The rescue package for the ailing German gas importer Uniper has been completed. The German state participates through a capital increase of about 30 percent to support the group that is central to the energy supply in Germany.
The German government, Uniper and the Finnish majority shareholder Fortum agreed on this. A break-up of Uniper is therefore off the table.
Gas customers will face price increases as part of the bailout package. There will be a surcharge on September 1 or October 1, as Chancellor Olaf Scholz said in Berlin on Friday. He announced further relief for the citizens.
Video: State aid speculation boosts Uniper shares
Uniper will continue to be supported
A mandatory convertible instrument of up to EUR 7.7 billion must be issued to the federal government, which will be issued in tranches. The option is granted to acquire parts of the mandatory convertible instrument from the federal government. In addition, the loan from the state development bank KfW to Uniper will be increased from two to nine billion euros.
Uniper is under pressure from the reduced gas supply of the Russian monopolist Gazprom and must replace the missing volumes with expensive purchases on the gas market to meet its obligations to customers. As a result, high losses accumulate every day. This raises the question of the rating agencies, which assess Uniper’s creditworthiness – the creditworthiness is crucial for the future of the company.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
