The acquisition, management and operation of holdings in companies active in the production, storage and trading of electricity, as well as the marketing of gas and electricity to businesses and customers in Switzerland and abroad, including the establishment of such companies (it being specified that the company may hold a stake in a real estate company in Switzerland if (i) the shares of the latter are listed on a stock exchange in Switzerland or if (ii) the real estate company aims to acquire buildings for exclusively commercial purposes). It may perform any act and carry out any activity that is directly or indirectly related to its purpose. It may establish branches and subsidiaries in Switzerland and abroad. It may acquire, hold, encumber with limited real rights, administer and dispose of real estate in Switzerland (for exclusively commercial purposes only) and abroad. It may grant loans or financing in any form to any affiliated company (including parent companies and their subsidiaries) or guarantee or provide other securities for all obligations of such affiliated companies, without regard to a concentration risk and with or without remuneration.