Axpo has not yet used the 4 billion rescue plan

Axpo has not yet received a penny of the emergency credit of 4 billion francs granted by the Confederation, assures the chairman of the board of directors of the energy group. The company will do everything to get by on its own, he assures.

‘The rescue fund offers additional security in an extreme situation on the energy markets,’ said Thomas Sieber in an interview broadcast on Saturday to the newspapers of the press group CH-Media. Axpo can thus guarantee its contribution to Switzerland’s security of supply, he adds.

While the energy group had deposited 3.7 billion francs on the electricity exchange at the end of March, “now it is much more”, indicates the leader. “It’s not yet a double-digit billion, but it’s high.”

Strategic importance

These funds will however return to Axpo, when the contractually promised electricity is delivered, recalls Mr. Sieber. He points out that electricity trading is of great strategic importance to the company.

‘The nuclear power plants will be stopped, the hydraulic concessions are coming to an end and the hydroelectric power plants will be returned to the cantons,’ he explains. It is therefore important to have to be active in the electricity trade, he continues.

Axpo, a systemic energy group in Switzerland, was granted emergency credit to deal with soaring prices in the energy sector. Its managers have undertaken to waive bonuses if this loan were to be used.


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