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2022-09-22 16:25:00

GERMANY NATIONALIZE ENERGY

GERMANY NATIONALIZE ENERGY

ENERDATA22 Sep 2022 - Germany’s federal government will nationalise the German energy company Uniper by acquiring a 99% stake in the group. Germany has unveiled an €8bn package, which comes in addition to prior bailout packages, with the objective to finance and acquire Uniper, as well as help it maintain operations, amid unstable gas supplies and soaring energy prices. Germany has also signed an agreement with the Finnish company Fortum to buy all of the latter’s shares in Uniper for about €500m (€1.70 per share).

The federal government, Uniper and Fortum have thus agreed on an amendment to the €15bn package of measures announced on 22 July 2022 (which originally planned for Germany to take a 30% stake in Uniper). The amendment is expected ensure the long-term stabilisation of Uniper in light of the further deteriorating situation in the energy markets.

Uniper owned and operated 31.6 GW of power plants at the end of 2021 (-2 GW compared to 2020), with 48% of gas, 20% of hard coal, 12% of hydro, 9% of other energy sources, 6% of lignite and 5% of nuclear. Most of the power plants are located in Germany (9.4 GW), where the company is the fourth largest power utility in terms of installed capacity, Russia (9 GW), the United Kingdom (6.4 GW) and Sweden (4.7 GW).

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Earlier:

GERMANY NATIONALIZE ENERGY
2022, September, 21, 14:05:00
EUROPEAN GAS PRICES UP ANEW
Benchmark futures jumped as much as 10% for a second day of gains. In the latest move to ensure supply, Germany said it will nationalize Uniper SE and avert a collapse of the energy sector with winter just days away.
GERMANY NATIONALIZE ENERGY
2022, September, 19, 13:00:00
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GERMANY NATIONALIZE ENERGY
2022, September, 15, 16:20:00
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GERMANY NATIONALIZE ENERGY
2022, September, 14, 13:05:00
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2022, September, 9, 14:25:00
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GERMANY NATIONALIZE ENERGY
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GERMANY NATIONALIZE ENERGY
2022, September, 2, 12:45:00
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German year-ahead electricity futures plunged as much as 54% from Monday’s peak above 1,000 euros a megawatt-hour as the European Union considers various measures to intervene in the market to damp runaway energy costs crippling economies across the bloc.
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Tags: GERMANY, ENERGY, UNIPER
Chronicle:
GERMANY NATIONALIZE ENERGY
2022, September, 28, 12:14:00
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GERMANY NATIONALIZE ENERGY
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GERMANY NATIONALIZE ENERGY
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