ZURICH (Dow Jones)--Swiss energy companies Axpo Holding AG and BKW FMB Energie AG (BKWN.EB) on Thursday said they will form a joint venture that will focus on the planning of two new nuclear power plants in Switzerland that should replace two existing ones by around 2020. "The aim of the planning company is to submit, by the end of 2008, two general permit applications for identical types of power plants, each with a potential electrical capacity of up 1600 megawatts," the companies said in a joint press release.
The existing nuclear power plants in Muehleberg with a 355 MW capacity as well as in Beznau with a 730 MW capacity will need to be replaced from around 2020, the companies said. They said not replacing the plants could cause a power shortage in Switzerland, which is also facing the phase-out of long-term energy contracts with France.