The energy sector is accused of making its record profits thanks to excessively high electricity prices. The national company responsible for the Swissgrid electricity network has recorded profits of 788 million francs since 2014, including 319 million paid to shareholders in the form of dividends, indicates SonntagsBlick.
Swissgrid, responsible for the operation, security and extension of the 6,700 kilometers of high voltage network in Switzerland, benefits from a monopoly guaranteed by the State, allowing it to collect taxes for the use of the network. . This position has allowed it to accumulate, since 2014, 788 million francs in profits, underlines the Sunday View.
Only part of this sum was reinvested in the system. Some 319 million were paid to shareholders in the form of dividends. Axpo and BKW, which own more than two-thirds of Swissgrid, benefited to the tune of around 200 million, continues the Sunday newspaper.
The power groups received Swissgrid shares after having to cede ownership and responsibility for the network in 2013, the company explains.
Swissgrid defends itself
Swissgrid claims not to be responsible for the scale of its profits: “Our business model, and therefore our profit, is entirely regulated and defined by the legislator”, underlines the national company for the operation of the network
However, while this applies to profits, it does not apply to their use. The law does not impose any limits on the amount of dividends paid to shareholders, a decision falling to the general meeting of Swissgrid, therefore ultimately Axpo and BKW as main shareholders.
The Federal Electricity Commission, which supervises Swissgrid, recognizes the need for action, deeming the interest rate on capital in the electricity network excessive. The Federal Council is of the same opinion and plans to adapt the calculation method in order to avoid unjustified returns.
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