Nationalization – German government saves energy company Uniper

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The German government nationalizes the gas importer Uniper. About 99 percent of the company will be acquired, Uniper and the German Ministry of Economic Affairs confirm. Economic Affairs Minister Robert Habeck (Greens) announced on Wednesday that other gas importers should also receive support if necessary.

The implementation of Uniper’s planned nationalization will take at least three months, it said. 93 percent of the company would result from a capital increase of about eight billion euros. The state takes over six percent of the previous shareholder Fortum with a value of 480 million euros. All in all, the state participation will therefore amount to 99 percent in the future. With the takeover of the gas importer, the federal government also has to replace a credit line of eight billion euros.

“This step has become necessary because the situation has changed significantly, even worsened, since the Chancellor’s announcement on July 22,” said the economy minister. Chancellor Olaf Scholz had announced at the time that the state had to save Uniper. 40 percent of Germany’s gas supply is dependent on the group and the acquisition is intended to guarantee security of supply.

support for other companies
Habeck also promised other major gas importers support on Wednesday if necessary. “As we show, the state will do everything it can to keep companies stable in the market. That applies to Uniper. That applies to the other large, systemically important companies in Germany.”

Uniper also wants to continue to benefit from the planned gas surcharge after the nationalization. It is assumed that the gas tax will come into effect on 1 October,” said CEO Klaus-Dieter Maubach in Düsseldorf. Due to the new situation, this must first be looked at, according to Habeck.

It may be that the levy can no longer be levied in accordance with the constitution. Financial audits are currently taking place. According to Habeck, no new budget funds have come in yet.

Source: Krone

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