevailed over 21 competitors. In addition, ewz was rated 17th in the overall rating of the 510 Swiss employers that were tested.To continue to strengthen its attrac-tiveness as an employer, ewz is positioning itself as an urban, sustainable and innovative employer with a variety of activities and events. A barbeque for future univer-sity graduates was held for the fi rst time in 2014. It was used to get to know and specifi cally acquire up-and-coming talents. Of 15 partici-pants, ewz was able to successfully recruit one person.

Number

Number of employees in Zurich Number of employees in

Mittelbünden and Bergell

2010

2014

1,176 1,188

2013

2011

1,1411,0981,080

2012

in %

Number of part-time employees in 2014Number of full-time employees in 2014

11.5

88.5

3535

A safe and healthy working environment

Employees lay the foundation for the company’s success: Therefore, it is a central concern of ewz for them to be permanently healthy, com-mitted and also satisfi ed in their social environ-ment. High performance at the workplace is only possible under these conditions. In addition, health problems can lead not only to a loss of working hours and motivation problems with individual employees, but they also often have massive fi nancial consequences for the company.Employees’ health and safety form an essential element of the sustainable company strategy and is therefore integrated into the manage-ment system, which is certifi ed in compliance with OHSAS 18001.The company’s accident statistics provide infor-mation on accidents that occurred and the safe-ty level in the company. All accidents on the job are clarifi ed by the superiors. Based on the analy-sis of damage and accident reports (number and

severity), targeted measures are taken to pre-vent the same or similar events. Thanks to the active participation of all employees, ewz can continuously improve its safety and health man-agement. In 2014, the number of accidents on the job in-creased slightly over the previous year. With 49 accidents per 1,000 full-time employees¹) , how-ever, ewz still has an accident rate that is 24% lower than the industry average according to SUVA. In addition, ewz was able to achieve a clear reduction in the severity of accidents over the past fi ve years. Through different accident prevention programs, it was possible to reduce the number of lost days per accident from 11.3 days in 2010 to 4.5 days in 2014. In the past fi ve years, the number of non-job-related accidents increased from 140 per 1,000 full-time employ-ees to 175. The increase is mainly attri butable to sports accidents during leisure time.

OutlookIn 2015, ewz will set thematic priorities for tar-geted accident reduction by means of a sound analysis of the accident statistics. That way, the greatest accident risks can be countered effi -ciently with suitable measures.

Superiors promote active codetermi-nation of the ewz-wide safety culture by making safety a topic at annual workshops. Together with their employees, they develop improvement recommendations and defi ne specifi c measures.

High level of safety, both on the job and during leisure time activities

Accident severityIn days per 1,000 full-time employees

Days lost per occupational accident

201

0

201

4

11.3

7.7

9.3

4.2

4.5

201

3

201

1

201

2

Occupational accident rateNumber

Occupational accidents per 1,000 full-time employees Average value for Swiss energy suppliers

57.7

65.0

37.9

36.4

45.5 49.3

201

0

201

4

201

3

201

1

201

2

Non-occupational accident rateNumber

Non-occupational accidents per 1,000 full-time employees Average value for Swiss energy suppliers

201

0

201

4

139.8

124.5

150.4159.7

174.9

201

3

201

1

201

2

145.0

¹) Whereby two persons with a 50% level of employ-ment each result in one full-time employee.

3636

Equal opportunity for everyone

Share of womenA non-discriminatory working environment is a matter of course for ewz. The personnel law of the City of Zurich protects its employees against discrimination based on gender, sexual orienta-tion, origin, language, religion, handicap or com-parable personality characteristics, and it pro-tects them against sexual harassment and sexism. Nevertheless, if there is still discrimina-tion, then superiors and the human resources department are obligated to act. Several points of contact are available to employees seeking help and protection and to provide advice and support – such as a person of trust in any ser-vice department or the “Department of Equality of the City of Zurich”. The “Arbitration Board for the Equality Act” and the offi ce of the ombuds-man of the City of Zurich also have a mediating function in addition to their advisory capacity.

Women account for 17.5% of employees

How a case of sexual harassment was handled at ewz in 2012 showed that the existing institutions provide important support, but that there is still potential for improvement in the processes. To prevent such cases, ewz has boosted the awareness of this topic. Among other things, manage-ment employees attended a training course in which they took an in-depth look at their responsibility when dealing with sexual harassment and sexism. At every opportunity that presents itself, Director Marcel Frei shows his resoluteness and personal commitment to ensuring that sexual harassment and sexism no longer occur at ewz.

Equal opportunity for wagesWhen it comes to equal opportunity for women and men, ewz is very progressive in the area of wages. While women in the Canton of Zurich earn an average of 9% less than their colleagues with the same job requirements in comparable branches of private industry, ewz reports a dif-ference of 2.3%. ewz is still resolved to com-pletely eliminate any wage differences.

OutlookDiversity in the company should be actively pro-moted in order to have the right employees in the future as well. Diversity values will be re-corded and subsequently managed as of 2015. In particular, women are to be positioned more prominently in ewz. To accomplish this, suitable promotion programs and awareness measures will be initiated in 2015.

Our ambition for 2020By the year 2020, ewz wants to increase the share of women to 25% – both in the company as a whole as well as in management.

in %

Total employees Share of female employees

2010

2014

2013

2011

15.6 17.5

100 100 100 100 100

2012

Organization 38

Targeted opportunity and risk management 39

Organization

3737

38

Ownerewz is a service division of the Department of Public Utilities and Transport (DIB) of the City of Zurich and hence a public institution. DIB ensures that the city is supplied with drinking water, electricity and public trans-portation connections. City council member Andres Türler is the director of DIB. The eleven-person executive board of ewz is responsible for operational management and reports to the director, Marcel Frei. Voters, Zurich’s local government and the City Council of Zurich are the management bodies of ewz. Voters, members of Zurich’s local government as well as the City Council of Zurich have repeatedly spoken out in favor of phasing out nuclear power, making invest-ments in renewable energy and the 2000-Watt Society. Through this longstanding un-derstanding of a sustainable energy supply, a stable environment has been created for ewz upon which the company’s strategy can be built. More information on the organization and corporate structure can be found online at ewz.ch.

Supply chainewz also attributes a great deal of importance to sustainability when it comes to purchasing. The actual procurement costs of a product are calculated through the “total cost of ownership” approach. Besides the purchase price, the costs for operation (e.g. energy consumption, mainte-nance) and for removal/disposal as well as the expected service life are taken into consider-ation. That way, the total costs can be reduced and the environmental impacts of the products can be improved.In project purchasing, the new construction, renovation and removal of infrastructures re-quires the use of services from the construction industry. To ensure that environmental protec-tion and job safety are guaranteed in these proj-ects, ewz appoints special project managers. ewz buys its goods and services mainly from Swiss companies, from small and medium-size enterprises (SME), right up to international cor-porate groups. ewz has more than 1900 active suppliers, whereby the top 100 suppliers cover more than half the awarded contract volume. The order volume awarded yearly varies be-tween CHF 250 million and CHF 350 million, de-pending on the size of current projects and with-out taking electricity procurement from partner power plants into account.

Organization

39

Identified opportunities in the value chainin % Accross ewz Generation and Trading Distribution Sales Distribution

40

14

29

17

ewz has tremendous know-how and experience that open up opportuni-ties. This is seen in the numerous and high-quality pilot projects that are tested together with stakeholders. For example, the provision of ewz electric cars as rental vehicles is being tested with eMotion Zurich. This is laying the foundations for innovative products and services.

Through the increasing liberalization in power production as well as the promotion of renew-able energies in Europe, many electricity utili-ties are developing into energy service provid-ers. The market emerging from this has risks such as electricity price distortions, but it also provides opportunities through new sales areas and innovative services.For opportunity and risk management, ewz gears itself to the ONR 49000 ff.¹) and ISO 31000²) standards and meets the requirements of the City of Zurich. There is a new, annually recurring, company-wide risk mana gement pro-cess carried out by the risk managers in the divisions and the Executive Board. Opportunity management ensures that a reasonable balance is struck in the business areas between oppor-tunities taken and managed risks.In 2014, ewz established a company-wide, stan-dardized risk database and risk managers at-tended intense training. These efforts were aimed at improving risk management and how opportunities are utilized.

OutlookSystematic opportunity management will be continued in 2015. Opportunities will be rated according to the criteria of “realization”and “benefi ts”.

¹) Austrian Standards Institute rule “Risk Management for Organizations and Systems”

²) International Organization for Standardization “Risk Management – Principles and Guidelines”

Targeted opportunity and risk managementOpportunities taken systematically and added value created

“As a mountain community, the protection of our landscape and hence ecological power production is very close to our hearts.”

Anna Giacometti, Mayor of Bergell

“When choosing our new head-quarters, energy efficiency was a deciding factor.”

Peter Hirs, CFO Zurich Insurance Switzerland

“Attaching value to old, used things and refurbishing them – that’s what sustainability means to me.”

Fabio Dubler, CEO of Bogen 33

“The weather might be gray on occasion, but preferably not my electricity.”

Nina S., ewz.ökopower residential customer

Financial statement 2014 46

Income statement 2014 47

Balance sheet 2014 48

Cash fl ow statement 2014 49

Notes 50

Financial report

4545

46

Income statement At around CHF 791.5 million, the overall perfor-mance in the year under review exceeded that of the previous year by roughly CHF 34.5 million or 4.6%. The operating expenses increased by CHF 21.6 million compared to the previous year due to higher costs for energy procurement, up-stream grids and system services. However, the higher energy procurement costs were offset by higher energy quantities. Personnel costs only changed by CHF 0.5 million or 0.3% over the previous year due to the unchanged workforce. The earnings before interest, taxes, deprecia-tion and amortization increased over the previ-ous year by CHF 12.9 million or 6.4%. It was possible to reverse the provision created for the valuation of the systems outsourced to ewz Übertragungs netz AG on January 1, 2009. Through the conclusion of the tariff proceedings for 2009 – 2012, it was possible to acquire the necessary legal certainty.Customers supplied with basic power as well as all grid customers profited from a 10% bonus on their invoice for 2014. Altogether, these dis-counts amounted to CHF 43.1 million. As a service department of the city of Zurich, ewz is tax- exempt both in the Canton of Zurich and at the national level. The reported tax expenditure is for the inter cantonal plant sites that are mainly located in the Canton of Grisons. CHF 65.3 mil-lion in profit (annual profit), CHF 1.0 million less than in the previous year, was paid into city cof-fers.

Balance sheetIn the fiscal year 2014, ewz once again invested more than CHF 200 million in facilities and hold-ings. Besides investments in grid facilities and conventional energy-production facilities, ewz also spent large amounts on the expansion of the fiber-optic network of the City of Zurich, renewable energies as well as facilities in the energy services sector. Cash flow from business activities increased by CHF 83.2 million compared to the previous year. All financing activities were handled by the City of Zurich. ewz has a current account with the city’s accounts for this purpose. The transfer of the provision for alternative risk insurance from the city’s accounts to ewz in the amount of CHF 306 million changed the current account debit balance to a current account credit bal-ance on December 31, 2014. The provision for market risks also includes the shortfall in the government funds for the Kern-kraftwerk Gösgen-Däniken AG nuclear power plant and the AKEB Aktiengesellschaft für Kern-energie-Beteiligungen Luzern (Leibstadt nuclear power plant) in accordance with ewz sharehold-ings. Coverage differences for the increased grid usage fees and the increased levies and services are not on the balance sheet and can be seen as part of the special reserves.

Financial statement 2014

Principles of accountingElektrizitätswerk der Stadt Zürich (ewz) is a ser-vice division of the Department of Public Utili-ties and Transport of the City of Zurich. The com-pany manages its own accounts and its own accounting entity within the accounts of the City of Zurich. The closing of accounts as well as the budget are approved by the City Council together with the accounts of the City of Zurich on a yearly basis. The accounting principles are based on the cantonal decrees of the Municipal-ity Act (LS 131.1), Ordinance on the Municipal Budget (LS 133.1) and the circular letter of the Department of Justice and Home Affairs con-cerning the municipal budget. ewz depreciates property, plant and equipment based on the Ordinance of the Department of Justice and Home Affairs concerning depreciation according to economic aspects.The numbers used in the financial report are taken without change from the ewz accounting entity of the City of Zurich and are presented in a way that is typical of the industry and market. The presentation has been changed compared to the previous year and has been adapted accordingly for the comparison period.

High investment activity, positive special effects

47

Notes Dec. 31, 2013 Dec. 31, 2014 (as of page 50)

in CHF in CHF

Net revenues from goods and services 1) 719,793,151 760,395,879

Capitalized own services 30,728,521 26,300,081

Other operating revenue 6,473,494 4,803,530

Total operating income (overall performance) 756,995,166 791,499,490

Energy procurement 2) – 239,029,099 – 247,441,020

Cost of upstream grids, system services and surcharges 3) – 46,703,440 – 62,513,490

Material and third-party services – 64,957,586 – 59,397,496

Personnel – 145,891,716 – 146,350,014

Levies 4) – 22,702,299 – 26,492,998

Other operating expenses – 35,246,397 – 33,915,949

Total operating expenses – 554,530,537 – 576,110,967

Earnings before interest, taxes,depreciation and amortization (EBITDA) 202,464,629 215,388,523

Total depreciation and amortization – 47,946,697 – 62,138,273

Total changes in provisions 5) – 16,816,438 193,963,196

Earnings before interest and taxes (EBIT) 137,701,494 347,213,446

Customer bonus – 48,197,897 – 43,119,914

Financial result 10,765,110 11,828,755

Earnings before taxes (EBT) 100,268,707 315,922,287

Taxes – 6,441,765 – 15,427,240

Net result 93,826,942 300,495,047

Withdrawal / contribution to special reserve – 27,555,112 – 235,210,292

Annual profit 66,271,830 65,284,755

Income statement 2014

48

Notes Dec. 31, 2013 Dec. 31, 2014Assets (as of page 50)

in CHF in CHF

Property, plant and equipment 6) 1,054,750,061 1,199,470,418

Financial assets 7) 500,487,319 473,006,382

Non-current assets 1,555,237,380 1,672,476,800

Inventories 12,423,686 11,255,402

Trade accounts receivable 121,807,759 114,026,957

Prepaid expenses and deferred charges 46,462,844 21,004,077

Current account city statement – 255,655,304

Cash and cash equivalents 7,103,157 6,142,682

Current assets 187,797,446 408,084,422

Total assets 1,743,034,826 2,080,561,222

Notes Dec. 31, 2013 Dec. 31, 2014 Equity and liabilities (as of page 50)

in CHF in CHF

Special reserve 891,074,927 1 126,270,582

Net profit 66,271,830 65,284,755

Equity capital 957,346,757 1,191,555,337

Provisions 5) 622,564,076 734,902,897

Other long-term liabilities – –

Long-term liabilities 622,564,076 734,902,897

Trade accounts payable 80,260,778 68,378,752

Down payments and installments from customers 27,992,119 19,568,049

Accrued expenses and deferred income 39,064,457 66,156,187

Current account in the city’s accounts 15,806,639 –

Short-term liabilities 163,123,993 154,102,988

Total equity and liabilities 1,743,034,826 2,080,561,222

Balance sheet 2014

49

Dec. 31, 2013 Dec. 31, 2014

in CHF in CHF

Annual profit 66,271,830 65,284,755

Depreciation and amortization 47,946,697 62,138,273

Change in provisions and reserves 38,592,963 41,232,459

Change in inventories – 1,965,028 1,168,284

Change in accounts receivable – 22,429,595 7,780,802

Change in prepaid expenses and deferred charges – 672,606 25,458,768

Change in liabilities 12,810,844 – 11,882,026

Change in down payments and installments from customers – 4,879,769 – 8,424,070

Change in accrued expenses and deferred income – 9,034,651 27,091,729

Cash flow from business activities 126,640,685 209,848,974

Investments in property, plant and equipment – 157,281,567 – 199,421,899

Investments in financial assets – 43,188,769 – 29,035,050

Divestment of property, plant and equipment and financial assets – 8,956,747

Cash flow from investment activities – 200,470,336 – 219,500,202

Repayment of financial assets 6,264,000 40,122,508

Change in liabilities due to city’s accounts 139,398,409 34,840,075

Profit transfer to the City of Zurich – 67,213,630 – 66,271,830

Cash flow from financial activities 78,448,779 8,690,753

Net change in cash and cash equivalent at end of accounting period 4,619,128 – 960,475

Cash and cash equivalent at beginning of accounting period 2,484,029 7,103,157

Cash and cash equivalent at end of accounting period 7,103,157 6,142,682

Cash flow statement 2014

50

Notes

1) Net revenues from goods and services Dec. 31, 2013 Dec. 31, 2014

in CHF in CHF

Net revenues from sale of energy 379,575,763 389,961,235

Net revenues from grid usage 203,641,983 224,698,894

Net revenues from goods and services sold to communities 41,856,707 40,414,951

Net revenues from surcharge for transmission grid 13,571,021 17,277,127

Net revenues from Telecom 13,768,945 15,817,069

Net revenues from energy services 35,477,036 41,724,670

Net revenues from operating supplies and services 31,901,696 30,501,933

Total 719,793,151 760,395,879

2) Energy procurement Dec. 31, 2013 Dec. 31, 2014

in CHF in CHF

Energy procurement from partner plants – 137,804,351 – 149,917,047

Energy procurement from the market – 93,120,803 – 88,977,877

Fuels, energy for energy services facilities – 8,103,945 – 8,546,096

Total – 239,029,099 – 247,441,020

3) Cost of upstream grids, system services and surcharges Dec. 31, 2013 Dec. 31, 2014

in CHF in CHF

Cost of upstream grids – 21,534,709 – 23,916,184

Cost of system services – 11,491 241 – 21,093,238

Cost surcharge for transmission grid (feed-in remuneration at cost) – 13,677,490 – 17,504,068

Total – 46,703,440 – 62,513,490

4) Levies Dec. 31, 2013 Dec. 31, 2014

in CHF in CHF

Hydropower plant taxes – 9,603,072 – 11,222,777

Water rates – 9,780,975 – 10,041,465

Concession fees and services – 2,050,416 – 4,321,132

Other levies – 1,267,836 – 907,624

Total – 22,702,299 – 26,492,998

5) Provisions Dec. 31, 2013 Dec. 31, 2014

in CHF in CHF

Provisions for market risks 267,573,837 266,951,837

Provisions for US leasing 123,906,265 123,906,264

Provisions for investments and subsidiaries 21,351,153 29,160,399

Provisions for revaluation of ewz Übertragungsnetz AG 202,875,982 –

Provision for naturemade star fund 6,856,839 7,050,869

Provision for alternative risk insurance 0 ¹) 307,833,528

Total 622,564,076 734,902,897

¹) Risk insurance was managed by the City of Zurich until Dec. 31, 2013.

51

6) Property, plant and equipment Status as of Jan. 1, 2014 Additions Disposals Reclassification Status as of Dec. 31, 2014

in CHF in CHF in CHF in CHF in CHF

Acquisition values

Power plants 623,354,219 4,916,020 –779,666 4,781,591 632,272,164

Energy distribution facilities 1,320,676,596 547,258 –6,912,101 47,121,250 1,361,433,003

Public lighting 53,957,873 – –472,620 3,492,771 56,978,024

Transmission systems 12,530,241 – –10,041,232 – 2,489,009

Energy and grid services 187,653,508 27,152,757 –131,716 8,143,964 222,818,513

Telecom systems 106,755,752 8,999,436 – 1,202,299 116,957,487

General facilities, properties, grounds 233,079,743 967,892 –405,663 685,836 234,327,808

Facilities under construction 184,650,791 156,838,536 – –65,427,711 276,061,616

Total 2,722,658,723 199,421,899 –18,742,998 2,903,337,624

Cumulative depreciation

Power plants –458,508,535 –7,420,247 779,666 –465,149,116

Energy distribution facilities –944,678,078 –17,047,850 6,912,101 –514,048 –955,327,875

Public lighting –27,282,720 –1,120,309 472,620 –552 –27,930,961

Transmission systems –883,912 –906,149 1,183,535 –606,526

Energy and grid services –60,064,177 –9,418,183 32,666 515,804 –68,933,890

Telecom systems –18,517,614 –7,698,138 –1,204 –26,216,956

General facilities, properties, grounds –157,973,626 –2,133,919 405,663 –159,701,882

Facilities under construction – – – –

Total – 1,667,908,662 –45,744,795 9,786,251 –1,703,867,206

Total property, plant and equipment 1,054,750,061 153,677,104 –8,956,747 1,199,470,418

Share capital ewz share Carrying amount 7) Financial assets ewz share in% of company of share capital in CHF

Investments

ewz Übertragungsnetz AG Zurich 100,0 CHF 84,000,000 CHF 84,000,000 84,000,000

ewz (Deutschland) GmbH D-Constance 100,0 EUR 84,938,412 EUR 84,938,412 101,740,333

ewzert AG Zurich 100,0 CHF 300,000 CHF 300,000 300,000

Energie Naturelle Mollendruz SA La Praz 86,2 CHF 6,300,000 CHF 5,430,000 5,430,000

AG Kraftwerk Wägital Siebnen 50,0 CHF 15,000,000 CHF 7,500,000 7,500,000

Kieswerk Albula AG Albula 33,3 CHF 1,200,000 CHF 400,000 200,000

AKEB Aktiengesellschaft für Kernenergie-Beteiligungen Lucerne 20,5 CHF 90,000,000 CHF 18,450,000 18,450,000

Kraftwerke Hinterrhein AG Thusis 19,5 CHF 100,000,000 CHF 19,500,000 19,500,000

Blenio Kraftwerke AG Blenio 17,0 CHF 60,000,000 CHF 10,200,000 10,200,000

Kraftwerke Oberhasli AG Innertkirchen 16,6 CHF 120,000,000 CHF 20,000,000 20,000,000

Kernkraftwerk Gösgen-Däniken AG Däniken 15,0 CHF 350,000,000 CHF 43,500,000 43,500,000

altaventa surselva AG Lumbrein 14,3 CHF 100,000 CHF 14,300 14,300

Etrans AG Laufenburg 12,9 CHF 7,500,000 CHF 963,000 963,000

Swissgrid AG Laufenburg 0,8 CHF 312,058,968 CHF 2,475,787 2,475,787

Maggia Kraftwerke AG Locarno 10,0 CHF 100,000,000 CHF 10,000,000 10,000,000

Eoliennes de Provence SA Provence 40,0 CHF 6,000,000 CHF 2,400,000 2,400,000

Energiepark Sisslerfeld AG Eiken 40,0 CHF 100,000 CHF 40,000 40,0000

Total investments 326 713 420

Nominal value Carrying amount in CHF

Loans

ewz (Deutschland) GmbH D-Constance EUR 15,800,000 18,997,130

ewz Übertragungsnetz AG Zurich CHF 127,195,832 127,195,832

Other loans 100,000

Total loans 146,292,962

Total financial assets 473,006,382

About this report

About this report 54

GRI Index “Core” 55

5353

54

The annual and sustainability report covers the 2014 calendar year. Sus-tainability reporting takes into consideration all ewz investments greater than 50% and is based on the G4 guidelines of the Global Reporting Initiative (GRI). GRI is the leading standard for sustainability reporting. The comprehensive GRI index can be viewed at www.meinewende.ch/bericht/gri.html.The report contents reflect the material issues that guide the development of ewz and its management. It is a major concern of ewz to have not only the perspectives of the Executive Board flow into its sustainability man-agement, but the external perspectives of the stakeholders as well. ewz regularly invites representatives of selected stakeholders to contribute their suggestions.ewz will publish its achievements annually in the annual and sustaina bility report.

About this report

City Councilor Andres Türler, Director of the Department of Public Utilities and Transport of the City of ZurichThe City of Zurich has dedicated itself to sus-tainability and to the objectives of the 2000-Watt Society. The path we need to follow to reach our goal is somewhat akin to a marathon, yet it is a goal we can achieve with conviction, the right strategies and perseverance. ewz reveals highlights time and time again that

give us the certainty that we are on track. Good examples in 2014 were ewz’s six wind turbines in Epinette, France, and the new invest-ment model ewz.solarzüri that was fully booked in no time at all. I am convinced that 2015 will bring additional announcements of successful achievements.

Contact for questions relating to content Urs Schön, Sustainability Management ewzTelephone +41 58 319 42 86nachhaltigkeit@ewz.ch

55

GRI Index “Core”

General standard disclosures

Strategy and analysis Page External audit

G4-1 Declaration by highest decision-maker Pages 5 – 7 –

Organization profi le

G4-3 Name Page 5, 6 –

G4-4 Primary brands, products and services Page 2, 3 –

G4-5 Headquarters Page 3 –

G4-6 Number of countries where active Page 3 –

G4-7 Ownership structure and legal form Page 38 –

G4-8 Markets served Page 3 –

G4-9 Size Page 2, 3 –

G4-10 Information on the total workforce Page 34, meinewende.ch (page 1) –

G4-11 Collective agreements meinewende.ch (Page 2) –

G4-12 Supply chain Page 38 –

G4-13 Changes to the organization meinewende.ch (Page 2) –

G4-14 Precautionary principle Page 5 –

G4-15 Endorsed charters and principles meinewende.ch (Page 2) –

G4-16 Memberships meinewende.ch (Page 2) –

EU1 Installed capacity in MW Page 2, 32 –

EU2 Net energy output in MWh Page 2, 32 –

EU3 Customers Page 2, 31 –

EU4 Length of the transmission and distribution grid Page 2 –

EU5 CO² emission rights meinewende.ch (Page 2) –

Determined key aspects and limits

G4-17 Consolidated company meinewende.ch (Page 2) –

G4-18 Methods used to defi ne report content and aspect boundaries (Page 2) –

G4-19 Material aspects meinewende.ch (Page 3) –

G4-20 Internal aspect boundaries meinewende.ch (Page 4) –

G4-21 External aspect boundaries meinewende.ch (Page 5) –

G4-22 Restatements meinewende.ch (Page 6) –

G4-23 Change to scope and aspect boundaries meinewende.ch (Page 6) –

Integration of stakeholders

G4-24 Stakeholders engaged meinewende.ch (Page 6) –

G4-25 Identifi cation and selection of stakeholders meinewende.ch (Page 6) –

G4-26 Approachto to stakeholder engagement meinewende.ch (Page 6) –

G4-27 Stakeholders’ concerns meinewende.ch (Page 6) –

Reporting profi le

G4-28 Reporting period Page 54 –

G4-29 Date of last report meinewende.ch (Page 6) –

G4-30 Reporting cycle Page 54 –

G4-31 Contact point Page 54 –

G4-32 Selected GRI Index Option Page 55 –

G4-33 External audit meinewende.ch (Page 6) –

Corporate management

G4-34 Management structure Page 6, 7, 15, 38 –

Ethics and integrity

G4-56 Values and standard of conduct meinewende.ch (Page 6) –

Detailed information can be found online at www.meinwende.ch/bericht/gri.html

56

Specific standard information

Essential topics Management approach and indicators Page External audit

Supply reliability GRI aspect: Access Page 29 GRI indicator: EU29 –

Investments in renewable energies GRI aspect: – Page 22 – IGRI indicator: –

Ecological products and services GRI aspect: Products and services Page 31 – GRI indicator: –

Customer satisfaction GRI aspect: – meinewende.ch (Page 7) – GRI indicator: –

Innovation GRI aspect: – Page 23 GRI indicator: – –

Minimization of negative environmental impacts GRI aspect: Biodiversity Page 25 GRI indicator: EN12 –

Stakeholder engagement GRI aspect: Local municipalities Page 28/ meinewende.ch (Page 7) GRI indicator: – –

Energy efficiency at ewz GRI aspect: Energy Page 26/ meinewende.ch (Page 7) GRI indicator: – –

Energy efficiency at customers’ premises GRI aspect: Products and services Page 30 GRI indicator: EN27 –

Occupational safety and health protection GRI aspect: Occupational safety and health protection Page 35/ meinewende.ch (Page 7) GRI indicator: LA6 –

Opportunity and risk management GRI aspect: – Page 39/ meinewende.ch (Page 7) GRI indicator: – –

Imprint

Coordination/editing ewz, Gabriela Grab Hartmann, Sustainability Management ewz, Sibylle Ratz, Corporate Communications

Design/production Atelier Leuthold, Zurich

Photos Philipp Rohner, Zurich

Circulation 750

Print Abächerli Media AG, Sarnen Climate-neutral printing using green power on 100% recycled paper – out of responsibility for our environment

Issue May 2015 Reproduction permitted with indication of source.

Publisher ewz Tramstrasse 35 8050 Zurich Telephone +41 58 319 41 11 Fax +41 58 319 41 80 info@ewz.ch

Sustainability consulting BSD Consulting, Zurich

Additional information www.ewz.ch www.meinewende.ch www.powernewz.ch

Units of measurement kW Kilowatt (1,000 watts) MW Megawatt (1 million watts) GW Gigawatt (1 billion watts) Wh Watt hour kWh Kilowatt-hour (1,000 watt-hours) MWh Megawatt-hour (1 million watt-hours) GWh Gigawatt-hour (1 billion watt-hours)