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Axpo Holding to record impairment reversal for financial year 2018/19

Axpo Holding AG said it will recognize an impairment reversal on its production facilities and provisions for onerous energy procurement contracts for financial year 2018/2019.

"The rise of European wholesale power prices in comparison to our previous assumptions as well as the respective forward prices for the upcoming three years indicate that the phase of record-low power prices is likely over," Axpo Holding said in a Sept. 13 news release.

As such, the Swiss electric utility expects to record an increase to the group's operating result of about CHF400 million.