In the News
Energy Crisis - Germany nationalises energy giant Uniper
21st September 2022
The German government has taken the drastic step of taking a 98% stake in Uniper, effectively nationalising it via a Euro 29 billion bail-out. The firm is one of the country's biggest gas suppliers and is also in negotiations with another, VNG.
Because of Germany's dependence upon Russian gas - it had previously been the largest European importer of gas until the closure of Nordstream 1, and the government has introduced a range of measures designed to reduce energy consumption including a restriction on the temperature to which offices can be heated as well as sought out new sources of gas to ensure that storage facilities are close to full capacity.
Take a look below at what happened almost immediately to their share price!
Agreement on amended stabilization package: Federal Government to acquire ~99% stake in #Uniper
— Uniper (@uniper_energy) September 21, 2022
The Federal Government, Uniper and @Fortum have today agreed on an amendment to the package of measures announced on 22 July 2022.
Read more: https://t.co/oevkYsONEm pic.twitter.com/xOK5gStATR
Good Morning from Germany, where utility Uniper is being nationalized in a sort of Lehman moment. German govt is to become the majority shareholder in Uniper, Germany's largest gas importer, previous majority shareholder Fortum announces. Uniper shares have dropped 92.2% from ATH pic.twitter.com/yMXummxDwG
— Holger Zschaepitz (@Schuldensuehner) September 21, 2022
Graham Watson
Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.
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