"Origination at its best"

This year, Axpo celebrates its 25th anniversary in Austria. We sat down recently with Managing Director Roman Stütz, who leads the business from its base in Vienna. He talks about the most intense years of his career, new business areas such as PPAs, the growing importance of flexibility in the energy market, how Axpo remains reliable in today’s volatile environment, and where he sees the biggest opportunities for the future.

Celebrating its 25th anniversary in Austria this year, Axpo’s business in Austria is run by a team of seven people who can also call on the support of two colleagues at our Baden headquarters. The range of services has developed significantly over recent years. Its core business remains origination – supplying electricity to industrial and retail customers, market access through power and gas trading, and structured products (such as a virtual gas power plant). But there has been strong growth in flexible products such as power purchase agreements (PPAs). Changing market prices and new regulatory frameworks have also opened up fresh opportunities.

All of the above presents a real “window of opportunity” for Axpo’s business in Austria, says Roman Stütz. To mark the 25 years anniversary, we asked him five questions – all with the number five at their heart. Added together they make 25, which nicely echoes the anniversary.

Roman, five years ago we interviewed you for Axpo’s 20th anniversary in Austria. What changes have you seen in the intervening years?

Those five years have been the most intense I’ve experienced in energy trading. Russia’s invasion of Ukraine was followed by the energy crisis of 2022 and, more recently, the current conflict in the Middle East. All these events had one thing in common: until they became reality, they seemed hardly imaginable. For the entire energy industry, this amounted to one enormous stress test.

For Axpo, this period also proved that our risk management works. Throughout those challenging years, we were able to offer our customers stability precisely when they needed it most. For example, we have advised our clients on how they can best adapt their risk profile to the changing market conditions.

At the same time, not only did we stand firm – we also developed decisively. In 2021 we were primarily active in the full supply of electricity and gas for industrial clients and large traders, focusing heavily on market access. Today we remain active in these areas, of course, but our business is noticeably broader and larger in scope. Among the areas that have been added or substantially strengthened are power purchase agreements (PPAs) — long‑term contracts in which we are now more involved than ever before. Flexibility management has also gained considerable importance, particularly large battery projects.

These developments are a good example of how crises can often create new opportunities.

What have been your highlights over the past five years?

For me, it’s always a highlight when we do something for the first time. Several moments come to mind.

The starting point and foundation for all that followed goes back further, to 2014. Back then we built two things in parallel that still form the core of our business today. First, the reliable supply of gas and electricity to our industrial customers.  And, with our first PPA deal, our entry into long‑term contracts for energy from renewable sources. Both were pioneering achievements at the time and have grown steadily ever since. Without that foundation, the last five years would not have unfolded as they did.

In 2025 we began serving independent electricity suppliers. These are providers that do not own generation or trading infrastructure themselves and rely on a partner like us for procurement. This is a completely new customer group for us, with its own requirements and business logic.

That same year, we entered the railway power supply business, a distinct segment with its own rules and demands. We also started marketing battery energy storage systems (BESS). This is the area that excites me the most at present. It combines technical understanding with practical work, and I’m convinced it will become one of our most important business lines in the coming years.

Last but not least, I consider it a particular success that, from Austria, we have been  serving customers in Slovakia, the Czech Republic and Slovenia for just over five years. Compared with before, we now operate in a market three times larger. That’s a remarkable achievement for a team of our size.

Which major game changers do you see potentially emerging in the energy sector over the next five years. How will Axpo contribute to them?

For me, two subjects are real game changers over the next five years: batteries and the electrification of the energy system. Austria still lags somewhat behind other countries on the first point. It becomes particularly interesting – and demanding – when a battery asset is combined with another asset such as solar and/or wind. You’re then managing not a single asset but the interaction of flexibility and variable generation. That requires specialists who understand both sides.

In general, we see the market continuing to change. New players are increasingly entering via renewables. Ten years ago you were mostly dealing with traditional municipal utilities and regional companies. Today, for example, farmers with large areas suitable for photovoltaics are calling us. That expands the pool of potential counterparties considerably and shows just how much is happening in the market.

Our strength here is that you can rely on Axpo, with our strong credit rating, solid balance sheet and deep expertise in handling complex markets. That’s a real advantage in a changing environment.

The second major topic is the electrification of the energy system. The direction of energy policy is clear as the system moves increasingly towards electrification and electricity gains overall importance.

Additionally, market design in Austria is evolving. Topics such as capacity mechanisms are coming to the fore, partly because production from renewables is variable. In this environment the rules of the game are being redefined. That’s precisely where I see Axpo well positioned, with our deep market understanding, high adaptability and the ability to offer competitive solutions. We’re investing not only in renewables but are also present on the market side as a service provider, enabling this transition across society.

You’ve worked at Axpo for more than 25 years. What five things do you value most?

If I had to name five things I value most about Axpo, the first would certainly be the international network. It gives you repeated insights into how other countries and markets operate, and there’s a lot to learn from that.

Second, I greatly appreciate our team. Within our division we’re relatively small and compact; people are straightforward and everyone accepts responsibility. That creates a very open, focused way of working.

Third is the variety: no year is like another, and there are always new challenges. That keeps the work exciting and ensures continuous development.

Fourth, I experience a great deal of trust and freedom at Axpo. You can make things happen, develop solutions and take on responsibility. It’s not a culture where everything is dictated from above and everyone must follow the same direction.

And fifth, I’m fascinated by the technical depth of our products. We work with complex structures that you really need to understand and help shape. That, for me, is origination at its best.

If you had to describe what successful leadership means to you in five words, what would they be?

For me, the key elements of successful leadership are trust, (personal) responsibility, clarity, decisiveness and (a sense of) humour.

Those five words defining successful leadership neatly capture the culture in Axpo’s Vienna office: the team is small, everyone knows what the others are doing, there is a high level of personal responsibility, and no need for lengthy rounds of consultation. And, despite all the professionalism, there is still room for fun. Axpo’s 25 years in Austria thus stand for both continuity and change, coupled with the ability to recognise and seize opportunities even, indeed especially, in these turbulent times.

We wish you continued success!