The bailout of the German energy group Uniper, which has run into trouble as a result of the gas crisis, is in place: the German government and Uniper have agreed on a rescue package worth billions.
This also provides for the entry of the federal government, which will assume about 30% of the company’s shares, as the largest gas importer announced today. There is also a tax on all gas customers, which means price increases.
liquidity problems are crucial
Stabilization measures are subject, among other things, to the approval of the EU Commission under the State Aid Act. Uniper will convene an extraordinary general meeting to obtain shareholder approval for the stabilization measures.
Uniper has submitted an application for state aid. The company has to buy more expensive gas on the market to fulfill the contracts due to reduced Russian supplies through the Baltic Sea “Nord Stream 1” gas pipeline. This leads to liquidity problems. With a surcharge, the supplier could pass on the price increases and thus gain some breathing room financially.
Central role for energy supply
Uniper plays a central role in Germany’s energy supply and supplies more than a hundred municipal utilities and industrial companies.
Chancellor Olaf Scholz (SPD) and Economy Minister Robert Habeck (Greens) pledged state support to Uniper. Habeck said, “We will not allow a systemically important company to go bankrupt and, as a result, cause turmoil in the global energy market.”
The government will choose the option that is best and cheapest for German taxpayers and safest for security of supply.