The energy crisis caused by the war in Ukraine has turned the plans of the german government in terms of energy.
His last move goes through nationalize Uniper, the main importer of gas in the country. the company already has confirmed which passes into the hands of the Federal Government led by Foreign Minister Olaf Scholz and has just made public the terms of the agreement.
In this way, Germany is following in the footsteps of France, which only two months ago nationalized the largest electricity company in the country and bet everything on nuclear energy so as not to depend on Russia.
Uniper is not profitable and Germany comes to the rescue
At the beginning of the summer, Germany backtracked on its 2030 decarbonization goals by reactivating some of its coal factories, and since then the government has not stopped working to guarantee the supply energy in its territory.
After Vladimir Putin made the decision to close the gas tap to Europe in response to the sanctions imposed by Europe because of the war, Germany has moved tab againand this time it has not announced new energy saving measures.
The Federal Government will increase Uniper’s capital with a injection of 8,000 million euros through the purchase of 99% of the company’s shares. Germany has paid each share at 1.70 euros, a much lower price than they had two days ago, when the deal was closed and the share cost 4.12 euros.
In any case, it is nothing compared to the 24.86 euros that the action cost at the beginning of last June, while the historical maximum was marked in december 2021with a price of 41.19 euros per share.
Uniper’s share price has plummeted since January this year, especially since April, so the nationalization of Uniper is crucial to avoid more than possible bankruptcy of a key company for the country in terms of energy.
In June, Germany raised the alert level strongly and fears of gas shortages have caused the Scholz Administration to take a drastic decision shortly before the coldest time of the year begins. The agreement also comes at the same time that Putin has marked another ordeal decreeing the partial military mobilization of the Russian population.
The package of shares acquired by Germany includes those that were owned by fortune (56%), the Finnish company that until now was the largest shareholder of Uniper.
The KfW state bank It will be in charge of providing the 8,000 million euros to Uniper to guarantee the long-term stabilization of the company at the most difficult moment of the energy crisis. For now.
With this capital increase, Germany will provide Uniper with the necessary liquidity to buy replacement gas and ensure the supply of this type of energy throughout the coming winter, without depending on Russia.
On this deal, Uniper CEO Klaus-Dieter Maubach said: “Today’s deal provides clarity, allows us to continue with our business and fulfill our role as a provider of critical energy for the system. This ensures the supply of energy for companies, municipal public services and consumers.”
“The modification of the stabilization package announced in July by the Government was necessary in the context of a further intensification of the energy crisis. At Uniper we are aware of our responsibility to Germany and Europe. We are committed to doing our part to overcome this crisis and restructure the energy supply in this country”, added Maubach.
As part of the deal, Fortum, which until now controlled most of Uniper, reserves the right of first offer to buy Uniper if Uniper later decides to sell the hydroelectric business, its Swedish nuclear division or part of both.
The purchase preference will end on December 31, 2026 and today Uniper assures that it has no intention of selling those businesses, but seen what has been seen, anything can happen and the Finnish Fortum has made sure your piece of the cake.
Source: Motorpasión by www.motorpasion.com.
*The article has been translated based on the content of Motorpasión by www.motorpasion.com. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!