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The energy markets have been recording high price swings since the end of last year. With the Ukraine war, these have increased. This also increases the electricity companies’ need for liquidity.
In order to ensure that the electricity supply in Switzerland is guaranteed even if the situation deteriorates further, the Federal Council has decided to examine a rescue package for system-critical electricity companies. He writes that in a statement.
According to the reasoning, Swiss electricity companies need more financial resources to cover the security deposits associated with trading. An uncontrolled failure of a major provider could jeopardize the security of supply in Switzerland and trigger a chain reaction. This should be avoided.
Companies themselves are required
There is still no legal basis for a rescue package for system-critical electricity companies. The Federal Council writes that he will push ahead with the work on this. However, it is primarily the companies themselves that are required: The higher price volatility requires more flexibility and, if necessary, adjustments to the business model.
The federal government should therefore only act on a subsidiary basis to the companies themselves and their providers of debt and equity. In order to avoid false incentives, the conditions for benefiting from the rescue package should also be very strict. Among other things, transparency regulations, interest rates in line with the market, a ban on dividend payments and securities in the form of pledging of shares are planned, as the Federal Council further reports.
The rescue parachute should only be available temporarily.
The federal government will next hold talks with the most important Swiss electricity companies. A corresponding federal law would still have to be discussed in the summer session and put into force as a matter of urgency.