The federal government can take over the troubled gas company.
(Photo: dpa)
Dusseldorf Groundbreaking decisions were made this Friday shortly before the planned state takeover of the gas importer Uniper. On the one hand, the EU Commission has approved the nationalization in principle. There are no competition law concerns about this step, the Brussels authority announced that the Federal Ministry of Finance has not yet been active in the energy market.
The existing Uniper shareholders are expected to approve the measures to save the company at an extraordinary general meeting on Monday.
On the other hand, it was announced on Friday afternoon that CFO Tiina Tuomela is leaving the Düsseldorf company on March 31. She switched from the previous main shareholder Fortum to Uniper management in April 2021 and is now returning to the Finnish group. There she is to replace the German energy manager Bernhard Günther as chief financial officer. The supervisory board is still to decide on her successor at Uniper.
The CFO is leaving Uniper on March 31.
(Photo: Uniper)
Also in the first quarter of 2023, the previous head of strategy Risto Penttinen will leave the company. The personal details are a logical consequence of the upcoming change of ownership, said CEO Klaus-Dieter Maubach. “Together it is important for us to organize an orderly transition in the first quarter of 2023.”
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The Commission’s decision on the Uniper takeover is a so-called merger control approval. This means that the EU agrees in principle to the takeover by the German state – an important milestone for the company. However, an approval under state aid law is still pending. Insiders told the Handelsblatt that the commission had demanded that Uniper sell parts of its business in order to receive state aid.
The gas and coal-fired power plant that Uniper owns in the Netherlands was under discussion for sale. The Maasvlakte coal-fired power plant in particular is considered attractive and could be valued at up to one billion euros if sold, one of the insiders told the Handelsblatt a few days ago. At first glance, Uniper would get off lightly with such requirements. However, they would hit a part of the business that is currently still going well.
However, Uniper announced: “We are confident that the EU approval under state aid law will be granted by the time of the extraordinary general meeting.”
The rescue of Uniper could cost the state more than 30 billion euros. Among other things, the package provides for a capital increase of eight billion euros and, in this context, the acquisition of the Uniper shares from the Finnish state-controlled energy supplier Fortum. The German state is to pay a unit price of 1.70 euros for the shares.
The federal government would then own around 98.5 percent of the shares in Uniper. At the end of November, Uniper also secured another capital injection from the federal government. Up to 25 billion euros can come in through the issue of new shares.
Uniper writes losses in the millions every day
Uniper is in trouble because of the Russian gas supply stop. The company has to buy the missing gas expensively on the gas market in order to fulfill its own supply contracts. The long-term guaranteed sales prices are often below the current purchase prices – Uniper writes losses in the millions every day.
The gas wholesaler, which is heavily dependent on Russia, is a supplier to more than 500 municipal utilities and large companies, and thus plays a central role in Germany’s natural gas supply. Uniper’s insolvency would probably have triggered a domino effect that would also have caused great difficulties for numerous Uniper customers.
On Friday, the EU Commission also approved the takeover of the energy group Sefe together with the Uniper takeover. This is the new name for the former Gazprom Germania – a Gazprom subsidiary that the state took under trusteeship a few months ago.
More: Unrest at Uniper: Gas company will probably have to sell power plants
