The federal government could join the gas supplier with 25 percent. A news agency reported on Thursday.
(Photo: Bloomberg)
Berlin The federal government has almost finalized the cornerstones for the rescue of the gas supplier Uniper. In all probability, the basis of the rescue package will be presented on Friday, the Handelsblatt learned from government circles. “One is already strong in the details of the design,” it said.
This is also intended to send a signal to the rating agencies. On Friday, the important agency S&P apparently wants to discuss a possible reclassification of Uniper. The gas supplier had recently been downgraded. This makes it more difficult for the company to get fresh money from investors.
The federal government wants to get a 25 percent stake in Uniper, the Reuters news agency reported on Thursday. On Wednesday, the Handelsblatt quoted from a paper by the Federal Ministry of Economics, according to which the federal government insisted on an entry with 30 percent.
Apparently, the Finnish majority owner of Uniper, Fortum, has negotiated this stake down in order to dilute its own stake less. A split of the company, as originally proposed by Fortum, is said to be off the table.
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Federal Economics Minister Robert Habeck (Greens) also promised rapid support for Germany’s largest gas importer. It is correct that Uniper used stocks in its gas storage facilities to stabilize itself, Habeck said on Thursday. But that will no longer be necessary: ”We will soon stabilize Uniper differently.”
Planned loans worth billions
Uniper plays a central role in Germany’s energy supply and supplies more than a hundred municipal utilities and industrial companies with gas. It obtains this largely from Russia. However, Russia had continued to throttle gas supplies in recent months. Uniper therefore has to procure expensive gas from other sources in order to be able to fulfill the contracts with its customers.
Uniper’s future will therefore be decided primarily on whether and how the company will be able to pass on the additional costs of buying gas to its customers. “No matter how much the federal government can get involved, that doesn’t solve the basic problem,” says a government representative.
The federal government wants to counter this situation by enabling Uniper to pass on the exploding procurement costs. According to the ministry paper, a price transfer is planned in accordance with the Energy Security Act “in order to stop the daily losses from replacement purchases”. According to the government circles, the price will also be passed on very soon in order to be able to press ahead with the rescue of Uniper.
It is expected that the pay-as-you-go system, not the price adjustment clause, will be used. Both options are open to the law. With the surcharge, the increased costs would be passed on to all consumers.
In addition to the state entry, the federal government must increase the existing loans from the KfW development bank from two to eight billion euros, the ministry paper said on Wednesday. This is necessary in order to provide short-term liquidity for replacement gas purchases or to secure margining positions. Margining are reserves that energy suppliers have to deposit for stock market transactions.
Uniper announced on Monday that the existing credit line of EUR 2 billion had been completely exhausted and therefore submitted an application for an increase. However, the increase in the loan amount still depends on how the margining claims against Uniper will develop. In the end it could be a billion more or less, according to government officials.
More: Habeck wants to prevent the gas crisis with a package of measures