The German gas giant Uniper has found itself in really deep difficulties. The German government has now approved a proposal for a huge rescue package.
Uniper, which is one of the largest importers of Russian gas, has experienced major financial problems as gas prices rise and the company finds it difficult to take cost increases from customers.
Uniper’s share plummeted sharply on Monday, as much as 28 percent, after it became known that Uniper was discussing with the German state about a rescue package.
This is as much as EUR 9.4 billion (just over SEK 101 billion).
Gas crisis can create collapse
Germany’s Energy Minister Robert Habeck has warned that the gas crisis could create a collapse in the market similar to the Lehman bankruptcy during the financial crisis. That is why the German government is now preparing legislation that allows support for energy companies. Analysts estimate that the reduced gas deliveries to German energy companies cost Uniper at least 30 million per day.
The German government has now approved a bill that will be submitted to the Bundestag for a decision later this week.
Uniper is most critical right now for the German government, but the German economy as a whole is also affected by rising energy prices. Habeck has warned that it could get worse.
Owns shares in Swedish nuclear power
German Chancellor Olaf Scholz signaled this weekend that the economic tools created during the pandemic to save the airline Lufthansa can now be used to save energy companies. Germany then gave loans, went in as owner at the same time as share dividends and bonuses were banned.
Uniper owns shares in Swedish nuclear power. According to Uniper’s website, the company is the majority owner of OKG Oskarshamn and the minority owner of Ringhals and Forsmark. Uniper also owns the disused Barsebäcksverket, which is now being demolished.
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