- An external investigation came to the conclusion that there were no “significant deficiencies” in Axpo’s management at the time when energy prices were rising.
- Axpo’s shareholders, nine cantons, commissioned the external investigation last December. It was carried out by the auditing company Deloitte.
- When energy prices rose sharply last year due to the Ukraine war, many energy companies began to falter, including Axpo.
- As a result, the federal government made a loan of four billion francs available in an emergency.
According to Axpo, the external investigation did not find any significant defects or complaints. The energy group announced that the risk and liquidity management was working.
Legend:
The processes surrounding the loan application were “professional”, writes Axpo, citing the external report.
Keystone/Michael Buholzer
The processes for the loan application last autumn in the wake of the energy crisis were “professional”, writes Axpo, citing the report. The application for the credit line was caused by the high liquidity requirement to secure Swiss electricity production due to unusually strong price movements.
Report captures room for improvement
However, the report also notes “potential for improvement”, it says. Axpo will examine such suggestions and implement them in a suitable form. The possible improvements are not mentioned.
At the beginning of September 2022, the federal government provided Axpo with an emergency credit line of four billion francs. In view of the enormous price fluctuations on the energy markets, this should prevent the largest Swiss energy company from becoming insolvent and other companies being dragged along.
In the meantime, the Axpo shareholders approved all of the Board of Directors’ proposals at the Annual General Meeting this Monday. Based on the findings of the report, they would have given the management discharge, among other things.