Energy group Uniper receives state aid of 15 billion euros from the German government. This bailout comes at the right time, because declining gas supplies from Russia have prevented the company from getting all the gas it has contracted.
As part of the deal, the German government will acquire a 30% stake in Uniper. Uniper’s parent company in Finland, Fortum, will eventually own a 56% stake in the German company. Fortum currently owns about 80 percent.
The German company had to buy too much extra gas from the gas market because Russia limited its gas supply through the Nord Stream pipeline. Prices on the gas market are much higher than Uniper’s long-term contracts with Russian energy company Gazprom.
It cost Uniper so much that the company applied for a support package from the German government. Berlin is now followed.
By the end of 2023, the parties want to find a sustainable solution to the problems of Uniper, which is also active in the Netherlands.
Source: NU
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
