The way for a nationalization of the German gas importer is clear.
(Photo: dpa)
Dusseldorf The shareholders of the gas importer Uniper cleared the way for the nationalization of the crisis-ridden company with a large majority on Monday. At an extraordinary general meeting, 99.46 percent voted for the capital increase provided for in the rescue package, 99.55 percent for the additional authorized capital of 25 billion euros.
Uniper had previously announced the conclusion of a framework agreement with the federal government. This shows that the Ministry of Finance will be responsible for the state participation in the group in the future. In addition, Uniper will not distribute any dividends without the approval of the federal government until the end of the stabilization measures.
At the beginning of the general meeting, Uniper boss Klaus-Dieter Maubach had asked the shareholders for approval of the planned nationalization. “The resolutions that are on the agenda of this general meeting are essential for Uniper,” said Maubach.
Uniper has been making heavy losses for months
Without the necessary funds from the capital increases, Uniper’s continued existence is at risk. “To put it bluntly: If approval is not granted, we would have to review the so-called continued existence prognosis for our company very critically.” From the point of view of the Management Board, a possible insolvency would lead to a complete loss for the shareholders.
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By far the largest German gas company has been making high losses for months because it has to find expensive replacements for missing gas deliveries from Russia. For replacement purchases, Uniper has had to book additional daily costs in the double-digit million range, up to more than 200 million euros.
Uniper has therefore posted a minus of 40 billion euros, which is likely to accumulate as long as Uniper continues to have to comply with old supply contracts with its own customers. According to Maubach, there will actually be a loss of around 14 billion euros by the end of the year.
Uniper is a supplier to around 550 municipal utilities and around 500 other large industrial customers. The company thus plays a central role in the supply of natural gas in Germany. If Uniper were to go bankrupt, there would be fears of a domino effect, which would cause great difficulties for numerous Uniper customers and thus also for private households.
The general meeting should pave the way for the nationalization of the previous subsidiary of the Finnish utility Fortum. Among other things, she should agree to a capital increase of eight billion euros excluding shareholders’ subscription rights. In addition, authorized capital of EUR 25 billion was to be created, also excluding shareholders’ subscription rights.
Uniper makes high losses after gas supply stop by Russia
However, the EU Commission still has to examine the case under state aid law. Maubach told the Reuters news agency on Saturday that he was expecting conditions. This is common in such procedures. “We hope that the conditions are not too drastic.” According to Maubach, Uniper expects a decision from the Brussels competition authorities in the coming days. The planned capital increase will not actually take place until the Commission has given its approval.
According to information from the Handelsblatt, Brussels could demand that Uniper sell its Dutch business as part of the conditions. The company owns a gas and a coal-fired power plant there. The Maasvlakte coal-fired power plant in particular is considered attractive and could be valued at up to one billion euros if sold, an insider said.
>> Read about this: Unrest at Uniper – gas company will probably have to sell power plants
With a sale of the Netherlands business, Uniper would get off comparatively lightly. With a total power generation capacity of 1.6 gigawatts, the two power plants account for just seven percent of the Group’s total power plant capacities.
The company has significantly larger power plant capacities in Sweden, where it operates hydro, nuclear and oil power plants with a total of 4.2 gigawatts. On Monday, Uniper concluded an agreement with the previous main shareholder Fortum, according to which the Finnish state-owned company has a right of first refusal for the Swedish hydropower and nuclear energy business if Uniper wants to part with it. According to Uniper, it does not currently want to sell the power plants.
Maubach emphasized the role for European security of supply. “As the hub of the gas and heating market, Uniper is of central importance for the European energy industry.” Uniper covers around a third of Germany’s gas supply.
More: Germany opens its first own LNG terminal in Wilhelmshaven
