In return for integrating in the national grid operator its two grid companies, Alpiq Netz AG Gösgen and Alpiq Réseau SA, and based on the current evaluation, Alpiq will receive additional shares in Swissgrid as part of a capital increase (around 30 % of the value of the grid companies), as well as more than CHF 400 million (around 70 % of the value of the grid companies) in the form of a loan claim against Swissgrid. This corresponds to the current financial structure of the two Alpiq grid companies. The loan is partly structured as a mandatory convertible bond and will be repaid by Swissgrid over several years. An initial payment of around CHF 220 million will provisionally become due in the first half of 2013.
Like the other current owners of the Swiss electricity grid, Alpiq is legally required to transfer its grid to the national grid operator, Swissgrid, by the end of 2012. In 2010 the 18 Swiss transmission grid owners decided to transfer the grid to Swissgrid AG in the form of a contractually agreed non-cash consideration, in order to avoid the uncertainty surrounding an expropriation process. Today's ElCom ruling represents an important milestone in the grid transfer process. Alpiq is confident that the additionally required steps, including the requisite approval by relevant organs to the signing of the contract, will be carried out according to plan.