What are the most important transactions and litigations that you have been involved in during the last two years?

One of the most notable transactions was the finalisation of the gas purchase agreement with the Azerbaijani consortium and the corresponding transport launch via TAP, a pipeline project in which Axpo is involved and had developed over a decade ago, which opened the so-called Southern corridor for deliveries of natural gas to Europe. Other transactions referred to power purchase agreements (PPA) with renewable energy producers, amongst them the biggest PPA in Romania, or to a complex hedging structure for a gas-fired power project in Ohio (The US), which was an important milestone for Axpo’s US subsidiary. A small but very interesting and innovative transaction was the PPA with a Spanish dairy farm with regards to biogas produced by that farm. The recent set-up of our affiliate in Singapore will open new perspectives for Axpo in the Asian space.

What impact did Brexit have on the energy Industry in Switzerland?

Brexit did not directly impact Switzerland’s energy industry. There are no direct ties between Switzerland and UK in terms of physical connection. However, it is interesting for Switzerland to observe how the EU and the UK will further agree on issues such as access electricity and gas market as well as the further developments in combating climate change. For instance, there is a linkage of the EU Emission trading scheme with Switzerland, while UK established their own following Brexit. It will also be interesting to see how things like the Cross-Border Adjustment Mechanism, as suggested by the EU Commission, will unfold in this environment. Another interesting thing to watch is whether there will be some in medium term increased competition between the traditional commodity trade places London, Switzerland and others such as the Netherlands.

How has the increasing consciousness of climate change and sustainability affected your company and the team’s priorities?

Axpo is the biggest producer of renewable energy in Switzerland, through its conventional hydro power plants, and has gradually expanded its footprint in the renewable energy sector, also by way of acquisitions of wind and solar energy developers. Axpo is also a leading company for power purchase agreements in Europe. PPAs have become more important in the recent years. They are core for any developer of wind farms or solar facilities in a liberalised market as in the absence of subsidies, such PPAs are key to project financing. As mentioned above, PPAs may in the future also made with other facilities than wind and solar such as biomass facilities to produce biogas. Eventually, it will be interesting to see whether the voluntary emission market will gain traction again.