There has been a further deterioration in the energy policy environment since the end of last year. The political debate continues on the extent to which investment in hydropower is to be promoted. Investment in tangible and intangible assets totalled CHF 7 million in the first half of 2015. Most of this went to investment in or the renovation of various grid assets, the Campocologno generation plant, and the ongoing development of software. Work was also done to modernise operational properties.
The hardening of the Swiss franc following the removal of the 1.20 floor on the EUR/CHF exchange rate resulted in lower closing exchange rates on 30 June 2015 than on 31 December 2014. This was reflected in substantial translation losses, and has had a serious impact on the financial results.