Germany nationalizes gas supplier Uniper after EU approval

Dec 21, 2022, 10:33 AM | Updated: Dec 22, 2022, 12:37 am

BERLIN (AP) — The German government said Thursday that it has nationalized energy company Uniper after the European Union gave its blessing for it to rescue the gas supplier.

The government announced its plan to nationalize Uniper in September, expanding state intervention in the energy sector to prevent a shortage resulting from Russia’s war in Ukraine. The deal built on an initial rescue package agreed in July and features a capital increase of 8 billion euros ($8.5 billion) that Germany is financing.

Uniper’s existing shareholders approved the measures on Monday. The EU’s executive Commission gave its conditional approval on Tuesday. The government is obliged to reduce its stake to 25% plus one share by 2028, a deadline that can only be extended with the Commission’s approval.

Germany’s finance and economy ministries said Thursday that the government has now taken a stake of some 99% in the company. Uniper’s existing management remains in place.

Uniper was controlled until now by Finland-based Fortum. The Finnish government has the largest stake in Fortum.

Before the war in Ukraine, the company bought about half of its gas from Russia, which started cutting deliveries to Germany in June and hasn’t supplied any gas to the country since the end of August.

Uniper has incurred huge costs as a result of those cuts because it was forced to buy gas at far higher market prices to meet its supply contract obligations. Last month, it said it had initiated proceedings to seek damages from Russia’s Gazprom at an international arbitration tribunal in Stockholm.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

substation...
Associated Press

Puyallup man accused in substation vandalism is released from custody

A federal judge issued the order for Matthew Greenwood, 32, after renewed efforts by his attorney to get Greenwood into a drug-treatment facility.
23 hours ago
FILE - The sun dial near the Legislative Building is shown under cloudy skies, March 10, 2022, at t...
Associated Press

Democrats in Washington state choose Conrad as new leader

The Washington State Democratic Party has chosen Shasti Conrad, the former leader of King County Democrats, as its new chair.
23 hours ago
FILE - Actor Alec Baldwin attends a news conference at United Nations headquarters, on Sept. 21, 20...
Associated Press

Deadline nears for Alec Baldwin in deadly movie set shooting

SANTA FE, N.M. (AP) — Prosecutors planned to file felony charges of involuntary manslaughter Tuesday in the fatal shooting of a cinematographer by actor Alec Baldwin during a rehearsal on the set of a Western movie in 2021. Cinematographer Halyna Hutchins died shortly after being wounded at a film set ranch on the outskirts of […]
23 hours ago
Associated Press

Boeing bids farewell to an icon, delivers last 747 jumbo jet

SEATTLE (AP) — Boeing bids farewell to an icon on Tuesday: It’s delivering its final 747 jumbo jet. Since its first flight in 1969, the giant yet graceful 747 has served as a cargo plane, a commercial aircraft capable of carrying nearly 500 passengers, a transport for NASA’s space shuttles, and the Air Force One […]
23 hours ago
Associated Press

Monday’s Scores

BOYS PREP BASKETBALL= Arlington 56, Shorewood 34 Auburn 78, Auburn Riverside 30 Auburn Mountainview 64, Bonney Lake 59 Cheney 61, Rogers (Spokane) 48 Columbia River 66, Hudson’s Bay 59 Concrete 52, Cedar Park Christian Lynnwood 10 Federal Way 66, Tahoma 54 Fellowship Christian 51, Lopez 37 Interlake 53, Highline 49 Kentwood 79, Decatur 63 Lakewood […]
23 hours ago
Associated Press

Monday’s Scores

GIRLS PREP BASKETBALL= Auburn Riverside 44, Auburn 41 Blanchet 59, Bellevue 44 Bridgeport 57, Oroville 45 Capital 59, River Ridge 24 Cedar Park Christian (Bothell) 35, Cedarcrest 24 Central Kitsap 76, Yelm 37 Cheney 68, Rogers (Spokane) 37 Clackamas, Ore. 60, Camas 50 Colton 78, Highland, Idaho 8 Concrete 38, Cedar Park Christian Lynnwood 15 […]
23 hours ago

Sponsored Articles

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.
SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Germany nationalizes gas supplier Uniper after EU approval