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This blog article is inspired by our database of the largest companies in Germany, which also covers the most relevant municipal utilities. It provides comprehensive insights into the key players of the German municipal utilities sector. In addition to current revenue and employee figures, you will also find valuable information on industry focus, executives, and contact details. The data is conveniently available as an Excel file for direct download.
Result: Stadtwerke Köln is the Highest-Revenue German Municipal Utility in 2025
According to the most recently published annual reports for fiscal year 2023 (as of 02.09.2025) and the exclusive ResearchGermany municipal utilities list, Stadtwerke Köln GmbH is the largest German municipal utility measured by revenue. With annual revenue of €10,849 million, Cologne leads all other municipal providers in Germany. This is confirmed by the 2023 annual report of Stadtwerke Köln GmbH.
Why Stadtwerke Köln is at the Top
- Highest revenue 2023: With €10,849 million, Stadtwerke Köln achieves the highest revenue of all German municipal utilities.
- Broad range of activities: As a classic municipal utility, the company covers not only electricity but also other municipal services, including public transport, water, and waste management.
- Stable employee base: With more than 15,000 employees (2023), the group is one of the largest employers in the region.
Comparison of Leading German Municipal Utilities (Revenue 2023)
The following table – based on the ResearchGermany municipal utilities list – shows the largest municipal utilities in Germany, ranked by their 2023 revenue. All figures in € million.
| Ranking | Company | Revenue 2023 | Revenue 2022 | Headquarters |
|---|---|---|---|---|
| 1 | Stadtwerke Köln GmbH | 10,849 | 11,022 | Cologne (NW) |
| 2 | Stadtwerke München GmbH | 9,865 | 10,838 | Munich (BY) |
| 3 | enercity AG (Hanover) | 9,254 | 8,340 | Hanover (NI) |
| 4 | Stadtwerke Duisburg AG | 6,637 | 5,235 | Duisburg (NW) |
| 5 | Stadtwerke Frankfurt Holding GmbH | 5,973 | 4,719 | Frankfurt am Main (HE) |
Assessment of the 2023 Fiscal Year
The 2023 annual report of Stadtwerke Köln shows that the corporate group was able to maintain its position even in a difficult economic environment. Despite high energy procurement costs and global uncertainties, the SWK group managed to keep its revenue above the €10 billion mark. This underlines the company’s leading role among German municipal utilities.
Conclusion
With revenue of €10,849 million, Stadtwerke Köln is the highest-revenue German municipal utility in 2025. Its broad portfolio, strong position in the energy market, and role as a municipal service provider secure it the top spot ahead of Munich, Hanover, Duisburg, and Frankfurt.
Sources
- 2023 Annual Report of Stadtwerke Köln GmbH
- Published 2023 annual reports in the Company Register (Stadtwerke München, enercity, Stadtwerke Duisburg, Stadtwerke Frankfurt)
Image source: Jason Hawke, 02.09.2026
Last Updated on 5 months ago
