Germany bails out its biggest natural gas importer
必旺我头条 2022-07-23

The German government has stepped in to bail out one of its biggest energy companies — the latest casualty of Europe's natural gas crisis.

Gas distributor Uniper will receive up to €15 billion ($15.3 billion) from the government after months of Russian supply cuts and soaring spot market prices have brought it to its knees.

Uniper is Germany's largest importer of gas, its Finnish parent company Fortum said in a Friday press release.

    Under the rescue deal, the government has committed to provide €7.7 billion ($7.8 billion) to cover potential future losses, while state-run bank KfW will increase its current credit facility by €7 billion ($7.1 billion).

      The government will also buy a 30% stake Uniper, while Fortum will reduce its stake from 80% to 56%.

      "New geopolitical realities have shaken the European energy system to the core, and this determines a new framework for European energy companies," Fortum CEO Markus Rauramo said in the press release.

      Rauramo said that further work was needed to make the gas industry sustainable.

        Benchmark prices have risen 89% since the war began in late February, according to data from the Intercontinental Exchange.

        Announcing the deal, German Chancellor Olaf Scholz said on Friday that Uniper was "in great trouble."

        "[Uniper is] of paramount importance for the economic development of our country, for the energy supply of the individual citizen, but also of many companies," he added.

        Supply crunch

        Germany is particularly vulnerable to falling Russian gas exports. The European Union's biggest economy has long relied on Moscow's gas to power its homes and heavy industry. Russian gas accounts for more than half of Uniper's long-term supply contracts.

        In June, Gazprom, Russia's state energy company, slashed gas shipments along the Nord Stream 1 pipeline — which links Moscow's gas directly to Germany — by 60% because of a dispute over the return of a turbine from Canada to Russia.

        But Germany has made strides in recent months to reduce its dependency on the country, slashing Russia's share of its gas imports to 35% from 55% before the start of the war.

        Further cuts are on the way. The European Union has pledged to reduce its Russian gas consumption by 66% before next year, and break its dependence completely by 2027.

          On Wednesday, the bloc unveiled its emergency gas rationing plan which sets a target for member states to reduce their gas demand by 15% between August and March next year.

          — Nadine Schmidt contributed reporting.


          独家币评 更多>
          FTX危机敲响警钟 华尔街大玩家纷纷抛弃比特币
          2022-11-14
          元宇宙迎来“至暗时刻”了吗?
          2022-10-29
          加密寒冬中 美国企业依然热衷加密货币
          2022-10-15
          律师观点:合并后的以太坊是证券吗?
          2022-09-29
          扎克伯格因押注元宇宙损失近5000亿元
          2022-09-20
          美联储货币政策会议召开在即 加密总市值跌破1万亿美元
          2022-09-19
          元宇宙给国家层面带来的四个挑战
          2022-09-03
          商旅焦点 更多>
          第七届中国非物质文化遗产博览会开幕
          2022-08-26
          中国与海合会国家的关系可能为世界新秩序铺平道路
          2022-04-26
          16省份春节旅游成绩单出炉!这5地收入超百亿
          2022-02-08
          高原“复兴号”出发!西藏春运首次进入动车时代
          2022-01-18
          线上二手交易越来越火
          2022-01-12
          连涨4月,全球粮价创10年新高
          2021-12-07
          餐饮巨头宣布:关闭200家门店
          2021-08-23
          专题报道 更多>
          正确理性看待疫情防控新形势
          2022-12-12
          美国购物季,中国电商平台叫板亚马逊
          2022-12-07
          习近平等党和国家领导同志到医院为江泽民同志送别并护送遗体到八宝山火化
          2022-12-06
          中国空间站建成在即,六位航天员相约“天宫”,神舟十五号承载航天雄心
          2022-11-29
          我国成世界进口贸易增长最主要动力
          2022-11-28
          中企13类高科技产品全球份额增加
          2022-11-24
          大陆疯世界杯,逾5成亲子房预定为“看球房”
          2022-11-21
          回到顶部