Public sector in Uri acquires majority shareholding in EWA-energieUri, Altdorf
The Canton of Uri and the Corporation of Uri will in future hold the majority of shares in the electricity company EWA-energieUri with 51 percent. In this way, the cantonal government is fulfilling the mandate of the cantonal council and the cantonal parliament of Uri the mandate of the corporation council, which had demanded the acquisition of a majority shareholding in connection with the upcoming concession renewals in order to further strengthen the company within the framework of the implementation of the cantonal energy strategy. The previous majority shareholder CKW is reducing its stake to 10 percent and remains the strategic anchor shareholder. Swiss pension funds and insurance companies are now also involved, pooled in Swiss-based energy infrastructure funds managed by Swiss Life Asset Managers. The municipalities of Uri, which currently hold 1.7 percent of the share capital, will have the opportunity to acquire a further 2.3 percent stake in the company.
As a company in the field of electricity generation with renewable energies and their high potential for the energy supply in Uri and climate policy challenges, EWA-energie Uri AG has a weighty economic, regional political and financial significance.
In view of the upcoming concession renewals, the cantonal council instructed the cantonal government on 26 May 2021 to negotiate with CKW to obtain a majority stake in EWA-energieUri from the public sector (canton of Uri, corporations and possibly municipalities). After several years of negotiations, a deal was reached in May 2023. The key element: CKW sells 52.3 percent of the shares to a bidding consortium consisting of the canton, the corporation of Uri and two energy infrastructure funds managed by Swiss Life Asset Managers. This means that the previous majority shareholder will in future still hold a 10 percent share. The purchase price for the 52.3 percent share package is CHF 180 million. The municipalities of Uri have the option of acquiring an additional 2.3 percent of the shares.
The composition of the seven-member Board of Directors is as follows: Canton Uri and Swiss Life Asset Managers Energy Infrastructure Fund are each entitled to nominate two members of the Board of Directors, while Korporation Uri and CKW are each entitled to nominate one member. In addition, the canton and the corporation of Uri nominate an independent member of the board of directors and together have the right to the chairmanship.
An extraordinary general meeting of EWA-energieUri will be held on 6 July 2023. There will be changes in the Board of Directors due to the change in the majority of shareholders. The current members Marion Klein, Urs Meyer, Andreas Ruch and Pascal Ziegler will step down from the Board of Directors. Newly proposed for election for the remainder of the current term of office, i.e. until the Annual General Meeting covering the 2024/25 financial year on 28 January 2026) are:
– Beat Huber, Suhr (representative Swiss Life Asset Managers)
– Daniel Arnold, of Flüelen, in Obfelden (representative Swiss Life Asset Managers)
– Stephan Marty, Rothenburg, Independent Director
The following elected persons are also members of the Board of Directors:
– Cantonal Mayor Urs Janett, Altdorf (representative Canton Uri)
– Director of Economic Affairs Urban Camenzind, Bürglen (representative Canton Uri)
– President of the Corporation Kurt Schuler, Altdorf (representative of the Corporation Uri)
– Martin Schwab, Weggis (representative CKW)
Kurt Schuler is proposed for election as Chairman of the Board of Directors.
With Swiss Life Asset Managers, the Canton and the Corporation of Uri were able to gain a long-term oriented Swiss partner with energy and financial expertise. Swiss Life Asset Managers has also been directly and indirectly involved in other energy suppliers in the canton for many years (Heizwerk Uri AG, Heizwerk Gotthard AG, KW Palanggenbach) through an energy infrastructure fund managed by it, in which investors based in Switzerland such as Swiss pension funds, insurance companies and foundations are involved.
A majority shareholding in Uri again after 115 years
CKW had held the majority of shares in EWA-energieUri since 1908. Now that the public sector of the Canton of Uri has acquired the majority, it once again holds the majority of shares in EWA-energieUri after 115 years.
The Canton of Uri acquires an additional 8.3 percent of the share capital with the intention of offering 2.3 percent to the municipalities of Uri for purchase. As the shares are part of the canton’s financial assets, the cantonal government can carry out the transaction on its own authority – without a referendum or a decision by the cantonal council. By also acquiring an additional 10 percent of the shares, the concession-granting bodies now hold the majority in EWA-energieUri, as requested by their committees. The share package of the corporation is also acquired at the expense of the financial assets, which is within the competence of the Engeren Rat.
Partnership with a view to the energy transition
Martin Schwab, CEO of CKW and Chairman of the Board of Directors of EWA-energieUri, is satisfied with the agreement: “We welcome the solution reached and look forward to continuing our 115-year partnership with EWA-energieUri and the canton of Uri. Together we want to expand renewable energies and drive forward the energy transition.” One element of the future partnership is the joint expansion of solar energy in the canton of Uri – with a focus on alpine solar plants, which can make a major contribution to security of supply in winter.
National economy benefits thanks to know-how and jobs in Uri
Urs Janett, the cantonal mayor, explains: “With the majority shareholding in EWA-energieUri, the canton and the
and the Corporation of Uri control a functioning and proven company. The competence of services in the area of power plant planning, maintenance and operation in Uri can also be further expanded, strengthened and secured. In this way, highly attractive jobs can be preserved for the economy of Uri and even more can be created. Thanks to the majority shareholding of the public sector, opportunities are opening up for good and future-oriented concession award solutions for the benefit of all the people of Uri. The government council is pleased to secure know-how and jobs in the canton of Uri by taking over the majority of shares. The EWA-energieUri already develops a large added value in Uri. As a Uri-based company managed according to economic principles, it should continue to enjoy favourable framework conditions. This is in line with the goals of the cantonal government