Axpo administration to waive bonuses if federal help is used –

Axpo administration to waive bonuses if federal help is used –

The administration of Axpo, which was granted emergency credit score by the Confederation, has waived the bonuses, says the director of {the electrical} group. Final yr, the a part of the variable wage for the six members of the administration amounted to greater than 2.5 million.

This waiver will apply if Axpo calls on the rescue fund made out there by the Confederation and till the cash is reimbursed, explains Christoph Model in an interview broadcast on Sunday by the SonntagsZeitung.

This help, within the type of a framework credit score of 4 billion francs, ought to allow the electrical energy group to keep away from chapter if it runs out of liquidity as a result of rise in electrical energy costs. The rescue plan is topic to situations, together with the prohibition to pay dividends. Nonetheless, the ban on bonuses just isn’t one among them.

>> Learn once more: The Confederation involves the rescue of Axpo with a framework mortgage of 4 billion

“A Snake to Swallow”

The director of Axpo rejects the accusations of getting made hypothesis. “If we had speculated, we’d not have ensured our electrical energy manufacturing years upfront”.

“Nobody within the trade thought it was attainable for costs to rise at this dizzying tempo and to those ranges,” says Christoph Model. “The truth that we requested for assist from the state as a safety measure doesn’t make us proud,” he says. “It is a snake to swallow”.

Don’t hand over buying and selling actions

He believes that Axpo doesn’t handle dangers any worse than Alpiq, the power firm based mostly in Lausanne. Based on the director of Axpo, the truth that his firm calls on the Confederation for assistance is linked to quantity variations. “We’re a lot larger than Alpiq. So we have now to offer extra electrical energy.”

Regardless of the present difficulties, Christoph Model says he desires to proceed to make use of controversial buying and selling actions. The “Buying and selling and Gross sales” sector contributed to a billion francs of revenue over the last half-year. “It will be absurd if we gave it up.”


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