The group, which depended at 50 % on Russian deliveries, is of systemic importance for the German energy supply.
by
Germany will finally nationalize its “Lehman Brothers” of energy. The Uniper group, until recently the first European importer of Russian gas, and considered to be of systemic importance for energy supply across the Rhine, will be bought at 99 % by Berlin. This rescue, announced by the Ministry of the Economy on Wednesday, September 21, is emblematic of dramatic energy precariousness in which Germany has been since the cessation of gas deliveries by Russia, in early September.
“Uniper’s situation has deteriorated considerably,” said the Minister of the Economy, Robert Habeck on Wednesday morning to justify the nationalization of the energy company, an exceptional measure in a country traditionally attached to the free functioning of the market.
Uniper mainly belongs to the Finnish group Fortum, which has negotiated its exit, ruinous, with the German government at length. Two figures are enough to understand why Berlin was forced at this end: Uniper today provides 40 % of the country’s supply of gas, fuel essential for household heating and the operation of many industries, and 50 % of this gas was imported from gas fields in Siberia.
taken in noose
Taken in vice between long -term contracts with its customers and the obligation to source gold prices on the global markets to replace the gas not delivered by Moscow, Uniper is currently losing 100 million euros per day. The government had already come to its rescue, at the end of July, acquiring 30 % of the group’s capital, in addition to loans in the amount of 13 billion euros.
With the total delivery of deliveries by Moscow, it had become more and more obvious that this rescue plan would be insufficient to prevent the bankruptcy of Uniper. The system announced on Wednesday morning includes an increase in capital funded by the State, up to 8 billion euros, the acquisition of Fortum shares, for 480 million euros, as well as the care of a credit of ‘A total amount of 8 billion euros due by the group in Fortum.
Singular destiny than that of Uniper, born less than ten years ago, in 2016, of the split with the German energy company E.ON. The idea was then to separate activities related to “traditional” energies, essentially coal and gas, called to decline slowly, activities in renewables and energy services, whose future was deemed more promising.
You have 47.61% of this article to read. The continuation is reserved for subscribers.