Energy crisis: Germany nationalizes gas giant Uniper

Uniper coal-fired power plant in Hanau, Germany.

REUTERS - Kai Pfaffenbach

Text by: RFI Follow

1 min

The energy crisis threatens key companies in Germany, where the country's dependence on Russian gas was very important.

A bankruptcy of gas suppliers would have very serious consequences for individuals.

The German State has therefore decided, beyond aid to companies in difficulty, to nationalize the first gas supplier in the country Uniper in great difficulty. 

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With our correspondent in Berlin

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”: Berlin feared that Uniper's difficulties would have devastating effects.

Germany's largest gas importer supplies hundreds of municipalities.

The risk of a shortage for thousands of customers this winter was too great. 

The company was the first customer of the Russian gas company Gazprom in Germany.

The reduction in deliveries obliges Uniper, in order to honor its contracts, to buy much more expensive gas on the market.

Hence huge losses: 8.5 billion euros so far. 

Already in July, Berlin had taken a 30% stake in the capital of Uniper.

But the complete stoppage of Russian gas deliveries at the beginning of September further deteriorated the company's financial situation.

The German state will in future hold 99% of Uniper's capital and buy out the shares of the current majority shareholder, the Finnish group Fortum. 

This nationalization further strengthens the role of the state in the energy sector.

In the spring, Berlin had taken control of the German subsidiary of Gazprom;

last week, the activities of the oil giant Rosneft were seized.

This commitment could even be reinforced a little more: apart from Uniper, the third importer of Russian gas, the VNG company has also requested state aid. 

► Also to listen: Germany's dependence on Russian gas: "German policy is a failure"

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