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Uniper headquarters in Düsseldorf: the situation is getting worse
Photo: Ina Fassbender / AFP
The federal government is apparently considering nationalizing Uniper.
This emerges from a mandatory notification from Germany's most important gas importer for the stock exchange.
It states that the federal government, the Finnish parent company Fortum and Uniper are considering, among other things, "a direct capital increase that would lead to a significant majority stake by the federal government in Uniper" due to the increased uncertainties in the operating environment.
However, no decisions have been made beyond the July stabilization package.
The Bloomberg news agency had previously reported, citing insiders, that a planned stake could be over 50 percent.
Uniper needs more state aid.
Reuters news agency quoted an insider as saying nationalization is the only option left.
Uniper's capital resources are exhausted.
The Düsseldorf group has been hit hard by Russia's gas supply cuts.
Uniper has to buy gas on the expensive spot market to replace it - and in doing so it is making billions in losses.
A few weeks ago, the federal government put together a rescue package worth 19 billion euros.
This also contained a possible participation of the state in the amount of 30 percent.
So far, Fortum has held a good three quarters of the Uniper shares.
Uniper wrote in the announcement that the focus is on a long-term solution for the company.
With a view to the rescue package, it says: »Since the signing of the stabilization agreement, the European energy crisis has worsened as no Russian gas volumes are currently being delivered through Nord Stream 1 and both gas and electricity prices are very high and volatile.
As a result, Uniper's financial losses have increased significantly since July due to higher gas procurement costs."
After Uniper, the energy company VNG, another large gas importer, recently asked for financial aid from the state.
VNG had already submitted an application for funds from the so-called gas levy.
The surcharge is intended to prevent gas importers from getting into trouble in large numbers.
But it won't take effect until October.
All gas consumers in Germany are to pay a good 2.4 cents more per kilowatt hour from October.
The money that comes in as a result should flow to the importers as compensation, "to prevent insolvencies," says the regulation, "but not at the same time lead to a safeguarding of profits at the expense of consumers."
mmq/Reuters/dpa