Federal government lifts Axpo rescue package
Published: Monday, Dec 4th 2023, 07:30
Volver a Live Feed
In the fall of 2022, the federal government granted Axpo Holding a credit line of CHF 4 billion. At Axpo's request, the Department of Energy has now revoked this order in full as of December 1, 2023.
Axpo has announced that it is no longer reliant on the credit line, the Federal Department of the Environment, Transport, Energy and Communications (DETEC) announced on Monday.
Since the ruling was issued, significant factors have changed considerably. The electricity company is now significantly less susceptible to unexpected and unpredictable market distortions.
In the fall of 2022, strong price increases on the European energy markets put Axpo in a tight spot. This was because the suppliers had to deposit higher security deposits with the energy exchanges. Axpo therefore asked the Federal Council for temporary liquidity support. Axpo never drew on the credit line during this period, explained the Uvek.
With the lifting of the rescue package, Axpo will be exempt from the ban on dividends and bonuses for the Board of Directors and Executive Board, according to the press release. However, Axpo, like all other system-critical electricity companies, must provide the federal government with information on its financial situation. This also includes information on the energy trading transactions concluded and market developments, the statement continued.
Axpo with "exceptionally good result"
In the 2022/23 financial year (as at the end of September), the energy company Axpo earned CHF 2.69 billion in operating income compared to CHF 392 million in the previous year, according to figures released on Monday. The largest contribution came from the international customer and trading business, according to the information. The adjusted figure does not include the return on the decommissioning and waste disposal funds.
The last one and a half years have been very challenging due to the sometimes extreme volatility on the markets, Axpo CEO Christoph Brand was quoted as saying in a press release on Monday. The strategy of diversification by business area and country has once again proven its worth. As a leading international energy company, Axpo makes a significant contribution to a secure energy supply system.
No all-clear
Contrary to the worst fears, Switzerland did not run out of energy last winter. The situation has eased further since then. Nevertheless, experts have not given the all-clear for this winter.
"Prices have stabilized at an above-average level compared to the years before 2021," said the Association of Swiss Electricity Companies (VSE) at the beginning of November with regard to the electricity market. However, a slight upward trend has recently become apparent again, presumably due to the war in the Middle East. However, the continued above-average prices are also an expression of the fact that "Europe has not yet overcome the energy crisis".
©Keystone/SDA
Spanish 
English 
German 
French 
Arabic