In reaction to the reactor accident in Fukushima, Japan, in 2011 the Swiss Federal Council decides to forego the building of new nuclear power plants. Germany wants to phase-out of nuclear power all together by 2022 and takes older nuclear power plants off grid, while putting decommissioned coal-fired power plants back into operation. The consequences are massively dropping oil and gas prices, whilst CO2 certificates are too inexpensive owing to non-functioning trading. At the same time, Germany strongly supports the subsidised expansion of wind and solar power. The result on the power exchanges is the collapse of wholesale prices. Revenues cave for power producing companies like Axpo.