Uniper-Germany, after EDF in France, is the second case of nationalization of an EU energy company
Outstretched hand of the German government al energy sector heavily penalized by the worsening of the tensions with Moscow: the executive headed by Scholz announced that it will acquire 30% of Uniperheavily indebted energy giant, and which will be invested to do this 15 billion of euros in guarantees and shares, a figure that goes beyond expectations.
After Edf in France, it is therefore the second case of nationalization of a European energy company since the outbreak of the Ukrainian conflict. Just a few days ago Unipercompany based in Dusseldorfand which is the largest importer of Russian gas in Germaniahad asked for a public bailout: it is the first super victim of the squeeze of Mosca on supplies to Europe.
READ ALSO: France, 9.7 billion takeover bid on Edf: the shares of the energy group rise
The group, controlled by the Finnish Fortum which with the entry of state capital will now drop from 80% to 56%, is in serious difficulty, even at risk of insolvency, as it has to compensate for the reduction of Russian gas deliveries with expensive last minute purchases on the global market.
The point is that deprived of supplies of GazpromGerman energy companies in general are forced to procure the gas on the market commercials at much higher prices. However, they are unable to pass on these high costs to their customers, most of whom receive the gas with long-term contracts that cannot be renegotiated.
Uniper-Germany and the Lufthansa-style rescue
Ma Berlin has no intention of activating a clause that allows gas company to pass on prices to consumers, and in any case aims to guarantee the continuity of supplies: for this reason we have chosen to perform a rescue according to the Lufthansa model.
During the pandemic, to meet the airline in serious difficulty, Berlin acquired the 20% of the shares guaranteeing a capital injection of 9 billion euros. As far as the energy sector is concerned, the urgency to intervene is even more accentuated by the risk of a gas rationing next winter for industrial customers should Germany fail to quickly fill the gas plants. gas storage.
Energy, Uniper is not the only case: in view of the nationalization of Gazprom and Rosneft
Uniper it is not the only case: Germany is also considering the possibility of nationalizing the units of Gazprom and Rosneft in the country that take on a significant footprint in the largest European economy. The former operates gas storage facilities while the latter accounts for a quarter of Germany’s refinery operations.
According to the business newspaper Handelsblatt, i plans to nationalize the units of Gazprom and Rosneft in Germany they have already received the approval of the ruling coalition.
But also causing some stomach ache in Moscow: the spokesman for the Kremlin Dmitry Peskov he has already made it known that such a procedure would, in his opinion, go against the principles of international law. And today it came too Stop by Chancellor Scholz, who pointed out that the case of Uniper remains “unique”.
Germany, which is heavily dependent on Russian energy, has activated a contingency plan to manage gas supplies in view of the worsening of relations with the Kremlin following the Ukrainian conflict and the Western response through the various sanctions packages. Berlin he called on both industries and households to save energy and reduce consumption. And should the situation worsen, gas rationing is not excluded.
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