Gas importer Uniper before nationalization

Among other things, it is planned that the federal government will acquire the Uniper shares currently held by Fortum. A capital increase of eight billion euros is also planned, which is to be subscribed exclusively by the federal government. “The final agreement has not yet been finalized,” it said.

Fortum also confirmed the status of the talks. Part of the negotiations is also that Fortum gets back the money with which the parent company supported the Düsseldorf company. Trading in Fortum shares on the Helsinki Stock Exchange has been suspended. As soon as an agreement is reached, Fortum will communicate again, it said.

companies in trouble

The gas importer is in trouble because Russia is practically no longer pumping gas to Germany, but Uniper has to fulfill its long-term contracts and buys the missing gas expensively on the market. The situation of Germany’s most important gas importer has worsened as a result of the renewed closure of the “Nord Stream 1” gas pipeline.

APA/AFP/Lennart prices

The gas importer Uniper is facing nationalization due to financial difficulties

In July, the German federal government, Uniper and Fortum agreed on a rescue package worth billions, which also provides for the federal government to get involved. Fortum currently holds around 78 percent of Uniper’s shares. Just last week, Uniper also announced that a capital increase that would lead to a “significant majority stake” by the federal government in Uniper is now being examined.

According to media reports, Germany’s Economics Minister Robert Habeck had already indicated on Tuesday that the financing requirements for the gas suppliers were significantly higher than when the first rescue package for Uniper was negotiated. It is becoming increasingly clear that the unstable situation needs “the power and the guarantee of the state as well as all the financial strength of the state” that is necessary, according to dpa information.

Gas allocation on the test bench

Because of the possible nationalization, the controversial gas surcharge is also under scrutiny. From October, the additional costs that the importers are currently bearing themselves due to the failed Russian deliveries are to be partially covered by the levy. This is intended to prevent company bankruptcies and ultimately delivery failures.

There has been a lot of criticism of the levy in recent weeks – among other things, because companies that are not economically ailing could also benefit. The German Ministry of Economics said on Tuesday: “We are currently making adjustments and reducing the group of companies eligible to apply so that free riders are not included.”

The amendments would be presented “soon”. At the same time, it is also necessary to keep an eye on “how the emerging need for stabilization of systemically important companies is affecting the gas market, what questions it raises and what answers are needed,” according to the ministry.

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