From Pioneers to Powerhouse: Axpo’s 20-year journey in Sweden

Axpo arrived in the Nordic and Baltics as a Swiss energy house with big ambitions. Over the past two decades Axpo`s office in Sweden has quietly turned into one of the region’s most important enablers of renewable power. Axpo`s Swedish office was established when Axpo Nordic acquired Hydro Kraft AB to enable its market entry into Sweden. The company is best known for shaping the PPA market, trading and managing green certificates, its dynamic culture, deep knowledge of the energy market and relentless customer focus. We take a look at the key accomplishments of the Swedish team and the underlying qualities that have made these possible.

Breaking new ground in Sweden

Looking back to its early days in the region, one of the teams` first breakthrough initiatives was a scheme to export guarantees of origin (GoOs) to the UK. “We realised this was possible, got the organisation and customers behind it, and within a few months we had signed approximately 40 agreements, creating value for customers and boosting our own bottom line,” says Tomas Sjöberg, Managing Director of Axpo Sweden. This exemplifies a pattern that has defined the company’s approach ever since: spotting opportunities early, acting decisively and quickly, and turning market insights into tangible results.

The Swedish team also saw potential in Elcertificates, a support system for electricity producers of renewable energy in Sweden and Norway. A complex and highly volatile market, it requires expert analytical capability as well as regulatory knowledge. “We conducted a huge amount of analysis, combing through hundreds of pages of regulation to ensure we were fully informed. Our knowledge was key in enabling us to give our clients the right advice,” says Pär Gustavsson, Head of Portfolio Management at Axpo Sweden. “This really gave us an edge over our competitors,” he adds.

Perhaps the greatest accomplishment to date was the closing of what’s often described as the first major long-term Power Purchase Agreement (PPA) in the Swedish market, a landmark deal that paved the way for many corporate offtake agreements across the region. That early win established the company as a reliable partner trusted to build tailored, financeable structures for new renewable projects. Key to this success was educating the banks and potential customers on how PPAs could work. “Thanks to our deep understanding of the market and willingness to explain the structure and benefits of PPAs, we gained a lot of trust in the business community and became the go-to provider of PPAs in the Nordics,” says Tomas.

Ultimately, through its pioneering of PPAs, its green certificates, and its ability to bring European investors to the table, the company has been instrumental in growing Swedish wind power. Tomas says: “I believe that by facilitating investment in wind, we have played a major role in developing this sector. It’s something that really motivates our employees, as they feel they’re making a positive contribution to society – and they’re proud of that.”

Part of the Swedish team: Tomas Sjöberg (Managing Director), Pär Gustavsson (Head of Portfolio Management) and Johan Arnberg (Head of Physical Optimisation and Structuring)

An entrepreneurial local company backed by a strong parent

At the heart of this success lies a close-knit team of people with lots of energy, a keen desire to learn and try new things, and a strong team spirit. The vast majority have been there nearly from the start, as very few people have left the company over the past two decades. This stable workforce has helped them keep up the momentum. “We’re more like family than colleagues,” says Pär. “Customers often comment on how much fun we seem to be having together. I think that atmosphere really ensures everyone brings their best.”

Axpo operates as a flat organisation, where hierarchies are minimal and everyone is close to the real work. People are encouraged to dive into the details rather than pass problems upwards, and they are trusted to take ownership from day one. “We actively recruit self-starters – individuals who are curious, proactive and comfortable making decisions,” says Tomas. “This culture has been key to our success: it empowers our teams to spot opportunities early, move faster than competitors and design innovative solutions that genuinely meet the customers’ needs,” he adds.

Although the team is widely known for its expertise in the local market, it’s equally important to highlight that it operates as part of Axpo Nordic ’s international network. This gives Axpo in Sweden access to advanced trading knowledge, cross-border market intelligence, international clients, and proven tools and structures developed across Europe. Combined with their strong local knowledge, this Nordic support enables Axpo in Sweden to offer solutions that are both highly specialised and guided by global know-how – something few local players can match.

Axpo office in Malmö, Sweden

Looking ahead

So, what’s next for the Axpo Swedish office?

“We go where the customers and the market take us, like we always do,” says Tomas. Today, that means moving towards offering a broader, more complete set of services across the Nordics. What used to be a fairly straightforward business of physical delivery and a few core products is now expanding into a far more technical and diversified offering.

This strategy is driven by an increasingly complex energy market. “It’s no longer enough to simply have capital – you also need commercial expertise and a strong technical backbone,” says Johan Arnberg, Head of Physical Optimisation and Structuring at Axpo Sweden. It’s a shift similar to what happened in the stock market: once dominated by a handful of brokers on a trading floor, it’s now driven by millions of electronic trades. “Our world is evolving in the same way. Where a single PPA and one daily nomination used to be enough, we now face thousands of intraday trades and multiple auctions every day,” he continues. In this new landscape, Johan believes it’s key to build systems that are automated and scalable, yet still flexible enough to handle the complexity of modern energy markets.

The team is tackling this new phase by drawing on the same formula that made Axpo a pioneer in PPAs more than 15 years ago: staying close to customers, understanding their needs, and guiding them through what’s coming next. As the market evolves, Axpo in Sweden’s ambition is clear. It will not only continue to offer long-term hedging and market-leading PPAs, but also provide customers with sophisticated short-term trading capabilities and fully integrated multi-market solutions.