BKW

1. Regulatory & Political Environment: The regulatory and political climate in Switzerland and Europe can have a direct impact on BKW AG’s business. Changes to the regulatory and political environment could have negative consequences on BKW AG’s operations and financial performance.

2. Changing Market Conditions: The energy sector is subject to changing market conditions that can increase or decrease demand for electricity and gas, and influence price dynamics in the market. This could negatively affect BKW AG’s financial performance.

3. Competition: BKW AG operates in a highly competitive market and its performance and ability to remain successful is dependent on its ability to remain competitive against local and international rivals.

4. Weather: Weather can have a significant impact on the supply and demand of electricity and gas, and hence the financial performance of BKW AG.

5. Technology: The energy market is rapidly changing and advancing technology can have a major impact on the company’s competitiveness. If BKW AG does not stay ahead of the curve, its ability to remain competitive could be significantly diminished.