Hubbry Logo
Axpo HoldingAxpo HoldingMain
Open search
Axpo Holding
Community hub
Axpo Holding
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Axpo Holding
Axpo Holding
Axpo Holding
View on Wikipedia
from Wikipedia

Axpo Holding AG, headquartered in Baden[4] in the canton of Aargau, and its subsidiaries constitute the energy company Axpo. Axpo Holding AG was established in 2001, is 100-percent publicly owned[5] and originates from the former Nordostschweizerischen Kraftwerke AG, NOK.

Key Information

Axpo produces, distributes and markets electricity and is active in international energy trading, as well as in the energy services business. The company is present internationally in approx. 30 countries.

Axpo is the largest energy company[6] in Switzerland, and according to its own statement, the largest Swiss producer of electricity from renewable energies.[7] A large portion of domestic power generation comes from hydropower and nuclear power. The focus abroad is on wind and solar energy. The company also owns gas and steam combined-cycle power plants (GuD).[8] The firm has about 5000 employees.[9]

History

[edit]

Axpo's roots go back to the beginning of electrification in Switzerland over 100 years ago.[10]

In 1908, the former Motor AG connected its low-pressure hydropower plant at Beznau, Aargau, with the storage power plant at Löntsch, Glarus to the power grid with a 100-kilometre long 27-kilovolt (kV)-line. The founder of Motor AG was Walter Boveri, co-founder of Brown, Boveri & Cie. Secure power supply became important early on, as political pressure to transfer it from private to public hands increased. In 1914 the cantons of Aargau, Glarus, Zurich, Thurgau, Schaffhausen and Zug united to form Nordostschweizerischen Kraftwerke AG (NOK),[11] and took over the Beznau-Löntsch power plants. The cantons of Schaffhausen and Appenzell Innerrhoden followed later. NOK completed its own first hydropower plant in 1920 at Eglisau on the Rhine. The plant has been protected as an historic monument since 1979.[citation needed]

In 1958, Germany, France and Switzerland were interconnected with a 220-kV grid, which was expanded to the 380-kV voltage level in 1967. The central switch field was known as the "Star of Laufenburg",[12][13] and became the basis for international interconnected grid operation.

In December 1969, the first unit of the Beznau nuclear power plant (KKB) went into commercial operation after a construction period of four years. In 1971, the sister unit, Beznau 2, went into operation. In reaction to the Fukushima Daiichi nuclear disaster in 2011 the Swiss Federal Council decided not to build new nuclear power plants. Germany decided to phase-out nuclear power by 2022 and took older nuclear power plants off grid, while putting decommissioned coal-fired power plants back into operation.[14] In 2017, Swiss voters rejected the initiative to withdraw from nuclear power in a referendum. Nuclear power plants should be operated as long as they are safe, to bridge gaps until the Energy Strategy 2050[15] can take effect. However, the "no" should not be interpreted as a "yes" to nuclear power.[16]

At the same time, Germany strongly supported the subsidised expansion of wind and solar power. This led to the collapse of wholesale prices on power exchanges, and revenues went down for power-producing companies like Axpo.[17][18] In 2005, Axpo (then still NOK) launched a large-scale project, "Linthal 2015", in the Glarus Alps. At the altitude of the Limmernsee, the Muttsee-Limmernsee stage was extended with a pumped storage plant with a capacity of 1000 megawatts (MW). Planning and construction took about ten years. Costs were CHF 1.2 billion.[19]

At the end of the 1990s, the EU started the gradual liberalisation of the power market. In order to turn NOK into a Europe-competent power company, NOK as well as the NOK cantons and their utilities founded Axpo Holding AG in 2001. The company comprises NOK, Centralschweizerische Kraftwerke AG (CKW) and EGL AG, which later became Axpo Solutions AG. In 2009, the traditional NOK became Axpo AG, renamed Axpo Power AG three years later.[20][better source needed]

At the end of 2016, UBS downgraded Axpo's credit rating to "BBB+". Since then, Axpo's situation has stabilised thanks to significant cost reductions and higher electricity prices (see current credit ratings).[21] The company has expanded in wind and solar energy since financial year 2014–15.

The most notable acquisitions have been the full take-over of the German Volkswind (2015)[22] and the French Urbasolar (2019).[23] In addition, Axpo holds an interest of 24.1% in Global Tech I. The off-shore wind farm has been in operation since 2015.[24] According to its own statements, the company wants to continue expanding the area of renewable energies, including long-term power contracts (Power Purchase Agreements, PPA).[25] Processes will be increasingly digitalised in order to increase synergies and become more competitive.[26]

Company

[edit]

The Axpo Group supplies some 3 million people and several thousand industrial and commercial enterprises in Northeastern Switzerland and Central Switzerland with energy and energy-related services. Axpo Holding is owned by the cantons of Northeastern Switzerland and their utilities.[27]

Company figures

[edit]

The following table presents Axpo's company figures for the financial years 2011–12 to 2019–20:

FY Income Profit/Loss Employees
2011–12 7'346 329 4'368
2012–13 7'025 364 4'430
2013–14 6'705 -838 4'435
2014–15 5'860 -867 4'312
2015–16 5'416 -1'226 4'293
2016–17 5'567 -269 4'231
2017–18 4'850 131 4'441
2018–19 4'856 865 4'958
2019–20 4'808 570 5'350

[27][28]

Note: The difference in net profit in 2018–19 as compared to the previous year can be mainly attributed to a so-called reversal of impairment losses[29] amounting to CHF 398 million. This seeks to take increasing wholesale power prices into account.[27]

Shareholders

[edit]

The shares of Axpo Holding are fully held by the cantons of Northeastern Switzerland and their utilities.

These are:

[30]

Subsidiaries and business areas

[edit]

The Axpo Group comprises Axpo Holding AG and its subsidiaries as follows:

  • Axpo Power AG (Production & Grids), 100% of shares
  • Axpo Solutions AG (Trading & Sales), 100% of shares
  • Centralschweizerische Kraftwerke AG, CKW (end customer business), 81% of shares
  • Avectris AG (IT services for Axpo and third part customers), 65,6 % of shares

The "Production & Grids" area operates the power plant park in Switzerland and abroad (nuclear energy, renewable energies, gas and steam) as well as the distribution grids. The area also invests in power plant and grid capacities.

The "Trading & Sales" area markets energy from the power plant portfolio and is active in energy trading throughout Europe. Axpo mainly trades power, natural gas, biomass, CO2 certificates and green certificates for energy from renewable sources. The company is also active in the so-called origination business, which, in contrast to standard products, is based on products where the supplier takes over and manages customer risks.

CKW AG supplies nearly 200,000 private customers in the cantons of Lucerne, Uri and Schwyz. Avectris AG offers IT services to Axpo, the utilities of Northeastern Switzerland as well as to third party customers.

[30][31]

Markets

[edit]

In Switzerland, Axpo mainly supplies Northeastern Switzerland with electricity in the business-to-business area. The largest customers are the cantons and public utilities. In Central Switzerland, the subsidiary CKW supplies nearly 200,000 private customers and approx. 5,000 business customers directly, as well as additional customers indirectly.[32]

In Italy, Spain, Portugal and Poland, Axpo has a total of around 400,000 deliver points for electricity and over 45,000 deliver points for gas directly, as well as through sales partners.[32]

Sustainability

[edit]

The Axpo power mix[33] with hydropower, nuclear energy and biomass is climate-friendly insofar as it hardly results in CO2 emissions in Switzerland. However, owing to its gas-fired power plants in Italy, Axpo has on average emitted about 3 million tonnes of CO2 p.a. with its own power plant park in the past years.[34]

However, seen over the entire power plant park, the Axpo power mix is already at the level that Europe strives to achieve by the year 2035.

Based on the Annual Report 2018–19, Axpo also achieved cumulative energy efficiency increases of about 90 gigawatt hours (GWh) over the last six years.[27]

Since financial year 2014–15 up to today, the company has nearly doubled its own wind and solar energy portfolio, mainly abroad, and biomass from 350 MW to 620 MW.[31]

Axpo also sees these investments as well as the expansion of business with long-term power procurement agreements (PPA) for non-subsidised renewable energies as a contribution to the sustainability goals of the United Nations.[35]

As a member of the UNO, Switzerland is expected to help implement these goals by 2030, whereby the private sector, particularly energy companies, play a key role.

Production facilities

[edit]

Installed power plant capacities

[edit]

Axpo operates over 100 power plants and has installed power plant capacities amounting to about 9,400 MW, status at the end of September 2019[31] The majority can be attributed to domestic hydropower.

Technologies and countries
Installed capacity

FY 2018–19

Installed capacity

FY 2017–18

Swiss hydropower, including small-scale hydropower approx. 4'300 MW approx. 4'300 MW
Swiss nuclear energy, including long-term contracts approx. 1'500 MW approx. 1'500 MW
Swiss new energies, excluding small-scale hydropower, mainly biomass approx. 30 MW approx. 30 MW
Foreign nuclear power (long-term contracts with France) approx. 1'200 MW approx. 1'200 MW
Foreign gas and steam combined-cycle power plants (Italy) approx. 1'700 MW approx. 1'700 MW
Foreign new energies, mainly wind power (Germany, France, Italy, Spain) and Photovoltaic (France) approx. 640 MW approx. 490 MW
Total approx. 9'400 MW approx. 9'300 MW

Source: Axpo Sustainability Report 2018–19, page 32. Values in the table have been rounded off. The main changes as compared to the previous year are in new energies abroad owing to the acquisition of Urbasolar (photovoltaic portfolio France).

Safety

[edit]

Plant safety: With regard to the safety of nuclear facilities, the Axpo Sustainability Report 2018–2019 states: "Axpo is committed to complying with the international nuclear safety standards specified by the IAEA Safety Convention (International Atomic Energy Agency) and ratified by Switzerland. National and international authorities carry out nuclear safety checks on a regular basis. Regular safety checks are very important. ... In addition, safety at the nuclear installations is analysed and appraised by WANO (World Association of Nuclear Operators) on a regular basis."[31]

Dam facilities are continuously monitored and inspected regularly. Dams in a certain category must withstand earthquakes of a magnitude that is expected only every 10,000 years. The facilities fall under the supervision of the Swiss Federal Office of Energy (SFOE).[36]

Security of energy supply: The Axpo power plant park combines plants that can generate base load, peak energy and control energy. In Switzerland, Axpo has a production capacity of approx. 25 billion kWh and a power grid covering 2000 kilometres.[citation needed]

The average time of a supply interruption per end consumer is low. In the Annual Report 2018–19, this was 0.25 min./a. for Axpo Grids and 21.6 min./a. for CKW.[31]

Energy sources and power plants

[edit]

Renewable Energy

[edit]

In the area of renewables, Axpo has primarily invested in Swiss hydropower and biomass. The company produces over 9,5 billion kWh of electricity per year from renewable energy sources.

Hydropower
[edit]

Hydropower plays an important role in the planned restructuring of power production in Switzerland as set out in the Energy Strategy 2050.[37]

In Switzerland, Axpo has an installed hydropower capacity of 4300 MW.[31] Its power plant park (owned and shareholdings) currently include about 60 plants. Axpo is the largest producer of hydropower in Switzerland.[citation needed]

Advances in energy efficiency: In financial year 2018–19, an efficiency increase of approx. 800 MWh was achieved at the Göschenen power plant.[38]

Axpo hydropower plants with an installed capacity of over 10 MW (selection):

Biomass
[edit]

Axpo has 15 biomass plants, as well as 5 composting sites in Switzerland. The company uses the organic waste from over 2500 customers (cities, towns, industry and commercial enterprises).[39][better source needed]

Advances in energy efficiency: In financial year 2018–19, an efficiency increase of 150 MWh was realised at the Charvornay compo-gas facility.[31]

Photovoltaics
[edit]

In 2019, Axpo entered into the growing international solar business with the acquisition of the French company, Urbasolar.[40][41]

The Urbasolar portfolio includes photovoltaic plants with a total capacity of 249 MW (per the end of financial year 2018–19). Axpo estimates a development pipeline of over 1000 MW. In March 2020, the company announced that it would build solar plants for the Paris airports Charles-de-Gaulle, Orly and Le Bourget.[42]

Axpo is present in the solar business in Switzerland through CKW AG. The company also intends to use the Limmern pumped storage plant to produce solar power. A large-scale facility with 6000 photovoltaic module[43] s will be built at 2500 a.s.l. on the Muttsee dam wall. Start of construction is scheduled for the summer of 2021.[44]

Solar plants at high elevations have the advantage that they produce more than comparable plants in the Midlands, especially during the winter, when Switzerland must rely on imports. The alpine solar plant will generate 50% of its power during the winter.

Wind power
[edit]

With the acquisition of the German company Volkswind in 2015, Axpo is present in wind energy in France and Germany. In addition, the company also holds an interest of 24.1% in the Global Tech I offshore wind farm in the North Sea. The plant with an installed capacity of 400 MW went into operation in 2015. Since the beginning of 2020, Axpo is responsible for the marketing of all the power generated by Global Tech I amounting to about 1500 million kWh per year.[45][46]

For market data on the wind energy sector, see here.[47][48]

Axpo interests in Swiss nuclear power plants

[edit]
Plant Axpo Power AG (in %) Axpo Solutions AG (in %) CKW AG (in %) Axpo Group (in %)
Beznau nuclear power plant 100,0 %
Gösgen nuclear power plant 25,0 % 12,5 % 37,5 %
Leibstadt nuclear power plant * 22,8 % 16,3 % 13,6 % 52,7 %

[49]

*AEW Energie AG, a co-owner of the Axpo Group, holds 5.43 percent in the Leibstadt nuclear power plant. As a result, Axpo and Axpo-related companies indirectly own 58.1 percent of the Leibstadt nuclear power plant.

In addition to ownership in the mentioned nuclear plants, Axpo also holds procurement rights from French nuclear power plants.

Advances in energy efficiency: No efficiency advances were realised[31] in financial year 2018–19.

Grids

[edit]

Axpo maintains its own grid infrastructure in Switzerland and with its transmission grids, Axpo connects the transmission grid of the national grid company Swissgrid with the distribution grids of customers.

Axpo's supra-regional distribution grid (110 kV/50 kV/16 kV) extends over 2200 kilometres and includes 8000 masts. The grid consists of 82 per cent overhead lines and 18 per cent underground cabling.

With its grids, Axpo supplies all of Northeastern Switzerland, the Principality of Liechtenstein as well as parts of the cantons of Schwyz, Zug, Grisons and Valais with electricity.

Mast of the Schlattingen-Thayngen line south of Bietingen on German soil
Sign on a mast of the Schlattingen-Thayngen line south of Bietingen on German soil

Axpo's Thayngen-Schlattingen high-voltage line runs partly through German territory, but does not supply any transformer stations in Germany.[50]

Energy trading

[edit]

International energy trading is the traditional business of the former Axpo Trading AG (previously EGL AG) and today's Axpo Solutions AG. Axpo is accredited on numerous energy exchanges and broker platforms throughout Europe. The company buys and sells power as well as natural gas, oil and energy derivatives. The company links the solar and wind power business with the marketing business by means of so-called Power Purchase Agreements (PPA). [51]

Criticism

[edit]

In 2011, Axpo was nominated for the Public Eye Award, which according to the initiators awards companies that exhibit especially responsible conduct toward human-beings and society. However the award went to another company. According to the nomination text, the Russian plant Majak, purchase point for fuel assemblies, is the "most contaminated place on in the world". The Neue Zürcher Zeitung wrote: The fact that environmentalists knew more about the origin than the Axpo specialists is embarrassing.[52] Axpo wanted to visit the plant, although even inspectors from the International Atomic Energy Agency have been refused entry.[53][54] On 12 November 2011, Axpo communicates that it has "temporarily issued the order" to suspend purchasing fuel assemblies from Majak. Axpo claimed that there was "no evidence of prohibited exposure". The assemblies comply with "internationally accepted regulations" and fulfilled "legal requirements".

In 2014, the company announced that after an interim suspension, it would no longer use uranium from the Russian Majak area.[citation needed]

In 2023, Axpo was involved in a legal dispute concerning the domain name "axpocorrupt.com." The website associated with this domain accused Axpo of unethical practices, including "Bossing and Mobbing," "Racial Discrimination," and "Retaliation and Threats." The World Intellectual Property Organization (WIPO) ultimately ordered the transfer of the disputed domain name to Axpo, citing bad faith registration and use by the respondent, primarily due to the inclusion of "Axpo" in the hostname. However, the contents and allegations remain valid and are being published under a different hostname.

In 2023, the Italian Data Protection Authority (Garante) fined Axpo Italia €10 million for unlawfully processing personal data. The company was found to have used outdated and inaccurate personal information to activate unsolicited electricity and gas contracts without customers' knowledge. This led to customers receiving unexpected closure letters from previous suppliers or payment reminders for unpaid invoices. The Garante determined that Axpo Italia violated several provisions of the General Data Protection Regulation (GDPR), including failing to process data lawfully, fairly, and transparently.

In December 2024, the Aargau cantonal government expressed strong disapproval of the substantial rise in Axpo's management salaries. The remuneration for CEO Christoph Brand increased from CHF 889,000 in the previous financial year to CHF 1.548 million. The total compensation for the entire Executive Board rose to CHF 8.6 million. The cantonal government accused Axpo's leadership of a "lack of sensitivity towards politics, the economy, and the population," emphasizing that there was "little understanding" for the disbursement of "record-high bonuses." In response, the canton of Aargau proposed an amendment to Axpo's articles of association, suggesting that the Annual General Meeting, rather than the Board of Directors, should decide on remuneration each year.

In January 2025, Axpo Iberia was fined €1.5 million by the Spanish energy regulator for manipulating the continuous intraday electricity market. This action violated Article 5 of REMIT, which prohibits market manipulation in wholesale energy markets.

Miscellaneous

[edit]

Up until the year 2012, Axpo Holding was the main sponsor for the top Swiss soccer league, the Axpo Super League.

The greenhouse gas intensity for the Group's entire power plant park, including plants abroad (such as gas and steam in Italy) amounted to 97 g CO2 equivalents per kilowatt-hour (kWh) in financial year 2018–19. As a comparison: The value for the European power mix is at about 300 g.[55]

In 2018 Axpo generated an average of 103 grams of CO2 equivalents and 29 cubic-millimetres of nuclear waste per kilowatt-hour. Among the four largest energy companies in Switzerland – in addition to Axpo these are Alpiq, BKW and Repower – Axpo was in the medium range with an average of 316 environmental impact points (EIP).

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Axpo Holding

View on Grokipedia
from Grokipedia
Axpo Holding AG is a Swiss headquartered in , founded in 2001 to oversee the strategic direction of the Axpo Group, which produces, trades, and supplies energy primarily in and internationally across over 30 countries. Wholly owned by the cantons and cantonal utilities of northeastern , it manages subsidiaries such as Axpo Power AG for generation and Axpo Solutions AG for services, making it the country's largest electricity producer with a portfolio emphasizing —accounting for over half of 's renewable output—alongside , where it controls nearly 60 percent of national capacity through plants like Beznau. The company's operations trace back over a century to early efforts in , evolving through mergers and innovations such as the 2016 Limmern pumped storage plant, which boosts efficiency with 1,000 MW capacity, and the high-altitude AlpinSolar project operational since 2022 for winter-optimized photovoltaic generation. Internationally, Axpo stands as a leading trader, marketing solar and while handling and LNG, contributing to liquidity in European markets and earning recognitions for competitive pricing. While Axpo has achieved strong financial results amid geopolitical uncertainties, including investments to extend Beznau operations to 2033, it has encountered scrutiny over executive bonuses exceeding CHF 1.5 million for its CEO and trading exposures leading to disputes, such as arbitrations with following contract terminations post-2022 events, as well as a 2023 GDPR fine on its Italian subsidiary for handling lapses. These elements underscore its role in balancing domestic security of supply with global market dynamics in a state-majority-owned entity.

History

Formation and Early Development

Axpo Holding AG traces its origins to the Nordostschweizerische Kraftwerke AG (NOK), established on July 1, 1914, by the cantons of , , , , , and to coordinate regional electrification efforts and ensure a stable amid Switzerland's early industrial expansion. NOK's initial focus was on developing hydroelectric resources, with its first power station operational by 1920, laying the groundwork for large-scale generation in northeastern through joint ownership and infrastructure investments. In response to European energy market liberalization and the need for enhanced competitiveness, , along with its owning cantons and utilities, founded Axpo Holding AG on October 1, 2001, as a centralized holding entity headquartered in , . This restructuring integrated NOK's assets, including hydroelectric and emerging nuclear facilities like the Beznau (commissioned in 1969 and 1971), under Axpo to facilitate cross-border trading, production optimization, and adaptation to deregulated markets while maintaining public ownership by the northeastern cantons. The formation preserved regional control, with shares wholly held by the cantons and their utilities, emphasizing self-sufficiency in renewable and baseload power. Early development under Axpo emphasized portfolio consolidation and international positioning, with the group operating over 100 power plants by the mid-2000s, primarily hydroelectric (contributing the majority of output) supplemented by nuclear capacity exceeding 2,000 MW. Key initiatives included expanding trading operations via subsidiaries like EGL (later Axpo Trading), established to leverage Switzerland's geographic advantages for energy exchanges with , amid growing emphasis on and in the post-liberalization era.

Expansion Amid Liberalization

Axpo Holding AG was established in 2001, consolidating operations from its predecessor, Nordostschweizerische Kraftwerke AG (NOK), to strengthen its competitive stance as European electricity markets underwent gradual starting in the late 1990s. This restructuring allowed the company to diversify beyond domestic production into cross-border trading and services, aligning with the EU's directives to unbundle generation, transmission, and supply while opening markets to competition. In response to these changes, Axpo initiated international expansion by founding Axpo Italia in 2000, coinciding with Italy's deregulation of its electricity sector under Legislative Decree 79/1999, which introduced wholesale and third-party access to grids. Initially focused on energy trading, the subsidiary grew to supply industrial clients and households, leveraging liberalized access to establish a foothold in one of Europe's largest markets. Similarly, Axpo entered the shortly after its 2001 formation, progressively building trading and origination capabilities as Spain implemented liberalization packages, including unbundling and retail by the mid-2000s. These moves enabled Axpo to capitalize on opportunities and volume growth in deregulated environments, with trading activities extending to over 30 countries by the , while maintaining a focus on hedging Swiss output against European price volatility. In , where full liberalization remained delayed—limited to large consumers (>2 GWh/year) from —Axpo's European presence provided a buffer, allowing it to import/export power and mitigate domestic regulatory constraints. This strategy underscored a shift from regionally insulated operations to a pan-European trader-producer model, with annual traded volumes reaching significant scales by the late .

Response to Energy Crises and Recent Growth

In response to the 2022 European energy crisis triggered by the Russia-Ukraine conflict and resulting gas supply disruptions, Axpo Holding benefited from a Swiss government-backed safety net of up to 10 billion CHF in support, allocated specifically to the company to bolster domestic hedging and supply security. Independent audits by confirmed Axpo's as effective, attributing elevated to prudent hedging of Swiss contracts rather than speculative trading, which helped mitigate market volatility. The company intensified shareholder communications amid the turmoil and positioned itself to enhance Switzerland's and Europe's through sustained nuclear operations and diversified sourcing. Post-crisis, Axpo reported robust financial performance, with equity rising to CHF 12,848 million by March 31, 2024, from CHF 11,565 million in September 2023, driven by strategic trading and origination activities. For the 2023/24 (ending September 30, 2024), the group achieved strong results despite market normalization, including record EBITDA interest coverage of 97.4x, reflecting disciplined . In the first half of 2024/25 (October 1, 2024, to March 31, 2025), Axpo maintained solid half-year outcomes with equity at CHF 12,789 million and of CHF 6,987 million, underscoring resilience in an uncertain environment. Growth initiatives included expanding liquefied natural gas (LNG) deliveries, reaching a milestone of 100 cargoes to within four years by late , diversifying import routes and reducing reliance on traditional pipelines. Axpo committed over CHF 2 billion to Swiss infrastructure investments in coming years, focusing on grid enhancements, renewable expansions, and reserves like CO2-neutral peaking plants for shortage stabilization. Ventures into , such as a new plant operational from 2026 to fuel vessels on , further supported decarbonization and supply diversification efforts.

Corporate Structure

Ownership and Shareholders

Axpo Holding AG is wholly owned by public entities comprising the cantons and cantonal utilities of northeastern , ensuring 100% public with no private or foreign shareholders. This structure reflects the company's origins in regional cooperation among Swiss cantons, prioritizing local control over infrastructure and operations. There are no cross-shareholdings among owners, maintaining a straightforward without interlocking interests that could complicate . The primary shareholders include major cantonal governments and their associated energy utilities, with stakes distributed as follows based on the latest available ownership data:
ShareholderShare Percentage
18.342%
Electricity Works of the Canton of Zurich18.410%
AEW Energy AG14.026%
Canton of Aargau13.975%
St. Gallen-Appenzell Power Plants AG12.501%
EKT Holding AG12.251%
7.875%
1.747%
0.873%
Total100%
These percentages have remained stable, with no reported changes as of the 2023–2024 , underscoring the enduring public commitment to the . Ownership decisions, including strategic directions and policies, are influenced by these cantonal stakeholders through representation on the board and supervisory bodies.

Subsidiaries and Business Units

Axpo Holding AG, as the parent entity of the Axpo Group, controls several subsidiaries that extend its operations across energy production, distribution, and renewables. The group's key subsidiaries include CKW Group, Urbasolar, and , each focusing on distinct segments of the energy sector. These entities enable Axpo to cover the full energy value chain, from to customer solutions for individuals, businesses, and public authorities. CKW Group operates as a leading Swiss provider of integrated and building solutions, with a primary focus on . It handles local distribution, grid management, and related services, complementing Axpo's broader generation activities. Urbasolar, based in , , develops, constructs, and operates high-performance solar plants to produce climate-friendly . Acquired as a strategic platform in 2019, it supports Axpo's expansion in photovoltaic projects across . Volkswind GmbH, fully owned by Axpo since summer 2015, specializes in planning, building, and operating wind farms throughout . It manages the wind energy , including project development and asset operation. Beyond these, Axpo maintains wholly-owned internal subsidiaries such as Axpo Grid AG for grid infrastructure maintenance and Axpo Hydro AG for management, both based in with 100% ownership. The group's business units are structured into core areas: & Distribution, overseeing nuclear, , gas, and new energy facilities alongside grids; Trading & Sales, managing energy trading, power purchase agreements (PPAs), and tailored customer solutions; and supporting functions like (encompassing solar, wind, , and ) and Distribution & Storage (including batteries). These units integrate with subsidiaries to drive operations, with & Distribution linking to CKW's regional expertise and renewables tied to Urbasolar and Volkswind.

Management and Governance

Axpo Holding AG's governance framework features a non-executive elected by the shareholders' general meeting for renewable two-year terms, with members drawn primarily from representatives of the owning northeastern Swiss cantons and associated utilities to align oversight with public ownership interests. The is responsible for strategic supervision, CEO appointment, and risk oversight, operating through specialized committees including the Audit and Finance Committee, chaired by Stefan Kessler (lic. iur. HSG, LL.M.), a member since January 2018; the Remuneration and Nomination Committee; and the Strategy Committee. Thomas Sieber currently serves as Chairman, a role the Board has nominated Roland Leuenberger—CEO of Repower AG since prior to 2025—to assume effective June 1, 2026, pending confirmation at the shareholders' meeting. Day-to-day management is vested in the (CEO), Christoph , who took office on May 1, 2020, following interim leadership by Chairman Sieber, and reports directly to the Board. , a Swiss national with an economics degree from the , brings prior experience as Deputy CEO of Tamedia AG and expertise in media and sectors. He is assisted by Deputy CEO Andy Heiz, who heads the Generation & Distribution business area, and a compact Executive Board focused on core operational domains. The Executive Board composition as of the latest updates includes:
  • Harald Gauck, , holding a in physics from the and responsible for financial strategy and reporting.
  • Domenico De Luca, Head of Trading & Sales, overseeing international energy trading and customer-facing operations.
  • Martin Schwab, CEO of subsidiary CKW AG and Executive Board member since February 2011, managing distribution and regional utilities.
  • Henriette Wendt, , handling operational efficiency and cross-functional integration.
This lean structure delegates operational authority from the Board to the CEO while embedding and internal audits within the model to address the complexities of energy production, trading, and .

Financial Performance

Key Metrics and Revenue Sources

In fiscal year 2023/24 (1 October 2023 to 30 September 2024), Axpo Holding AG reported total income of CHF 7,635 million, down from CHF 10,451 million in the prior year, reflecting normalized energy market conditions post-crisis. Adjusted earnings before interest and taxes (EBIT) stood at CHF 1,848 million, with EBITDA at CHF 2,168 million and net profit (result for the period) at CHF 1,509 million; free cash flow from operating activities reached CHF 1,466 million. These figures underscore Axpo's resilience amid volatile commodity prices, supported by diversified operations and hedging strategies.
Key Metric (CHF million)FY 2023/24FY 2022/23
Total Income7,63510,451
Adjusted EBIT1,8482,689
EBITDA2,1685,260
Net Profit1,5093,389
1,4663,859
Axpo's revenue streams are dominated by energy trading and sales, which accounted for the largest share of adjusted EBIT at CHF 1,112 million in 2023/24, driven by proprietary trading, optimization of physical assets, and supply to over 1.7 million delivery points across Europe. Power generation contributes significantly through owned assets, including nuclear output of 19.1 TWh (via stakes in plants like Beznau and long-term contracts) and hydropower of 10.7 TWh, primarily from Swiss facilities; these segments, grouped under Generation & Distribution, generated CHF 402 million in adjusted EBIT. Customer solutions and regional utilities, such as CKW, add CHF 116 million to earnings via tailored energy services and distribution. Overall, trading activities leverage fair-value accounting for derivatives and netting agreements, while generation revenue ties to physical production and market sales, with Axpo supplying approximately 40% of Switzerland's electricity needs.

Funding Mechanisms and Debt

Axpo Holding AG primarily funds its operations through equity contributions from its public shareholders, consisting of Swiss cantons and municipalities, which provide a stable capital base without reliance on dividends or external equity markets. To support growth, needs, and project financing—particularly in renewables and trading—the company accesses markets via diversified instruments, including bonds, syndicated loans, and facilities. These mechanisms emphasize sustainability-linked financing, such as green bonds and loans tied to environmental performance targets, reflecting Axpo's focus on low-carbon investments. Key debt components include a portfolio of outstanding bonds issued by Axpo Holding AG and subsidiaries, totaling several billion CHF across maturities from 2025 to 2033. Notable issuances comprise CHF 300 million at 2.00% maturing 15 September 2026 (ISIN CH1204259779), CHF 300 million at 2.50% maturing 22 September 2026 (ISIN CH1293238015), and CHF 160 million at 1.25% maturing 19 May 2033 (ISIN CH1415780100), with ratings from agencies like at BBB+ (improving) and Zürcher Kantonalbank at A- (). Subsidiary bonds, such as those from Kernkraftwerk Leibstadt AG (e.g., CHF 220 million at 1.45% due 14 2031), further contribute to group indebtedness, primarily financing nuclear and hydro assets. Revolving credit facilities form a cornerstone of liquidity management, with an unsecured EUR 7.0 billion committed facility syndicated across over 30 banks, extended to February 2028 to finance ongoing business and expansion. Additional committed facilities totaled CHF 6.7 billion as of 30 September 2024 (CHF 728 million drawn), complemented by uncommitted lines of CHF 5.2 billion (CHF 1.8 billion drawn). Project-specific loans, mainly for wind and solar developments, amounted to CHF 1,164 million, alongside private placements (CHF 864 million at rates of 0.6%-7.0%) and lease liabilities (CHF 168 million). Diversification efforts include a JPY 42 billion (CHF 250 million) sustainability-linked Samurai loan secured in September 2024 from over 20 Japanese banks. As of 30 September 2024, consolidated financial liabilities stood at CHF 5,564 million (non-current: CHF 4,172 million; current: CHF 1,392 million), down from CHF 7,152 million the prior year due to net repayments exceeding proceeds (CHF 5,046 million repaid vs. CHF 3,737 million raised). Net rose to CHF 1,791 million amid investments, buffered by CHF 7,202 million in and equivalents. By 31 2025, financial liabilities were CHF 5,355 million against of CHF 6,544 million, yielding a positive net financial position of CHF 1,190 million and leverage (adjusted /EBITDA) below 1.0x, supported by strong flows from operations (CHF 1,466 million in 2023/24). Ratings agencies affirm solid profiles, with Scope upgrading short-term to S-1+ in October 2025, citing ample .

Power Generation Operations

Installed Capacities by Source

Axpo's installed generation capacities are dominated by low-carbon sources, particularly nuclear and , reflecting Switzerland's and the company's focus on baseload and flexible production. The company controls nearly 60 percent of Switzerland's nuclear installed capacities, equivalent to approximately 1,500 MW through direct ownership and shares in key facilities. This includes full ownership of the (KKB), comprising two pressurized water reactors each rated at 365 MW for a total of 730 MW. Axpo also holds a significant stake—reported as 52.7 percent—in the (KKL), which has a gross capacity of 1,285 MW, contributing to its effective nuclear portfolio. Hydropower constitutes the largest share of Axpo's owned capacities, with approximately 4,300 MW installed across around 60 plants in , enabling substantial seasonal storage and peak-load flexibility. These facilities, including run-of-river, storage, and pumped-storage types, underscore Axpo's role as 's leading renewable producer. Beyond hydro and nuclear, Axpo's renewable portfolio includes and solar assets across , totaling over 5,500 MW in installed renewable capacity group-wide, with non-hydro renewables forming a smaller but expanding segment. In the 2023/24 financial year, the company commissioned 214 MW of new solar capacity and 89 MW of capacity, building on prior developments exceeding 1,300 MW in solar and 1,350 MW in projects since 2015. These additions emphasize decentralized and utility-scale installations, though exact owned non-hydro figures remain integrated within broader renewable totals due to project partnerships and sales. Limited fossil-based capacities, such as gas-fired plants, supplement the portfolio for backup but represent under 5 percent of overall generation assets based on production shares.
Energy SourceInstalled Capacity (MW)Key Notes
Nuclear~1,500Primarily Swiss; includes Beznau (730 MW owned) and Leibstadt share; ~60% of national nuclear base.
~4,300Switzerland-focused; ~60 plants, mix of run-of-river and storage.
& Solar>1,200 (estimated non-hydro renewables)Europe-wide; 2023/24 additions: 89 MW wind, 214 MW solar; cumulative developments >2,650 MW.

Nuclear Power Assets

Axpo Holding owns and operates significant assets in , contributing to approximately 60 percent of the country's installed nuclear generation capacity. The portfolio centers on three key facilities: the wholly owned , and partial stakes in the Leibstadt and Gösgen plants. These assets provide baseload electricity, with combined attributable output exceeding 20 TWh annually under normal operations, supporting 's energy security through high-capacity factors and low-carbon generation. The (KKB), fully owned by Axpo, features two pressurized light-water reactors with a combined capacity of 730 MW (365 MW each). Commissioned in 1969 (Unit 1) and 1971 (Unit 2), it represents the world's oldest operating commercial nuclear facility, designed for up to 8,000 full-load hours per year. In December 2024, Axpo committed CHF 350 million in investments to extend operations through 2033, focusing on safety enhancements and modernization to maintain reliability amid aging infrastructure. The plant typically generates around 6 TWh annually, serving as a of Axpo's low-emission power production. Axpo holds a 52.7 percent stake in the (KKL), a boiling-water reactor with 1,285 MW capacity operational since late 1984. As the largest nuclear unit in , it produces approximately 9.6 TWh per year, equivalent to powering about 2 million households. Managed jointly with other shareholders, the facility undergoes periodic modernizations, including recent instrumentation and control system upgrades awarded to in 2025. Axpo's majority interest ensures significant influence over operations and output allocation. In the Gösgen Nuclear Power Plant (KKG), Axpo maintains a 37.5 percent minority stake in a pressurized-water reactor of 1,060 MW capacity, which began commercial operation in November 1979. The plant generates roughly 8 TWh annually and has undergone multiple safety-focused refurbishments. A planned outage in 2025 extended into February 2026 due to technical delays, temporarily reducing output and affecting Axpo's financial projections as a key shareholder. serves as the primary operator. To diversify fuel supply and mitigate geopolitical risks, Axpo signed contracts in February 2025 with for delivery to Beznau and Leibstadt starting in 2026, sourced from and , explicitly forgoing Russian-origin fuel. This aligns with broader efforts to ensure long-term operational stability for these assets amid Switzerland's evolving , which permits life extensions but prohibits new builds under current law.

Renewable and Hydro Facilities

Axpo operates approximately 60 plants in , either fully or partially owned in partnership arrangements, contributing the majority of its production. These facilities encompass run-of-river, storage, and pumped storage types, with a total installed capacity of around 4,300 MW and annual generation exceeding 8,990 GWh. Notable examples include the Eglisau run-of-river plant on the River, operational for over 100 years, and the Mauvoisin storage facility in the canton of , which supplies green electricity under long-term power purchase agreements such as a five-year with Nestlé Switzerland signed in September 2025. The company's hydropower portfolio supports Switzerland's energy security through flexible operations, including pilot projects for digital optimization, such as the Hydro 4.0 initiative in Sarganserland launched in 2020 to enhance efficiency via and data analytics. Axpo's hydro assets represent about 60% of its Swiss renewable output, underscoring their role as a stable, low-carbon baseload source amid variable weather-dependent renewables. Beyond hydro, Axpo maintains over 5,500 MW of installed renewable capacity across Europe, including wind, solar, and biomass facilities. In wind power, the company operates farms in Germany and France through subsidiaries like Volkswind and has pursued international expansion, such as the 24.8 MW Lålax onshore wind farm in Vörå, Finland, which commenced operations in September 2025 and generates 70 GWh annually to power approximately 9,300 households; it added 89 MW of wind capacity group-wide in the 2023/24 fiscal year. Solar efforts, led by subsidiaries like CKW and Urbasolar, focus on utility-scale and rooftop installations, with 214 MW added in 2023/24, including Europe's largest solar carport roof. Biomass operations emphasize sustainable biowaste management, fermentation plants, composting sites, and wood-fired power generation, positioning Axpo as a Swiss leader in this segment without specified aggregate capacity details. These non-hydro renewables complement hydro by diversifying the portfolio and enabling merchant-market exposure through power purchase agreements.

Safety Records and Incidents

Axpo's plants, Beznau and Leibstadt, have maintained a generally strong record under oversight by the Swiss Federal Nuclear Safety Inspectorate (ENSI), with no major accidents resulting in radiation releases or significant public harm reported as of 2025. In its 2023 oversight report, ENSI rated the overall status of Swiss nuclear facilities, including those operated by Axpo, as good, noting routine compliance with standards despite a total of 22 reportable incidents across all Swiss plants—seven at Beznau Unit 1 and seven at Leibstadt. These incidents typically involved minor operational anomalies, equipment faults, or procedural lapses, none escalating to International Nuclear Event Scale (INES) levels above 1, and all were contained without environmental or health impacts. At , a notable operational event occurred on February 10, 2025, when Reactor 2 underwent an emergency shutdown at 13:05 due to an inadvertent during a routine , triggering systems but posing no risk to personnel, the public, or the environment. Axpo confirmed the reactor was safely scrammed and returned to service after verification, attributing the incident to a handling mistake without broader implications. Separately, on July 2, 2025, Beznau Unit 1 was proactively shut down to prevent of the River amid high ambient temperatures, prioritizing ecological protection over generation continuity in line with environmental regulations. Historical records include a 1992 suffocation incident during maintenance at Beznau Unit 1, where two workers died in a due to oxygen depletion, highlighting early risks in maintenance protocols that prompted subsequent enhancements. ENSI-mandated periodic reviews for Beznau have affirmed structural integrity against seismic events, with upgrades ensuring resilience to infrequent severe earthquakes. Leibstadt Nuclear Power Plant has similarly reported low-severity events, including a 2019 case where an employee falsified monitoring test data that had not been conducted, leading to internal investigations and procedural reforms but no actual exposure risks. rod cladding oxidation issues identified around the same period were downgraded to INES Level 0 after analysis confirmed no operational impact or defect propagation. Ongoing probabilistic and deterministic safety assessments at Leibstadt incorporate all-states, all-hazards modeling, supporting extended operation plans while addressing aging infrastructure through targeted investments. In hydropower operations, Axpo has experienced weather-related disruptions rather than safety failures, such as the June 2024 floods in Misox valley damaging six facilities, which were repaired without reported breaches in dam integrity or flood control standards. No major hydro incidents, such as structural failures or uncontrolled releases, have been documented, with Axpo emphasizing adaptive to mitigate climate-induced risks like storms and thawing. Overall, Axpo's incident reporting aligns with Swiss regulatory requirements, fostering transparency through channels like the ENSI and internal compliance systems, though critics note potential underreporting biases in industry self-assessments typical of regulated sectors.

Energy Trading

Trading Model and Strategies

Axpo's energy trading model centers on marketing its own production while engaging in broader market activities to optimize value and manage risks. The company divides its trading operations into three primary segments: asset-backed trading, which hedges production from Swiss power plants years in advance to minimize price volatility through conservative long-term contracts; customer trading, or origination, focused on power purchase agreements (PPAs) that connect renewable producers with industrial buyers across ; and , the smallest division, involving activities like (LNG) deliveries to markets such as via , subject to stringent internal limits and regulations. Trading strategies emphasize diversification across geographic markets, business areas, and sources to mitigate risks and enhance stability, particularly during energy crises. Axpo trades physical volumes and related financial products on key European, U.S., and Asian exchanges, prioritizing long-term contracts for large industrial clients and renewable developers in over 30 countries. This approach integrates with Axpo's production assets by balancing fluctuations, optimizing consumption via short-notice trades, and supporting supply security without relying on speculative excess. Risk management underpins these strategies through conservative hedging practices, strict trading limits, internal auditing, and external oversight, with diversification offsetting liquidity pressures from collateral demands. For renewable assets, Axpo employs machine-learning models to generate risk-optimized trading recommendations, updating hourly with weather and market data to improve forecast accuracy for portfolios like 3,250 MW of Spanish wind power, thereby reducing balancing costs and intraday adjustments. Launched in April 2019 for Iberian operations and expanded to Italy and Scandinavia, this analytics-driven method adapts strategies to volatile conditions, minimizing production deviation penalties while maximizing returns. Overall, the model aligns with Axpo's three-pillar corporate strategy, deriving significant earnings from international trading and customer solutions to fuel growth in renewables and tailored energy services.

Performance During Market Volatility

During the European energy crisis precipitated by Russia's invasion of on February 24, 2022, which triggered extreme volatility in gas, , and electricity prices—reaching levels up to six times higher than pre-crisis norms—Axpo's energy trading division demonstrated resilience and profitability through its proprietary and asset-backed trading strategies. These strategies, leveraging physical assets like nuclear and hydro generation for hedging and origination, enabled the company to capitalize on price dislocations and liquidity shortages in wholesale markets. In the first half of the 2022/23 financial year (October 2022 to March 2023), Axpo reported EBIT of CHF 1,021 million, up from CHF 722 million in the prior-year period, despite ongoing collateral demands from hedging activities. For the full 2022/23 financial year (October 1, 2022, to September 30, 2023), Axpo Group's adjusted EBIT surged to CHF 2,689 million from CHF 392 million in 2021/22, with the trading segment making the largest contribution amid sustained volatility above long-term averages. Reported group EBIT reached CHF 4,192 million, representing 40.1% of total income of CHF 10,451 million, driven by gains in from opportunities and asset-backed activities, which yielded EUR 655.5 million in results for Axpo Solutions. The period's net result climbed to CHF 3,389 million, supported by efficient liquidity management that increased available funds to CHF 7,542 million while reducing financial liabilities. As market volatility subsided in the 2023/24 financial year—with prices normalizing toward pre-crisis levels—trading earnings potential diminished, leading to lower adjusted EBIT contributions from the segment compared to the prior year's peaks. This decline underscored Axpo's reliance on volatile conditions for outsized trading gains, though the company's diversified model, including origination and customer solutions, mitigated full exposure to reduced opportunities. Overall, the episode highlighted trading's role in buffering generation segments against price risks, with no major reported losses from volatility exposure.

Market Presence

Domestic Swiss Operations

Axpo Holding AG operates more than 100 power plants across , positioning it as the nation's largest producer with a focus on renewable sources. Its domestic generation portfolio emphasizes , where Axpo manages approximately 60 hydroelectric systems, establishing it as 's leading producer in this sector. Nuclear assets include full ownership of the and partial stakes in the Leibstadt and Gösgen facilities, collectively representing nearly 60% of 's installed nuclear capacity and contributing around 20% to national consumption. In the Swiss market, Axpo supplies roughly 40% of total electricity demand, primarily serving business-to-business clients such as cantons, municipalities, and industrial users, with a strong footprint in northeastern Switzerland. This supply role underscores its strategic importance to national energy security, where it balances production, imports, and grid stability to meet variable demand. As the market leader in renewable generation and overall energy supply, Axpo's domestic operations benefit from its position in the merit order, enabling efficient dispatch of low-cost hydroelectric and nuclear output. Domestically, Axpo engages in asset-backed trading to market its Swiss-generated power, alongside customer-specific solutions for hedging and procurement, integrated with broader European exchanges while prioritizing local security of supply. Recent expansions include increasing its stake in CKW, a Swiss energy services provider, to 4.5% as of May 2025, enhancing regional distribution capabilities. These activities align with Switzerland's partially liberalized market, where Axpo's scale supports stable pricing and resilience amid variability and nuclear reliance.

International Expansion and Customers

Axpo's international expansion commenced in the early through its Trading & Sales division, which established subsidiaries to facilitate trading and customized solutions across European markets. A pivotal early step was the founding of EGL Italia in in 2000, which joined the Axpo Group in 2012 and was rebranded as Axpo Italia in 2022, marking the company's entry into the Italian market for and gas trading and supply. In 2004, Axpo International S.A. was established in as the to acquire, manage, and finance group investments and subsidiaries abroad. By 2017, Axpo had expanded its footprint to over 25 countries and 37 markets, emphasizing proximity to customers through tailored products for small and medium-sized enterprises (SMEs) and industrial users. The company's global presence has since grown to more than 30 countries across , , and , supported by over 30 locations and strategic acquisitions such as Urbasolar for solar projects in and Volkswind for development and operations in . In the United States, Axpo focuses on investments in solar and projects, battery storage, and , while in , it conducts energy trading operations. Following domestic challenges and a state-backed credit line in , Axpo intensified efforts to pursue growth opportunities abroad, leveraging its trading expertise amid volatile markets. Axpo's international customers span private consumers, SMEs, major industrial firms, and producers, with services including physical energy trading, financial products, portfolio management, and power purchase agreements (PPAs). In , for instance, Axpo Italia supplies and gas to businesses, households via its Pulsee brand, institutions, and industrial clients such as Carcano Antonio and TenarisDalmine through PPAs, contributing significantly to the group's revenue with operations ranking fifth in and tenth in gas retail/ as of 2025. The company reports serving over 40 international industrial clients and more than 35,000 micro, small, and medium-sized enterprises with and gas, alongside global trading partners in renewable marketing for solar and . This customer-oriented approach, particularly in origination and structured products, has driven sustained performance in international trading, as evidenced by positive contributions to half-year results in 2025.

Sustainability and Policy Engagement

Environmental Commitments and Metrics

Axpo's environmental commitments include achieving net-zero from its own electricity consumption and vehicle fleet (Scopes 1 and 2) by 2030, direct emissions by 2040, and emissions across its full (including Scope 3) by 2050. These targets exceed Swiss statutory requirements and emphasize low-carbon electricity production via , nuclear, and expanding renewables. Key metrics reflect a low-emission profile, with direct greenhouse gas emissions averaging 56 grams of CO₂ equivalents per kilowatt-hour produced in the 2023/24 financial year—approximately one-fourth of the European Union average for power generation. Axpo maintains over 5,500 MW of installed renewable capacity across Europe and added more than 300 MW of new renewable capacity in 2023/24, primarily through 214 MW in solar projects. Despite these efforts, Axpo missed performance targets tied to its sustainability-linked bonds, failing to achieve 1,500 MW of cumulative renewable capacity additions by 2024 or the projected 2,300 MW by 2025 (measured from 2021 baseline), owing to geopolitical disruptions, skilled labor shortages, and extended regulatory approvals. The shortfalls activated penalty mechanisms, raising coupon rates by 0.15% on 2029 bonds, 0.20% on 2026 bonds, and 0.34% on 2027 bonds. The company's "Planet" sustainability pillar further commits to biodiversity preservation and resource efficiency via power purchase agreements, investments in wind, hydrogen, and biomass technologies, and customer-facing decarbonization solutions, though specific quantitative progress on biodiversity metrics remains undisclosed in public reporting.

Reliability and Energy Security Focus

Axpo maintains a strong emphasis on reliability and through diversified production capacities, advanced trading mechanisms, and investments, positioning itself as Switzerland's primary contributor to stable supply. As the nation's largest , the company covers approximately 40% of Switzerland's total demand, leveraging a portfolio that includes over 100 power plants focused on low-emission sources such as , nuclear, , and emerging renewables. This approach ensures consistent availability, particularly during peak winter demand, by strategically managing reservoir water retention in facilities to shift output seasonally and participating in power programs. Nuclear power forms a cornerstone of Axpo's reliability strategy, providing dispatchable base-load generation that operates continuously without reliance on weather conditions or fuel imports, akin to hydropower's role. Axpo holds stakes in nearly 60% of Switzerland's installed nuclear capacity, including full ownership of the (two reactors totaling 730 MW, producing around 6,000 GWh annually) and a 52.7% share in the (1,285 MW, yielding approximately 9,600 GWh per year from Axpo's portion). These assets, supplemented by partnerships like Gösgen (1,060 MW), contribute to covering about 20% of national consumption, emitting no greenhouse gases or air pollutants during operation and enabling grid stability amid variable renewable inputs. Complementing nuclear baseload, Axpo's dominance in hydropower— as Switzerland's leading producer—enhances flexibility and storage capabilities, with pumped-storage systems allowing energy to be stored and released as needed to mitigate shortages. The company integrates these assets with international trading to balance domestic fluctuations, procuring or exporting power based on real-time market prices and marginal costs, which a Polynomics study credits with preventing blackouts and optimizing efficiency in Switzerland's liberalized market since 2009. This hybrid model, rooted in the country's interconnected European grid since the 1958 Laufenburg interconnection, prioritizes cost-effective reliability over sole dependence on intermittent sources. Infrastructure upgrades further bolster , exemplified by Axpo's expansion of its 10,000 km distribution grid from 50 kV to 110 kV lines, which has doubled transmission capacity and reduced losses by 75%. The company also pools capacities across borders and tailors long-term power purchase agreements to risks, advocating for policies that sustain high-reliability assets like nuclear alongside goals. In practice, this focus has enabled Axpo to maintain supply during geopolitical disruptions, such as those following Russia's 2022 invasion of , by leveraging trading liquidity and domestic production resilience.

Criticisms of Transition Strategies

Axpo has faced scrutiny for failing to meet renewable energy expansion targets outlined in its sustainability-linked bonds (SLBs), which were intended to incentivize a faster shift toward low-carbon generation. In 2025, the company reported missing targets across three SLBs totaling CHF 800 million, having achieved only about 66% of the 1,500 MW renewable capacity addition goal set for 2024, primarily due to protracted permitting processes, supply chain disruptions, and local resistance to projects. This shortfall triggered coupon step-ups, increasing borrowing costs by up to 25 basis points on the affected bonds, and prompted investor analyses to frame it as a broader "reality check" on the feasibility of aggressive transition timelines amid regulatory and social hurdles. Critics, including financial observers, have argued that Axpo's strategy underestimated these barriers, setting "highly ambitious" goals without sufficient contingency for Switzerland's stringent environmental reviews and community opposition, which delayed and solar initiatives. For instance, the company's 2022 halt of a 2.5 MW production facility at its Eglisau-Glattfelden site—intended to bolster decarbonization—stemmed from local pushback over landscape and ecological impacts, highlighting execution gaps in integrating novel technologies into the transition mix. Such setbacks have fueled debates on whether Axpo's reliance on voluntary targets, rather than diversified hedging against approval delays, exposes ratepayers and investors to risks in a market where renewable remains constrained by geographic and infrastructural limits. Additionally, Axpo's outreach efforts have drawn accusations of unbalanced promotion of renewables. In April 2025, a company-distributed children's emphasizing wind energy's benefits without addressing its environmental trade-offs, such as avian impacts or , was criticized by Swiss politicians and media as that skews public perception toward unchecked expansion, potentially eroding trust in the firm's transition narrative. Detractors contended this approach ignores empirical challenges like and land-use conflicts, which have consistently impeded domestic renewable growth, as evidenced by rejected large-scale solar proposals and Axpo's own admissions of backlogs in Switzerland's framework.

Controversies and Criticisms

Nuclear Policy Disputes

Axpo, as the operator of Switzerland's Beznau and Leibstadt plants, has faced disputes over the extension of plant operations amid the country's policy of gradual nuclear phase-out, enacted following the Fukushima disaster. The Swiss Federal Council decided in May not to approve new nuclear facilities and to allow existing plants to run until the end of their lifetimes without replacement, a stance reinforced by the 2017 Energy Act and a 2018 constitutional ban on new builds. Axpo has argued that such restrictions jeopardize , given 's role in supplying approximately 35-40% of Switzerland's as a dispatchable, low-emission source. In response, Axpo pursued license extensions, including a 2021 strategy to operate reactors up to 10 years beyond original projections to bridge gaps in renewable deployment. This drew opposition from environmental NGOs and local groups, who challenged seismic assessments for Beznau—the world's oldest operating nuclear , with Unit 1 commissioned in —claiming inadequate protection against earthquakes. The Federal Supreme Court dismissed these complaints in April 2021, ruling that Beznau's design met ordinance limit values and that probabilistic risk analyses sufficiently addressed hazards, allowing continued operation. Further controversy arose in March 2024 over feasibility studies to extend Beznau until 2040, prompting criticism from safety advocates who cited accumulating fatigue in aging components and potential vulnerabilities despite upgrades. Axpo maintained that extensions were technically viable and essential for supply stability, aligning with broader utility support for policy flexibility, including backing a 2025 counter-proposal to revisit phase-out timelines. Despite a Swiss government draft in August 2025 to repeal the new-build ban—reflecting energy shortages and decarbonization needs—Axpo announced in December 2024 the permanent shutdown of Beznau Unit 2 by end-2032 and Unit 1 by 2033, prioritizing age-related risks over extensions due to escalating maintenance costs exceeding CHF 1 billion for Unit 1 alone. This decision, which will eliminate 6 terawatt-hours of annual production, underscores practical limits to policy advocacy amid technical realities, even as Axpo emphasized no immediate plans for new construction post-ban lift.

Trading Profit and Monopoly Allegations

Axpo's Trading & Sales division, which includes proprietary, asset-backed, and origination-based trading activities across and beyond, has generated substantial profits, particularly during periods of heightened market volatility. In the 2023/24 (1 October 2023 to 30 September 2024), the division achieved an adjusted (EBIT) of CHF 1,043 million on total income of CHF 5,701 million, down from CHF 1,699 million adjusted EBIT in the prior year amid normalizing power prices and reduced volatility. This segment's gross margins comprised CHF 999 million from origination, CHF 358 million from , and CHF 330 million from asset-backed activities, underscoring trading's role as a core despite a CHF 166 million loss on for the year. Overall group adjusted EBIT stood at CHF 1,848 million, with trading contributing positively across a diversified portfolio managing gross positions exceeding CHF 13 billion in assets and liabilities before netting. In , Axpo faces allegations of leveraging regional monopoly positions in distribution and supply to non-eligible ("tied") customers—served via CKW under cantonal concessions—to fund higher-risk international trading. Critics, including political commentators, contend this structure enables excessive , with CEO Christoph Brand's 2024 bonus of CHF 2.3 million drawing scrutiny as emblematic of unaccountable "monopoly bosses" post-state support during the . Axpo refutes this, stating that monopoly-tied supply accounts for under 2% of group profits, with the company fully exposed to competitive trading risks since for eligible customers and bearing no implicit state guarantees. Internationally, subsidiaries have encountered competition-related probes tied to trading practices. Spain's National Markets and Competition Commission (CNMC) fined Axpo Iberia €1.5 million in December 2024 for breaching EU REMIT regulations through manipulative electricity trading conduct, including unsubstantiated intraday positions that distorted market pricing. During the 2022 energy crisis triggered by Russia's invasion, Switzerland's Elcom regulator highlighted "specific behaviors" by traders like Axpo as factors in an artificial 800% surge in base-load prices for 2023 delivery, exacerbating shortages amid high supplier procurement pressure, though no formal manipulation was substantiated and Axpo attributed outcomes to extreme conditions. In , 2023 whistleblower claims of a Covid-era trading involving Axpo-linked Repower were investigated but ultimately dismissed by authorities. Axpo maintains compliance with competition laws, emphasizing risk-managed trading in open markets without anti-competitive intent.

Sustainability Target Shortfalls

In September 2025, Axpo Holding announced it had missed key sustainability performance targets (SPTs) tied to three sustainability-linked bonds (SLBs) totaling approximately CHF 800 million, resulting in a step-up of rates and higher payments to bondholders. The primary shortfall involved failing to achieve the required expansion of capacity, with the company falling short by approximately 34% on a target to add 1,500 megawatts (MW) of new renewable generation by the end of 2024. These SPTs, established in SLB issuances from onward, mandated incremental growth in renewable production capacity—such as reaching 2,300 MW by September —to align financing with decarbonization goals. Axpo attributed the misses to a combination of external challenges, including protracted permitting processes, supply chain disruptions, and grid connection delays in and international markets, which hindered project timelines despite connecting over 300 MW of new renewables in the 2023/24 . Company executives described the targets as "highly ambitious" given the regulatory and infrastructural barriers in expanding hydro, solar, and assets, while emphasizing that the SLB framework remained a "valuable" tool for incentivizing progress. The shortfall drew scrutiny from investors and analysts, highlighting broader difficulties in meeting aggressive renewable expansion pledges amid Switzerland's conservative energy policies and reliance on nuclear and hydro baseload. Despite the lapse, Axpo's overall electricity generation in 2023/24 remained dominated by low-emission sources (36 terawatt hours, primarily hydro and nuclear), and the company reaffirmed net-zero ambitions for direct emissions by 2040, though without adjusting the unmet renewable metrics in subsequent reporting.

References

  1. https://www.axpo.com/ch/en/about-us/axpo-switzerland/portrait.html
  2. https://www.axpo.com/ch/en/about-us/axpo-switzerland/overview-group.html
  3. https://www.axpo.com/group/en/business-areas/generation-and-distribution/nuclear-power.html
  4. https://www.axpo.com/ch/en/about-us/axpo-switzerland/our-history.html
  5. https://www.risk.net/rankings/7959671/axpo-recognised-for-bringing-competitive-pricing-and-liquidity-to-gas-and-power-markets
  6. https://www.axpo.com/group/en/news-and-stories/media-releases/2025/axpo-achieves-good-half-year-results-in-uncertain-environment.html
  7. https://www.bluewin.ch/en/news/axpo-ceo-on-wage-criticism-we-underestimated-the-sensitivity-2548110.html
  8. https://tass.com/economy/1812677
  9. https://www.complianceweek.com/regulatory-enforcement/axpo-italia-fined-105m-in-gdpr-case-over-data-processing/33836.article
  10. https://www.axpo.com/ch/en/knowledge/magazine/energy-market/10-common-misconceptions-about-axpo.html
  11. https://canvasbusinessmodel.com/blogs/brief-history/axpo-brief-history
  12. https://www.axpo.com/group/en/about-us/axpo-group.html
  13. https://renewables.digital/listing/axpo-holding-ag/
  14. https://www.axpo.com/group/en/about-us/axpo-group/group-structure.html
  15. https://recurrentenergy.com/canadian-solar-becomes-the-largest-solar-developer-in-italy-after-signing-84-mwp-ppa-with-axpo-italia/
  16. https://www.axpo.com/gr/en/newsroom/magazine/international-business/axpo-in-italy--the-first-25-years.html
  17. https://www.axpo.com/es/en/about-us/locations.html
  18. https://www.axpo.com/group/en/about-us/locations.html
  19. https://www.axpo.com/ch/en/knowledge/power-market-switzerland.html
  20. https://www.reuters.com/markets/europe/europe-tries-shore-up-power-firms-with-billions-more-2022-09-06/
  21. https://www.axpo.com/group/en/news-and-stories/media-releases/2022/experts-confirm-axpo-s-effective-risk--management.html
  22. https://www.axpo.com/ch/en/newsroom/ad-hoc-announcements/2022/a-year-marked-by-unprecedented-turmoil-on-energy-markets---axpo.html
  23. https://www.axpo.com/content/dam/axpo19/ch/files-ch/annual-result/ar-21-22/Axpo%2520Holding_Nachhaltigkeitsbericht_2021_22_EN.pdf
  24. https://www.axpo.com/de/en/newsroom/media-releases/2024/axpo-strategy-continues-to-deliver-results-.html
  25. https://www.scoperatings.com/ratings-and-research/rating/EN/179459
  26. https://www.axpo.com/content/dam/axpo19/master/files-master/250527_Medienmitteilung_Axpo_HYR_24-25_EN.pdf
  27. https://www.axpo.com/group/en/search.html?query=Western%2520Europe
  28. https://www.axpo.com/ch/en/newsroom/media-releases/2025/co2-neutral-emergency-preparedness---axpo-wins-contract-for-rese.html
  29. https://www.offshore-energy.biz/as-switzerland-adopts-national-hydrogen-strategy-axpo-and-partners-launch-new-production-plant/
  30. https://www.axpo.com/group/en/about-us/axpo-group/owners.html
  31. https://www.axpo.com/group/de/ueber-uns/axpo-group/eigentuemer.html
  32. https://www.axpo.com/content/dam/axpo19/global/annual-results/results_23_24/Gesch%C3%A4ftsbericht%20Axpo%20Gruppe%202023_24_EN.pdf
  33. https://www.axpo.com/group/en/about-us/axpo-group/executives-and-directors.html
  34. https://www.axpo.com/group/en/about-us/axpo-group/subsidiaries.html
  35. https://www.axpo.com/group/en/business-areas.html
  36. https://www.axpo.com/group/en/news-and-stories/media-releases/2025/roland-leuenberger-nominated-chairman-of-the-board-of-directors.html
  37. https://www.schillingreport.ch/en/christoph-brand/
  38. https://www.axpo.com/group/en/about-us/axpo-group/executives-and-directors/harald-gauck.html
  39. https://www.axpo.com/group/en/about-us/axpo-group/executives-and-directors/martin-schwab.html
  40. https://www.axpo.com/group/en/investor-relations/key-figures.html
  41. https://www.axpo.com/content/dam/axpo19/global/annual-results/results_23_24/Finanzbericht_2023_2024_Axpo%20Holding_Englisch.pdf
  42. https://www.axpo.com/group/en/news-and-stories/media-releases/2025/axpo-extends-eur-7bn-credit-line-to-2028.html
  43. https://www.axpo.com/group/en/news-and-stories/media-releases/2024/axpo-further-diversifies-financing-with-sustainability-linked-sa.html
  44. https://www.axpo.com/group/en/investor-relations/outstanding-bonds.html
  45. https://www.axpo.com/content/dam/axpo19/master/files-master/about-us/investor-relations/publications---dates/Axpo_Halbjahresbericht_2024_25_EN.pdf
  46. https://www.scopegroup.com/ScopeGroupApi/api/analysis?id=9f4400dd-4bc6-4ea6-8238-e1bbc259fab9
  47. https://www.axpo.com/group/en/business-areas/generation-and-distribution.html
  48. https://www.axpo.com/ch/en/energy/generation-and-distribution/wasserkraft.html
  49. https://www.axpo.com/fi/en/newsroom/magazine/renewable-energy/the-six-main-basics-of-hydropower.html
  50. https://www.axpo.com/group/en/e-world.html
  51. https://www.axpo.com/group/en/investor-relations/annual-results-2024.html
  52. https://www.axpo.com/gr/en/newsroom/media-releases/2021/axpo-well-positioned-for-future-growth-as-company-reports-good-r.html
  53. https://www.axpo.com/ch/en/newsroom/media-releases/2024/axpo-will-operate-the-beznau-nuclear-power-plant-until-2033--inv.html
  54. https://www.kkl.ch/fileadmin/seiteninhalt/Dateien/01_Unternehmen/E_Publikationen/technische_beschreibung_kkl_en.pdf
  55. https://www.axpo.com/group/en/news-and-stories/media-releases/2025/goesgen-nuclear-plant-restart-delayed--negatively-impacting-axpo.html
  56. https://www.kazatomprom.kz/en/media/view/kazatomprom_and_axpo_power_ag_sign_first_ever_contract_for_the_supply_of_uranium_to_nuclear_power_plants_in_switzerland
  57. https://www.axpo.com/group/en/business-areas/renewable-energy/hydro-power.html
  58. https://www.axpo.com/ch/en/experience-axpo/guided-tours/visit-eglisau.html
  59. https://globalrenewablenews.com/article/energy/category/hydro/86/1159450/axpo-signs-ppa-with-nestle-switzerland-for-mauvoisin-hydropower-plant.html
  60. https://new.abb.com/news/detail/71878/abb-helps-axpo-develop-switzerlands-first-digital-hydropower-plant
  61. https://www.aargau.swiss/en/news/axpo-commences-operations-at-its-first-onshore-wind-farm-in-finland/
  62. https://www.axpo.com/content/dam/axpo19/global/annual-results/results_23_24/Gesch%25C3%25A4ftsbericht%2520Axpo%2520Gruppe%25202023_24_EN.pdf
  63. https://www.axpo.com/group/en/business-areas/renewable-energy.html
  64. https://ensi.admin.ch/en/2024/06/26/2023-oversight-report-the-safety-status-of-the-nuclear-power-plants-is-good/
  65. https://energynews.pro/en/switzerland-emergency-shutdown-of-beznau-reactor-2-after-human-error/
  66. https://www.swissinfo.ch/eng/life-aging/block-2-of-the-beznau-nuclear-power-plant-shut-down-due-to-faulty-manipulation/88854590
  67. https://www.axpo.com/group/en/news-and-stories/media-releases/2025/high-water-temperatures--unit-1-of-the-beznau-nuclear-power-plan.html
  68. https://www.nucnet.org/news/leibstadt-cladding-problems-revised-down-to-ines-level-0-9-3-2019
  69. https://ensi.admin.ch/en/2024/04/08/leibstadt-and-beznau-nuclear-power-plants-can-withstand-infrequent-severe-earthquakes/
  70. https://www.swissinfo.ch/eng/society/safety-protocols_employee-faked-radiation-test-data-at-swiss-nuclear-plant/44723344
  71. https://inis.iaea.org/records/y3z3z-sgd76
  72. https://www.waterpowermagazine.com/news/floods-impact-axpo-group-hydropower-plants-in-misox-switzerland/
  73. https://www.axpo.com/ch/en/knowledge/magazine/renewable-energy/-it-all-happened-so-fast-.html
  74. https://www.axpo.com/ch/en/knowledge/magazine/energy-market/10-answers-about-axpos-energy-trading.html
  75. https://www.axpo.com/group/en/business-areas/energy-trading-and-sales.html
  76. https://www.axpo.com/group/en/about-us/values-strategy/strategy.html
  77. https://www.axpo.com/ch/en/knowledge/magazine/renewable-energy/tailor-made-trading-strategies-increasing-returns.html
  78. https://www.axpo.com/group/en/news-and-stories/ad-hoc-announcements/2022/axpo-defies-energy-market-turmoil-to-post-good-half-year-results.html
  79. https://www.axpo.com/content/dam/axpo19/global/annual-results/Axpo_Presentation_Analyst_Conference_FY%25202022_2023_EN.pdf
  80. https://www.axpo.com/content/dam/axpo19/global/annual-results/Gesch%25C3%25A4ftsbericht_2022_2023_Axpo%2520Holding_Englisch.pdf
  81. https://www.axpo.com/content/dam/axpo19/global/annual-results/Finanzbericht_2022_2023_Axpo%2520Holding_EN.pdf
  82. https://www.axpo.com/content/dam/axpo19/global/annual-results/Axpo%2520Solutions_Annual%2520Report_2022_2023_EN.pdf
  83. https://www.axpo.com/ch/en/newsroom/ad-hoc-announcements/2023/axpo-posts-exeptionally-good-results-following-a-challenging-financial-year.html
  84. https://www.axpo.com/ch/en.html
  85. https://www.axpo.com/content/dam/axpo19/master/files-master/241204_MM_GB-23-24_EN.pdf
  86. https://www.axpo.com/ch/en/about-us/security-of-supply.html
  87. https://www.axpo.com/group/en/news-and-stories/magazine/international-business/axpo-in-italy--the-first-25-years.html
  88. https://www.axpo.com/lu/en.html
  89. https://www.axpo.com/group/en/news-and-stories/media-releases.detail.html/news-and-stories/media-releases/2017/axpo-expands-its-international-presence.html
  90. https://www.reuters.com/business/energy/swiss-utility-axpo-looking-abroad-growth-opportunities-nzz-2022-12-04/
  91. https://www.axpo.com/pl/en/about-us/axpo-group.html
  92. https://www.axpo.com/group/en/about-us/sustainability/approach.html
  93. https://www.axpo.com/group/en/news-and-stories/magazine/sustainability/sustainability-as-a-roadmap-to-the-future.html
  94. https://www.axpo.com/content/dam/axpo19/global/annual-results/results_23_24/Nachhaltigkeitsbericht_2023_2024_Axpo%2520Holding_en.pdf
  95. https://www.axpo.com/lt/en/newsroom/media-releases/2024/axpo-reports-another-successful-financial-year-as-strategy-pays-.html
  96. https://www.netzeroinvestor.net/news-and-views/swiss-energy-producer-axpo-misses-slb-targets-triggers-coupon-step-up
  97. https://www.axpo.com/ch/en/knowledge/magazine/energy-market/supply-security--a-combination-of-production--trade-and-market.html
  98. https://anthropocenefii.org/slb/axpo-misses-its-slb-targets
  99. https://www.ipe.com/news/missed-slb-targets-offers-investors-reality-check-on-transition/10133116.article
  100. https://www.environmental-finance.com/content/news/axpo-praises-valuable-slb-amid-highly-ambitious-target-miss.html
  101. https://www.spglobal.com/commodity-insights/en/news-research/latest-news/electric-power/101022-axpo-halts-green-hydrogen-project-in-switzerland-in-face-of-local-opposition
  102. https://www.telem1.ch/aktuell/axpo-in-der-kritik-propaganda-vorwuerfe-wegen-umstrittenem-malbuch-160559097
  103. https://www.nzz.ch/schweiz/heikle-propaganda-axpo-will-kitakinder-fuer-windparks-begeistern-ld.1881249
  104. https://www.srf.ch/news/schweiz/arena-zur-energiewende-wenn-wir-so-weitermachen-geht-uns-der-strom-aus
  105. https://world-nuclear.org/information-library/country-profiles/countries-o-s/switzerland
  106. https://www.bloomberg.com/news/articles/2025-08-14/switzerland-moves-to-lift-ban-on-new-nuclear-power-plants
  107. https://www.axpo.com/ch/en/newsroom/media-releases/2021/energy-transition-and-security-of-supply-are-possible-but-need-b.html
  108. https://www.nucnet.org/news/politicians-form-lobby-group-to-call-for-rethink-on-nuclear-phaseout-8-2-2022
  109. https://www.axpo.com/ch/en/newsroom/media-releases/2021/beznau-nuclear-power-plant--axpo-pleased-with-federal-court-ruli.html
  110. https://www.aa.com.tr/en/europe/worlds-oldest-nuclear-plant-in-switzerland-being-examined-to-make-it-operational-until-2040/3177664
  111. https://lenews.ch/2025/04/05/switzerland-edges-toward-revisiting-nuclear-power/
  112. https://energynews.pro/en/switzerland-the-beznau-nuclear-power-plant-to-shut-down-permanently-by-2033/
  113. https://www.bluewin.ch/en/news/switzerland/this-is-how-much-electricity-will-be-lost-with-beznau-and-how-it-is-to-be-replaced-2479244.html
  114. https://subscriber.politicopro.com/article/eenews/2025/08/15/switzerland-moves-to-lift-ban-on-new-nuclear-power-plants-00509734
  115. https://www.nzz.ch/wirtschaft/christoph-brand-sagt-zum-shitstorm-um-seinen-lohn-es-tut-mir-leid-dass-sich-die-leute-so-aufregen-mussten-ld.1868777
  116. https://insideparadeplatz.ch/2024/12/20/axpo-ceo-brand-versenkt-strom-branche-im-alleingang/
  117. https://www.axpo.com/ch/en/knowledge/magazine/energy-market/are-energy-suppliers-allowed-to-invest-in-loss-making-projects-.html
  118. https://www.grip.globalrelay.com/gesternova-s-a-fined-e6m-and-axpo-iberia-fined-e1-5m-for-electricity-market-manipulation/
  119. https://www.nzz.ch/wirtschaft/der-angriff-russlands-auf-die-ukraine-stuerzte-europa-in-eine-energiekrise-das-sollen-schweizer-stromhaendler-ausgenutzt-haben-ld.1904965
  120. https://www.bloomberg.com/graphics/2023-italy-power-profits-covid-lockdown/
  121. https://www.globalcapital.com/article/2aigdywax97p4hrwain7k/corporate-bonds/high-grade-and-crossover-bonds/axpo-returns-for-second-slb-helping
  122. https://www.responsible-investor.com/esg-round-up-investors-file-deforestation-proposal-at-national-australia-bank/
  123. https://www.axpo.com/content/dam/axpo19/global/annual-results/results_23_24/Nachhaltigkeitsbericht_2023_2024_Axpo%20Holding_en.pdf
Add your contribution
Related Hubs
User Avatar
No comments yet.