Annual report 2008/09 - Axpo Group

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Annual Report Axpo Holding AG 6 – 7 Editorial / 2–3 Interview with the CEO / 4–6 Strategy / 8–10 Markets and perspectives / 12–18 Success factors / 22–29 Corporate governance / 32–47 Annual report / 50–65 “Axpo is the market leader in large-scale hydropower and new renewable energies. Until 2015 we will invest more than three billion Swiss francs in the former, and since 2006 we have invested half a billion Swiss francs in the latter.” More information on Axpo’s commitment to sustainability can be found at www.axpo.ch under “Responsibility/ Sustainability”. “We base our decisions on the three dimensions of sustainability, i.e. economic, ecological and social sustainability, and try to fi nd a balance between these dimensions.” Axpo is committed to the replacement of the nuclear power plants at Beznau and Mühleberg, although critics describe nuclear power as an outdated technology. Why does Axpo believe that nuclear power holds promise for the future? Following this argument one would have to say that wind power technology and hydropower technology are even older. The decisive factor, however, is what options we have in this century to cover the growing electricity needs of our society without harming our climate. This goal cannot be met with renewable energies alone and, compared to coal, gas or oil plants, nuclear energy has undeniable advantages as regards the CO2 balance sheet and the costs. Intensive research is also being carried out in the fi eld of nuclear energy, which has great techni - cal potential: reactors needing less fuel, fuel recycling, reducing the lifespan of nuclear waste. Nuclear energy is a young technology with a promising future. But would it not be easiest for Switzerland to meet its additional electricity needs with imports? What is your opinion about this? I have two very important objections to this approach: fi rstly, we have limited grid capacity and cannot simply import as much electricity as we like. And secondly, everything has its price! This is exemplifi ed by Italy, which is to a large extent dependent on imports and therefore has the highest electricity prices in Europe. It is easy to imagine the consequences for our economy if Switzerland were to choose the same approach. The electricity sector is currently taking decisions that will affect future generations. How is Axpo dealing with this responsibility? By being aware of our responsibility and basing our decisions on the three dimensions of sustainability: economic, ecological and social sustainability. We try to fi nd a balance between these three dimensions. Axpo also gives feedback on its successes and failures in this regard. It is very important to us to be transparent about what we do and what we refrain from doing. Society should be able to follow and assess our ac tivities. The young people of today are the engineers and researchers of tomorrow. What hopes do you pin on the future generation as far as fi nding solutions to our energy problems is concerned? As an optimist I am convinced that the future generation can and will solve these challenges, but as a realist I suspect that solutions will only come at an economic as well as a social price. What message does Axpo’s CEO have for the young people of today? Three things are important to me: belief in the future, willingness to accept responsibility – social, political as well as personal responsibility – and, last but not least, willingness to achieve. These things will be needed to solve the problems of today and tomorrow, particularly now when our energy future is so important. I would like to motivate the young people to help shape this future. And what does the CEO wish for the future of his company? For the future of Axpo I wish for satisfi ed customers. And to make this dream a reality, I wish for committed employees who love their jobs.
“Energy is dreaming.” Flavia Mazzu, 28, is a hairstylist at Move with Style Academy and is planning a trip around the world.
Page 1 and 2: Energy is the future Annual Report
Page 3 and 4: Key fi gures Finances 2008/09 in CH
Page 5 and 6: Table of contents Energy is the fut
Page 7 and 8: Milestones in infrastructure expans
Page 9: effi ciently. Competitors can be co
Page 13 and 14: As a company owned by the cantons o
Page 15 and 16: “Energy is there to make our live
Page 17 and 18: Energy policy Uncertain trends in f
Page 19 and 20: Energy market The global economic c
Page 21 and 22: Electricity prospects In the fi nan
Page 23 and 24: Bettina Baer, 19, plays in the wome
Page 25 and 26: Renewable energies How we are inves
Page 27: Illustration: Geopower Basel AG Lim
Page 30 and 31: Annual Report Axpo Holding AG 22 -
Page 34 and 35: «Energie ist die Sonne.» “Energ
Page 38 and 39: PRO: ARGUMENTS IN FAVOUR The protec
Page 40 and 41: Axpo is dedicated to climate protec
Page 43 and 44: CONTRA: ARGUMENTS AGAINST Warnings
Page 45 and 46: Group structure and shareholders Gr
Page 47 and 48: Dr. Wulf Glatz, 35, won the 2009 Sw
Page 49 and 50: vis-à-vis third parties and deals
Page 51 and 52: ility, the strategic energy busines
Page 53 and 54: Axpo also has several tools on hand
Page 55 and 56: Corporate bodies and Group function
Page 57 and 58: Peter Reinhard Member of the Board
Page 59 and 60: Executive Board Heinz Karrer Chief
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Mobility What will get us moving in
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Public transport consolidates its p
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Annual Report Axpo Holding AG 50 -
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“Energy is, when I’m healthy.
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PRO: ARGUMENTS IN FAVOUR If we are
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Electricity from nuclear energy is
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CONTRA: ARGUMENTS AGAINST Nuclear e
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Balance Sheet 30.9.2009 (condensed)
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Minergie A registered quality label
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Conventional power plants • 1 KKB
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Publishing details Published by Axp
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