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Thursday, December 01, 2022

Cantons defend high electricity prices

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“Who’s really winning here and doing big business?” asked Federal Councilor Simonetta Somaruga on Blick TV on Thursday.

Electricity prices are exploding. Swiss households can expect an increase of 30 percent. Companies that buy electricity in the open market pay up to 2,000 percent more. But at present there is no help from the state. The Federal Council says prices are manageable.

Instead, the government points to energy companies. “Who’s really winning here and doing big business?” asked Federal Councilor Simonetta Somaruga (62) on Blick TV on Thursday. “Some companies can suddenly make profits of billions. You have to ask yourself what to do with the extra profits.”

This is a direct attack on the power traders, who are selling the juice at higher and higher prices at the same cost of production. Axpo made a profit of CHF 500 million, Alpiq CHF 114 million in the first half of the year. BKW will present its half yearly results on Tuesday.

But what is the role of the crisis in this? How can additional profit be calculated? There is no clear answer to this. This is even more controversial now.

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