Federal government emphasizes the urgency of the Uniper rescue

Created: 09/21/2022, 08:36

A car drives past the Uniper headquarters.

© Federico Gambarini/dpa

The federal government has emphasized the urgency of the planned nationalization of the energy company Uniper.

The Ministry of Economics announced on Wednesday in Berlin that Uniper's capital requirements had increased significantly due to the complete cessation of contractually agreed gas deliveries from Russia and the sharp rise in gas prices.

Berlin - "The resulting further increase in replacement procurement costs have aggravated the plight of the largest German importer of Russian gas." The stabilization package provides for the takeover of around 99 percent of Uniper shares by the federal government.

Among other things, the federal government will take over all shares of the previous majority shareholder Fortum.

The acquisition of the shares can only take place after various regulatory requirements have been met and approval by Uniper's general meeting, the ministry emphasized.

In addition, the support package requires the approval of the European Commission under state aid law.

"Uniper is a central pillar of Germany's energy supply," emphasized the ministry.

"As a result of the majority takeover decided today, the federal government has gained the essential say and control rights in the company in order to be able to ensure security of supply in Germany." dpa