Council of States does not want to subject energy systems to the “Lex Koller”
Published: Wednesday, Feb 28th 2024, 09:40
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Swiss hydropower plants, nuclear power plants and electricity and gas grids should not be subject to the "Lex Koller". The Council of States is of the opinion that the new bill on the Investment Control Act should be pursued instead in order to deter critical foreign investors.
On Wednesday, the small chamber did not approve an amendment to the Federal Act on the Acquisition of Real Estate by Persons Abroad - known as the "Lex Koller". The decision was made by 29 votes to 12 with 3 abstentions. The matter will therefore return to the National Council.
A left-wing minority, on the other hand, wanted to follow the National Council, which voted in favor of an amendment to the "Lex Koller" last summer by 120 votes to 72 with one abstention. In their view, the bill is the right way to strengthen security of supply as an essential asset. The sale of important energy infrastructure abroad should be restricted via "Lex Koller" according to the principle of "no, except".
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However, the plenary followed the motion of the Committee for the Environment, Spatial Planning and Energy of the Council of States (Urek-S) to reject the bill. Committee spokesperson Pirmin Bischof (center/SO) and other conservative speakers referred to the Investment Review Act, which the Federal Council referred to Parliament in December 2023.
The bill targets takeovers that could jeopardize public order or security in Switzerland. Foreign state-controlled investors would now be subject to a licensing requirement if they affect a critical sector such as healthcare, telecommunications or transportation infrastructure. Electricity production, natural gas pipelines and electricity grids are also defined as critical sectors in the Federal Council's draft.
Foreign investments would remain permitted in principle under the Investment Review Act. However, the state could intervene in the event of security concerns. This bill is the right way forward, said Bischof. It defines cross-sector rules for takeovers. A separate solution for the energy sector would therefore not make sense.
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