Networks: Transfer of transmission grid to swissgrid
Bern (ots)
BKW Inc. has approved the agreement governing the transfer of the trans-mission grid to swissgrid. BKW will therefore transfer ownership of its transmission grid to swissgrid on 3 January 2013.
Back in 2009 BKW, along with other transmission grid owners, began working with swissgrid, the national grid company, on preparations for this transaction as prescribed by law. The contractual and operational provisions governing the transfer have now been created. The compensation due from swissgrid to BKW has not yet been definitively decided due to pending legal proceedings. 30% of the compensation will be paid in the form of swissgrid shares, and 70% as a loan. Half of the loan is structured as a mandatory convertible bond with a term to maturity of 10 years. The other half is an ordinary loan which is expected to be repaid already in 2013.
Contact:
antonio.sommavilla@bkw-fmb.ch; phone 031 330 51 07