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Mega lookup: Uniper needs up to 25 billion from the federal government

2022-11-23T15:01:42.063Z


Mega lookup: Uniper needs up to 25 billion from the federal government Created: 11/23/2022, 3:46 p.m Germany's largest gas importer Uniper needs more billions in aid from the federal government. The group hopes for up to 25 billion euros. © Federico Gambarini/dpa The aid package for Germany's largest gas importer Uniper must be even larger than previously planned. The group needs up to 25 billi


Mega lookup: Uniper needs up to 25 billion from the federal government

Created: 11/23/2022, 3:46 p.m

Germany's largest gas importer Uniper needs more billions in aid from the federal government.

The group hopes for up to 25 billion euros.

© Federico Gambarini/dpa

The aid package for Germany's largest gas importer Uniper must be even larger than previously planned.

The group needs up to 25 billion euros from the federal government.

Dusseldorf – The energy company Uniper, which is struggling due to a lack of Russian gas supplies, needs more billions.

The planned cash capital increase of eight billion euros alone will not be enough to stabilize Uniper, the group announced on Wednesday in Düsseldorf.

For this reason, authorized capital of up to a further EUR 25 billion is to be created by issuing new shares.

It should be available to partially restore equity, which has been weakened by further losses in this and the coming years.

Only the federal government is entitled to subscribe, the statutory subscription rights of other shareholders are excluded.

Uniper aid requires EU approval

The federal government, the energy company Uniper and the former Uniper majority owner Fortum agreed in September on a stabilization package for Uniper, which provides for extensive nationalization.

In addition to the capital increase, plans include the acquisition of the Uniper shares from the Finnish majority shareholder Fortum by the federal government.

The stabilization package is still subject to change.

Approvals from the EU Commission are still pending.

An extraordinary Uniper general meeting is to decide on the measures on December 19.

Uniper insolvency could trigger domino effect

Uniper is in trouble because Russia is no longer pumping gas to Germany as a result of the Ukraine war.

The gas wholesaler is a supplier to over 100 municipal utilities and large companies and thus plays a central role in the German gas supply.

The company now has to buy the missing gas expensively on the gas market.

The pipeline gas from Russia was comparatively cheap.

Because of the delivery stop, the prices have now multiplied.

If Uniper were to go bankrupt, there are fears that there would be a domino effect, which would also cause great difficulties for numerous Uniper customers.

According to Uniper CEO Klaus-Dieter Maubach, the capital measures are intended to “end a month-long phase of uncertainty for our company and our customers”.

This regulates how the enormous follow-up costs of the Russian gas cuts, which are mainly incurred by Uniper, can be borne.

Measures ensure more stable gas prices

"It's about no less than a significant part of Germany's gas bill, which is now being paid from tax funds - and not, as originally planned, via a gas surcharge," said Maubach.

Without this relief, Uniper customers would inevitably have faced an even higher wave of costs.

"Thanks to the state support, Uniper can continue to supply its customers with gas under the conditions contractually agreed before the war."

(dpa, lf)

Source: merkur

All news articles on 2022-11-23

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