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Axpo is back in the spotlight two years after receiving a 4 billion rescue package from the Federal Council. The company, which is state-controlled, has come under fire for awarding its CEO, Christoph Brand, a salary of 1.8 million, alongside multi-million bonuses for executives.
Axpo CEO Christoph Brand faces backlash as his leadership has led to a crisis in the Swiss electricity sector, prompting a 4 billion emergency guarantee from taxpayers. With rising prices for balancing power and a state-imposed price cap, Brand's controversial bonuses have drawn ire, signaling his potential downfall.
Electricity prices surged over 800 euros per megawatt hour amid a lack of solar and wind power in early November, raising concerns about future energy shortages in Switzerland. Axpo CEO Christoph Brand emphasizes the urgent need for expanding wind power and considering gas-fired plants to ensure energy security, especially as nuclear power plants are phased out. He warns that relying solely on hydropower and solar energy will not suffice, highlighting the necessity for a diverse energy mix to prevent blackouts in winter.
Christoph Brand
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