• Write for Us
  • Advertise
  • About
  • Contact
Sunday, October 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
  • 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
  • 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 Desk by Editorial Desk
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

Tupac Shakur : Duane Davis charged with 1996 murder of rapper

Stefanos Kasselakis : New leader of Greek opposition party to do military service

India stops new visas for Canadians , asks Ottawa to downsize missions as spat worsens

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 Desk

Editorial Desk

Recommended For You

Tupac Shakur : Duane Davis charged with 1996 murder of rapper

September 30, 2023
Tupac Shakur

US law enforcement authorities have filed charges against a former gang leader in connection with the 1996 murder of renowned rapper Tupac Shakur, marking a significant development in...

Read more

Stefanos Kasselakis : New leader of Greek opposition party to do military service

September 29, 2023
Stefanos Kasselakis

Stefanos Kasselakis , the newly elected leader of Greece's main leftwing opposition party, recently announced a brief hiatus from politics to fulfill his mandatory military service. At 35...

Read more

India stops new visas for Canadians , asks Ottawa to downsize missions as spat worsens

September 23, 2023
India stops new visas for Canadians

On Thursday, India took the step of suspending new visas for Canadians and requested that Ottawa reduce its diplomatic presence within India, significantly escalating a dispute triggered by...

Read more

Amazon drops planned merchant fee as FTC lawsuit looms

September 21, 2023
Amazon

Amazon.com (AMZN.O) has abandoned its plan to levy an additional merchant fee on merchants who opt not to use its shipping services, according to a company spokesperson, signaling...

Read more

Poland to stop supplying weapons to Ukraine over grain row

September 21, 2023
Poland's Prime Minister, Mateusz Morawiecki, officially announced the suspension of poland supply of weapons to ukraine.

Poland, one of Ukraine's steadfast allies, has declared that it will cease the supply of weapons to Ukraine due to an escalating diplomatic dispute centered around grain trade....

Read more
No Result
View All Result
Tyson Fury and Oleksandr Usyk

Tyson Fury and Oleksandr Usyk to fight for heavyweight titles in Saudi Arabia

September 30, 2023
Tupac Shakur

Tupac Shakur : Duane Davis charged with 1996 murder of rapper

September 30, 2023
England Rugby World Cup

England through to Rugby World Cup quarter-finals thanks to Japan victory

September 29, 2023

Tags

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

Go to mobile version