Gas protective shield: Uniper applies for state aid | tagesschau.de

The gas importer Uniper has submitted an application to the federal government for stabilization measures. It is about the federal government getting involved, higher loans and the possibility of passing on price jumps to customers.

The ailing energy company Uniper has applied for stabilization aid from the federal government. The proposal is aimed at a fair distribution of costs, an increase in the existing credit line through the state development bank KfW and a possible participation of the federal government in the company, as Uniper explained in a mandatory notification to the stock exchange. The measures are intended to help end the losses that are currently being incurred and to cover Uniper’s liquidity needs.

Uniper wants to be allowed to pass on price jumps

Against this background, Uniper also proposes being able to pass on price increases to customers immediately. The Bundestag and Bundesrat have created additional options for this through the amendments to the law that have been passed: A levy system could be created so that gas price jumps for energy suppliers can be passed on more evenly to customers – as a replacement for the previously possible rules on price adjustments. According to its own statements, the federal government does not want to use this option if possible, at least not yet.

Regarding the possible direct state participation, the company wrote that the application contained a proposal for “equity components” that “would lead to a relevant federal participation in Uniper SE”. The company, which is the largest gas importer in Germany, has been in talks with the federal government about possible state aid for days. The legislative package approved yesterday by the Bundestag and today by the Bundesrat creates more clearly defined options with the protective gas shield and makes it easier for energy companies from the area of ​​critical infrastructure to access help.

Central role for gas supply in Germany

Uniper plays a central role in Germany’s energy supply and supplies many municipal utilities. The company is the largest foreign customer of the Russian gas giant Gazprom. Due to the sharp rise in gas prices and the reduced gas deliveries from Russia, the supplier was under great pressure. Because the group cannot currently pass on additional costs when purchasing gas to customers due to the throttling of Russian gas deliveries through the Nord Stream 1 pipeline. The company had announced that this would result in significant financial burdens. Uniper is also one of the largest electricity producers in Germany. With its gas storage facilities, the group also plays an important role in securing Germany’s supply in winter.

It is still unclear to what extent the federal government will participate in Uniper or to what extent the credit line granted by KfW, which has not yet been used, could be increased. So far it is two billion euros. As the dpa news agency reported, citing government circles, there have not yet been any decisions on concrete measures at Uniper.

However, as the company announced in its mandatory disclosure, the Finnish Uniper major shareholder Fortum is also in talks with the federal government about the negative effects of the current gas supply restrictions on Uniper. Fortum, for his part, said that a reorganization of Uniper’s business areas was being discussed with the federal government “in order to bundle the system-critical German business activities and secure them with the federal government”. In this context, Fortum emphasized: “As Germany’s largest gas importer, Uniper is hardest hit by the cutback in Russian gas supplies and is therefore under extreme financial pressure.”

More companies candidates for help

In addition to Uniper, there are other companies from the energy sector that could apply for support from elements of the gas shield. The “Handelsblatt” reported that the federal government could provide the gas trader VNG with a guarantee of up to two billion euros if the gas network (VNG) became tight due to a lack of Russian gas deliveries. Combined with a loan that has already been applied for from the KfW development bank, the total amount of possible aid would add up to three billion euros.