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BKW AG - Swissgrid: Revaluation of BKW's share of the transmission grid
Bern (ots) - The Federal Electricity Commission (ElCom) has decided on a new valuation method to establish the decisive value of the transmission grid's assets. This was necessary because the first valuation method had been disputed by a number of the transmission grid's previous owners. The compensation, which exceeds the regulatory value, means a one-off gain of approximately CHF 38 million for BKW plus interest.
The BKW transmission grid was transferred to the national grid operator Swissgrid at the beginning of 2013. The transmission grid's previous owners and Swissgrid set up and organised the complex transfer process together. In September 2012, ElCom initially decided on a valuation method for the transferred assets which corresponded to the method used as a basis for tariff calculations (= regulatory value). This decision was challenged by a number of former transmission grid owners. In November 2013, the Federal Administrative Court decided that the transfer was a formal expropriation and that the regulatory value did not comply with the constitutional right to full compensation in accordance with expropriation principles. It therefore referred the matter to ElCom so that the applicable valuation method for this particular case could be determined.
ElCom decision on the method to establish the decisive value In consultation with ElCom, some of the transmission grid's former owners devised a method to establish the decisive value with a view to implementing the Federal Administrative Court's decision. This method was then agreed by all former transmission grid owners and Swissgrid in the form of a contract; this contract represents the basis for the ElCom ruling of 20 Octobre 2016.
Positive impact on the 2016 results
As a result of the new valuation method, BKW will receive additional compensation amounting to approx. CHF 38 million plus interest. This one-off compensation will have a correspondingly positive effect on operating profit for 2016. The compensation is due to be paid early next year.
This communication takes place in close cooperation with Swissgrid and other former owners of the Swiss transmission grid.
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