Energy, Lufthansa model for Uniper: this is how Scholz saves companies from the crisis
The entry of the State into Uniper is becoming more and more concrete. The German energy group is in crisis due to the rise in gas prices. As reported by the newspaper “Handelsblatt”, sources in the financial circles have leaked that, in a capital increase of the company, the federal government could buy a share package up to 25 percent at a nominal value of € 1.7 per security. This would be equivalent to a outlay of 150 million euros.
In addition, the executive of the chancellor Olaf Scholz would be discussing acquiring a tacit stake in Uniper for three to five billion euros. However, how the Uniper bailout will be structured in practice also depends on the extent to which German energy companies will in the future be able to pass on the prices raised as a result of the rise in gas prices to consumers. The federal government has decided to amend the Law on Security of Energy Supply to this effect.
Amendments should be approved by Bundestag e Bundesrat in the session of 8 July. Meanwhile, according to sources from the German executive, the Uniper rescue “it is not yet ready, there are various options, while there is a lack of sufficiently reliable scenarios and calculations to make a decision”.
The company has already asked public aid and has initiated discussions to this end with the federal government. To support society, the state could replicate the intervention with which, in 2020, it saved the Lufthansa group from the coronavirus crisis. THE funds would not come directly from the budgetbut by a specially constituted instrument as for Lufthansa was the Economic Stabilization Fund (WSF).
Similarly to the bailout of this company, for Uniper clear incentives should be established to get rid of state aid as quickly as possible. To ensure silent participation, the federal government would have to acquire a blocking minority or a block of shares with the option of a blocking minority. Always following the example of Lufthansathe state would aim to quit Uniper as soon as possible, which is now losing 40 million euros a day.
Energy, Berlin’s plan to end its dependence on Russian gas
The Germaniawhich is heavily dependent on Russian energy, last month activated a emergency plan to manage the gas supplies in view of the worsening of relations with the Kremlin following the Ukrainian conflict and the Western response through the different sanctions packages. Berlin he called on both industries and households to save energy and reduce consumption.
And should the situation worsen, a gas rationing: a move that would devastate the German economy and lead to the loss of thousands of jobs. Russian gas accounted for 55% of gas imports of Germany in 2021 and 40% of gas imports in the first quarter of 2022.
By 2024, as declared by the Minister of Economy Robert Habeck last March, the country pledged to end the use of Russian gas. Moreover, Germany is not the only country to plan to enter the capital of the energy companies: as the Financial Times points out, the United Kingdom would be preparing to temporarily nationalize the British unity of Gazprom.
Subscribe to the newsletter
#Gas #Lufthansa #model #Uniper #Berlin #aims #nationalize #group