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Electricity market - transfer of the transmission grid to swissgrid - Evaluation of the transmission grid - BKW requests legal assessment
Bern (ots) - BKW is lodging an appeal with the Federal Administrative Court against the decision issued by the Federal Electricity Commission (ElCom) at the end of September 2012 concerning the value of the transmission grid. The appeal concerns an objection to the method defined by ElCom for determining the value of the transmission grid. It does not concern the financing concept for the transaction and does not endanger the on-schedule transfer of grid ownership to swissgrid.
In its ruling dated 26 September 2012, ElCom defined the net value it had itself determined for the transfer of the transmission grid to swissgrid as the basis for calculating the transaction value. However, in accordance with the constitutional principle of guaranteed property rights, BKW takes the view that compensation should be based on the actual value (fair value) of the transmission grid. BKW does not object to the financing structure of the transaction, which was also the subject of the ElCom ruling. Among other things, the financing structure envisaged for swissgrid is an equity holding of 30%, and 70% in borrowings. Half of the borrowings are structured as mandatory convertible bonds.
Despite the appeal, ownership of BKW's grid can still be transferred to swissgrid by the deadline of 1 January 2013. Retroactive adjustments in compensation are provided for in the contracts governing the terms and conditions of the transaction.
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