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Axpo expects operating result for 2020/21 FY to be lower

Oil&Gas Materials 14 June 2021 10:13 (UTC +04:00)
Axpo expects operating result for 2020/21 FY to be lower

BAKU, Azerbaijan, June 14

By Leman Zeynalova – Trend:

Taking into account the special items incurred in the first half of the year and in anticipation that the operational business will remain solid, the Swiss Axpo company expects the operating result for the 2020/21 financial year to be lower than in the previous year, Trend reports citing the company.

“The higher price of electricity is enabling Axpo to hedge its production at higher prices. Since January 2021, there has been a tendency in the market for years in the near future, such as 2022 and 2023, to achieve higher prices than later years. A higher price level than today is also foreseeable for later years, however, and that will tend to have a positive impact on the result in the upcoming financial years.

Financial market volatility means that fluctuations can be expected in the value of the STENFO funds and the securities portfolio in future, which will have a corresponding impact on the result. The result for the current financial year will be influenced, among other things, by the further effects of the pandemic. Defaults due to customers’ inability to pay were low at Axpo in the first half of the year. Should the economic situation stabilise, no negative effects on the result are expected in this context,” said Axpo.

While Axpo is driving growth in renewable energies in international markets, the regulatory conditions in Switzerland mean that there are still only very few opportunities to do this at home, the company believes.

“In the coming months, Axpo will continue to drive forward the implementation of the Group strategy. The Group’s ongoing growth initiatives are supported by a number of overarching initiatives, for example in the area of advanced analytics and data platforms. Henriette Wendt, who left Microsoft Switzerland to join Axpo on 1 June 2021 as its Chief Operating Officer and member of the Executive Board, will also play an important role in these overarching initiatives,” said Axpo.

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