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SEFV revision leads to further additional costs for Swiss nuclear power plants

Lausanne – In line with the revision of the Swiss Federal Ordinance on the Decommissioning Fund and the Waste Disposal Fund (SEFV), the Swiss Federal Council made the decision, among others, during its session today to lower the real yield from 2 percent to 1.6 percent. For Kernkraftwerk Gösgen-Däniken AG and Kernkraftwerk Leibstadt AG, this will result in higher refinancing needs, requiring in turn additional medium to long-term financial resources from Alpiq.

Alpiq acknowledges that the Swiss Federal Council has adhered to its proposal to revise the SEFV. The revision signifies a deterioration in framework conditions for the viable operation of Switzerland’s nuclear power plants. It spells additional costs, will tie up funds for decades as well as marginalise the operators in the fund management bodies. The only logical change in light of the new cost classification, which discloses the opportunities, risks and planning uncertainties in a methodically clear and comprehensive way, is the elimination of the 30 percent safety margin.

On the other hand, the decision to lower the real yield from 2 percent to 1.6 percent for the decommissioning fund and the waste disposal fund, respectively, will result in the operating companies having to pay significantly more into the funds over the next few years. The higher fund contributions will also increase the financial resources required by the partner power plants. If the partner power plants were unable to raise sufficient funds via third parties, the shareholders would have to secure the requisite financing. As a result, the shareholders would lack the funds for other investments.

Alpiq is a shareholder of Kernkraftwerk Gösgen-Däniken AG (KKG, 40 percent interest held by Alpiq AG) and Kernkraftwerk Leibstadt AG (KKL, 27.4 percent interest held by Alpiq AG). Both power plants are run as partner power plants. Partner power plants are characterised by the fact that their entire energy production is transferred to the shareholders and in return the shareholders reimburse a proportionate share of the annual costs that are incurred.

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