KEYSTONE/MICHAEL BUHOLZER
Energy companies like Axpo need billions in guarantees from the federal government in order to be able to buy enough electricity for Switzerland. Now it is clear: Axpos energy traders earn millions in commissions.
Shortly before Christmas, two of the five owner cantons of the Axpo energy group initiated an independent review of the management. Now the “Blick” in discussions with former management employees Experiencedthat some of those responsible for electricity trades are making millions.
Electrical energy is traded internationally like raw materials or grain. Their price depends on the relationship between supply and demand. This means that providers, buyers and resellers do business with falling and rising prices – like traders on the stock exchange.
And like brokers in the world’s major financial centers, some earn commissions on the deals they make. Axpo alumni have reported to Blick that they can earn several millions with successful deals.
Axpo confirms minimal
The electricity company confirms these payments in principle, but without going into detail about their amount. A spokeswoman, on the other hand, pointed out that the dealers would also share in losses, so their wages would drop if they did bad business.
The company does not disclose how many people work for Axpo and earn several million francs a year. According to Inside Paradeplatz there are at least 15 peoplewho have earned a million or more in a year thanks to bonuses for lucrative deals.
The Zurich medium, known for its spectacular insider stories, goes so far as to write that individuals have an annual salary of 30 to 40 million. Axpo denies this in Blick. The newspaper quoted a spokeswoman as saying that the claim that there were earnings-related remuneration in the double-digit million range was wrong.
To what extent is speculation driving up electricity prices?
Electricity purchases on the international market are necessary for Switzerland’s basic supply, because in winter the domestic power plants supply too little energy for Switzerland’s households, companies and infrastructure.
Nevertheless, the question arises as to how many electricity trading transactions are really necessary to cover Switzerland’s needs and how many are used solely to make money.
Demand drives the price. However, it does not only come from the needs of end consumers, but can also come from traders who buy electricity solely to resell it at a profit. It is unclear how large the share of purely speculative electricity transactions is in the overall market. In any case, the high electricity prices are also a result of the partial boycott of Russian exports and French nuclear power plants that have been taken off the grid.
The results of the independent review of Axpo’s management should be available in spring 2023. Deloitte Switzerland is conducting it and is supposed to scrutinize the issues of governance, risk management, domestic and foreign trading activities and liquidity, among other things.