Zurich Electricity Restored After Power Cut in City Centerby , , and
Failure in banking center lasted almost an hour, EWZ says
Credit Suisse, Julius Baer ran as normal during the outage
Power in the center of Zurich, the financial hub that’s home to banks including Credit Suisse Group AG and UBS Group AG, was restored after an electricity failure of almost an hour.
The power failure lasted from 1:49 p.m. to 2:45 p.m. local time on Wednesday, affecting 1,432 connections and 5,295 customers, local electricity provider EWZ said in a statement. The outage was due to a technical defect, it said, without elaborating. While controls found no fault, allowing power to be brought back to central Zurich, the failure’s real cause is still being investigated, EWZ spokesman Harry Graf said in a phone interview.
Credit Suisse’s operations weren’t interrupted, a spokesman for the Zurich-based bank said. Baer Group Ltd., also based in the Swiss city, said backup power allowed its operations to continue as normal.
BlackRock Inc., which has offices on the central Bahnhofstrasse, was affected by the failure but returned to normal after power was restored, Christian Staub, the asset manager’s head for Switzerland, Germany, Eastern Europe and Austria, said in a phone interview.
Zuercher Kantonalbank, Switzerland’s fourth-biggest bank, continued to operate normally despite the power failure, a spokeswoman said by phone, adding that the company’s trading floor is not located on Bahnhofstrasse.
A spokeswoman for UBS in Zurich declined to comment beyond noting that the outage was short-lived.