German Chancellor asks entire community bloc to cut its gas consumption by 15%
The European Commission (EC) proposal for the entire community bloc to cut its gas consumption by 15% is “correct”, “balanced” and “solidarity”, Olaf Scholz emphasized this Friday, when asked about Spain’s rejection of saying so. formula. “It is a differentiated proposal”, which takes into account “the consumption and import structures” of each country, assured the Foreign Minister, who in a media appearance asked about the first reaction of the Minister of Ecological Transition, Teresa. Ribera, when she claimed, to Brussels, that “the Spaniards have not lived beyond their means” on the issue of energy consumption.
“I am convinced that solidarity will prevail,” said Scholz, adopting the term used by EC President Ursula von der Leyen when presenting this formula, which would mean that consumption would also extend to countries that are not depending on gas Russian. “No country can say that the price increase will not affect it any more than the challenges related to gas,” Scholz noted.
The German chancellor made the comments during a hastily convened press conference. That performance was announced mid-morning on Friday, as a result of which Scholz also had to interrupt his holiday in Bavaria. Immediately there were urgent reports in the German media that related this press conference to an important announcement: the rescue of the German gas company Uniper, a subsidiary of the Finnish Fortum. The other possibility, somewhat strangely, was that he intended to repeat aloud what his Deputy Chancellor and Minister of Economy, the green Robert Habeck, had communicated the day before, when the supply of Russian gas via Nord Stream after a 10-day hiatus. was resumed. employed.
“You’ll never walk alone” Scholz said three times in English to announce that rescue. With this use of the Liverpool song, he wanted to express that no citizen or business will be left behind in the midst of the energy crisis caused by the war in Ukraine and the extortion that Russia, according to Berlin, is practicing with the reductions or threats of cutting off its gas supply.
Uniper, the main foreign customer of the Russian state-owned company Gazprom, is facing liquidity problems as a result of these cuts. “We will do everything necessary” so that no one is “left” he added, in what appeared to be the next international allusion – the expression Italian Mario Draghi used to save the euro, in his day as President of the European Central Bank (ECB).
The German state will take over 30% of the company’s shares, for which it has the consent of the Finnish company Fortum. That this would be the result of the negotiations with Helsinki started leaking two days ago in very reliable German economic media – such as the newspaper “Handelsblatt”. Scholz confirmed it and gave some details about a rescue involving the purchase of convertible bonds for 7,700 million euros.
The credit line that Uniper has already applied for from the German Development Bank (KfW) will also be increased from 2,000 million to 9,000 million euros. In this way, according to Berlin, the additional costs arising from the search for alternatives to Russian gas, more expensive and also in record time, are mitigated.
Finland has defended its interests. There won’t be the extra capital injections Berlin needed. But Helsinki will at least offer shares in its subsidiary below market price, according to Scholz government sources.
In any case, the “you will never walk alone” this Friday seemed to apply not only to the rescue of the German company, but also to the rejection of the EC proposal. If Spain and Portugal were the defenders of the no on Wednesday, the front would have been extended to Greece on Thursday. As early as Friday, they were joined by another rejection, not from the south, from Poland, a country where Spanish government president Pedro Sánchez will travel next Wednesday.
Source: La Verdad
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.
