• Write for Us
  • Advertise
  • About
  • Contact
Thursday, June 1, 2023
British Herald
Advertisement
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
Home Business

Germany nationalizes country’s biggest gas importer Uniper

Editorial Bureau by Editorial Bureau
September 21, 2022
0
Germany nationalizes country’s biggest gas importer Uniper
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Berlin (Germany)- The German government said Wednesday that it has agreed to nationalize the country’s biggest natural gas importer, Uniper, expanding state intervention in the industry to prevent an energy shortage resulting from Russia’s war in Ukraine.

You might also like

Before the House votes on the US debt ceiling , Biden shores up Democrats and McCarthy scrambles for GOP support

Fighting continues in Sudan as week of ceasefire nears its end

Chile Central Bank Says Local Inflation Woes Remain Unresolved

The deal with Uniper builds on a rescue package agreed to in July and features a capital increase of 8 billion euros (dollars) that Germany will finance. As part of the agreement, the government will gain a 99% stake in the energy supplier, which until now was controlled by Finland-based Fortum. The Finnish government has the largest stake in Fortum.

Economy Minister Robert Habeck said the deal was necessary because of the significance that Uniper plays in the German gas market. It still needs to be approved by the European Commission, the European Union’s executive arm.

Uniper supplies about 40% of all gas customers in Germany, and before the war, it bought about half of its gas from Russia.

The company’s losses have mounted as Russia has reduced natural gas supplies to European countries supporting Ukraine. The cuts have contributed to high prices for the fuel needed to heat homes, generate electricity and power factories, raising fears of business closures, rationing and a recession as the weather turns cold. Uniper has been forced to buy gas at far higher prices on the market to fulfill its supply contracts.

European countries have scrambled to counter the price spiral and prioritized securing their energy supplies for winter, including by filling their natural gas storage. Just last week, Germany also moved to take control of three Russian-owned oil refineries before an embargo on Russian oil takes effect next year.

Habeck noted that Germany has managed to fill its gas storage facilities to over 90% capacity in preparation for the winter heating season despite Russia halting gas deliveries through the Nord Stream 1 pipeline. Wholesale prices for gas have almost halved since the summer, he said.

“This means that, as a whole, we have coped quite well with the situation,” Habeck said. “But for Uniper, the situation has become significantly more dramatic and significantly worse.”

Gas prices are still at a historically high level. Citing the importance of Uniper for the German gas market, Habeck said the government had chosen to nationalize the company “to ensure security of supply for Germany.”

Uniper shares were down by a third on the Frankfurt exchange Wednesday compared with the previous day.

Chancellor Olaf Scholz has insisted that Germany is well-placed to get through the winter with enough energy, pointing to new liquefied natural gas terminals expected to start work in the coming months, among other things.

In a separate move last Friday, his government announced that German authorities were taking control of three Russian-owned oil refineries to ensure energy security. Two subsidiaries of Russian oil giant Rosneft are being put under the administration of the national network regulator.

Rosneft accounts for about 12% of Germany’s oil refining capacity, importing oil worth several hundred million euros (dollars) every month, according to the government, which said the trusteeship was initially due to last for six months.

The network regulator already was put in charge of Gazprom’s former German subsidiary in April, a decision that the government said was necessary to bring “order to the conditions” at the company after the Kremlin-controlled parent company abruptly cut ties with the unit.

Environmentalists said the nationalization of Uniper should prompt the government to steer the company away from fossil fuels.

“Uniper must say goodbye to coal and gas, and become a relevant actor in the energy transition,” Olaf Bandt, chairman of the German environmental group BUND.

Tags: gas importersgermanyuniper
Share30Tweet19
Editorial Bureau

Editorial Bureau

Recommended For You

Before the House votes on the US debt ceiling , Biden shores up Democrats and McCarthy scrambles for GOP support

May 31, 2023
Before the House votes , Biden shores up Democrats and McCarthy scrambles for GOP support

The debt ceiling and budget cuts package, which was fiercely contested to the very end, is approaching a crucial U.S. House votes as President Joe Biden and Speaker...

Read more

Fighting continues in Sudan as week of ceasefire nears its end

May 31, 2023
Fighting continues in Sudan

On the final day of a ceasefire that has been repeatedly broken, fighting continues in Sudan as gunfire and artillery fire rock the capital, raising concerns that the...

Read more

Chile Central Bank Says Local Inflation Woes Remain Unresolved

May 30, 2023
Chile Central Bank

Despite the fact that consumption and headline consumer price readings are moving in the right direction, Chile central bank stated that there is no indication of consolidating the...

Read more

Republicans speak out against US debt ceiling deal

May 30, 2023
Republicans speak out against US debt ceiling deal

A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States' $31.4 trillion debt ceiling, in a sign that the...

Read more

China launches new crew for the space station, with a goal to send astronauts on moon before 2030

May 30, 2023
China launches new crew for the space station

On Tuesday, China launched a new three-person crew for its orbiting space station, with the goal of landing astronauts on the moon by the end of the decade....

Read more
No Result
View All Result
Venice Architecture Biennale 2023

Discovering the Venice Architecture Biennale 2023

May 31, 2023
Winning the Europa League final will give Jose Mourinho his sixth European title.

Europa League final : Jose Mourinho targets sixth Europa League final

May 31, 2023
Putin Insists UK leading 'undeclared war against Russia'

Putin Insists UK Leading ‘undeclared war against Russia’

May 31, 2023

Tags

australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London News new zealand north korea Rishi Sunak russia south korea spain T20 World Cup taiwan thailand trending Trump turkey UK Ukraine usa worldnews
British Herald

Top News in World: Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

CATEGORIES

  • Africa
  • Articles
  • Asia
  • Brand Feature
  • Business
  • Climate & Environment
  • Companies
  • Crypto
  • Culture and Lifestyle
  • Daily Roundup
  • Economics
  • ECONOMY
  • Entertainment
  • Europe
  • Fashion
  • Finance
  • Financial Markets
  • Fintech
  • Health
  • IN UK 01
  • IN UK 02
  • Investing
  • Latin America
  • Market
  • Middle East
  • Oceania
  • Opinion
  • Pharma/BioTech
  • Politics
  • Reviews
  • Science & Technology
  • Sport
  • Sustainability
  • Tech
  • Technology
  • Travel
  • UK
  • Uncategorized
  • USA
  • Videos
  • World

BROWSE BY TAGS

australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London News new zealand north korea Rishi Sunak russia south korea spain T20 World Cup taiwan thailand trending Trump turkey UK Ukraine usa worldnews

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

No Result
View All Result
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?