The Swiss authorities have cancelled a CHF4 billion ($4.6 billion) emergency credit line to key energy provider, Axpo, which no longer needs the financial back-up.
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In autumn 2022, the federal government made the billions available to Axpo. The untapped lifeline was revoked on December 1 as it is no longer needed.
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Swiss Politics
Swiss parliament approves bailout for electricity providers
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Swiss electricity providers will have access to CHF10 billion in emergency state credit should they run into financial difficulty.
Axpo had announced that it was no longer dependent on the credit line, the Swiss energy ministry announced on Monday.
Since the decree was issued, key factors have changed significantly. The electricity company is now significantly less susceptible to unexpected and difficult to predict market upheavals.
In the fall of 2022, strong price increases on the European energy markets put Axpo in a bind. Because the suppliers had to stump up higher security deposits with energy exchanges. Axpo therefore asked the Federal Council for temporary liquidity support.
Axpo never used the credit line during this time, the energy ministry explained.
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Swiss Politics
Axpo boss: company hasn’t yet made use of government bailout
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Thomas Sieber says the Swiss energy company is determined to try to get through the liquidity crisis on its own steam.
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