Status: 07/22/2022 12:10
The energy supplier Uniper, which had problems with the gas crisis, is rescued. The company announced this. The federal government is therefore taking a stake of around 30% in Germany’s biggest gas importer.
The Uniper energy group, which came under great pressure during the gas crisis, is rescued. As the company announced, an agreement was reached with the federal government on a rescue package worth billions. This also provides for the entry of the federal government. Thus, he takes over 30 percent of the company.
The deal was generally expected – it was recently learned that Finnish owner Fortum had dropped its reservations about the rescue package.
KfW loan exhausted
About two weeks ago, Uniper applied for state aid because the company, which plays a central role in the German energy supply, has to buy more expensive gas on the market due to limited Russian deliveries via the Nord Stream 1 Baltic Sea gas pipeline so that can fulfill its contracts with more than 100 municipal utilities and industry. This leads to liquidity problems.
The group had already received loans worth two billion euros from the state development bank KfW. However, this sum has already been fully used. Losses are piling up every day, and rating agencies have already announced that they will reassess Uniper’s credibility. Credit quality is crucial to the company’s future, as a downgrade would make it more expensive to raise more money in the capital markets.
“systemically important” company
Both Chancellor Olaf Scholz and Economy Minister Robert Habeck have repeatedly stressed the group’s importance to Germany’s energy security. “We will not allow a systemically important company to go bankrupt and, as a result, cause turmoil in the global energy market,” Habeck said.