In a surprising turn of events, the canton of Schaffhausen has rejected new shareholder agreements and ownership strategies for Axpo, Switzerland's largest energy company.

Despite support from eight out of nine owner cantons, Schaffhausen's voters opposed the proposal with a 53.4% majority, citing concerns over potential privatization.

The proposed contracts aimed to replace outdated agreements from 1914 and modernize Axpo's legal framework.

Critics feared that the new rules could allow private investors to gain a stake in the company, threatening public control over critical infrastructure.

The rejection means that Axpo and its owner cantons must return to the drawing board to develop a new strategy.

While the decision does not immediately impact Axpo's operations, it highlights the tension between modernization and maintaining public ownership in the energy sector.