World Federal Government and Uniper agree on rescue package

13:30  22 july  2022
13:30  22 july  2022 Source:   pressfrom.com

Important for Germany's energy market: Uniper

 Important for Germany's energy market: Uniper Uniper is the largest German gas importer, its imports come mainly from Russia. In addition to trade, the company with around 11,500 employees and seat in Düsseldorf also operates gas and coal-fired power plants and gas storage. © Nicolas Armer/dpa clouds pull over the Uniper Gaspower plant in Geberdorf in Bavaria. Uniper is the largest German gas importer. It was split off by the Eon group in 2016.

. The company is of outstanding importance for the energy supply of citizens and companies, said Chancellor Olaf Scholz in Berlin on Friday.

Die Hauptverwaltung des Energieversorgungsunternehmens Uniper in Düsseldorf. © Oliver Berg/dpa/symbol image The headquarters of the energy supply company Uniper in Düsseldorf.

The stabilization package provides for a capital increase of around 267 million euros at an issue price of 1.70 euros per share, excluding the subscription right of the shareholders. The capital increase leads to a federal participation in Uniper of around 30 percent. Furthermore, a so -called compulsory change instrument of up to 7.7 billion euros should be spent on the federal government. These papers are interest -bearing papers in which the change in shares is mandatory at the latest at the end of the term. They are therefore considered an instrument similar to equity by rating agencies. The loan granted for Uniper through the state bank KfW should be increased from 2 billion to 9 billion euros.

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Approval by the EU still stands of

The Federal Government explained in the negotiations that from October 1, 2022, a general mechanism for the transfer of 90 percent of the replacement creation costs for all importers should be introduced as a result of Russian gas cuts. Uniper only has commercial customers, including municipal utilities. However, you could pass on the higher costs in a next step.

The agreement stipulates that the Federal Government is available for further support should exceed the losses due to replacement procurement, which cannot be compensated for by operational profits from the other business areas, an amount of 7 billion euros.

The stabilization measures are subject to the EU Commission's approval law. Uniper will convene an extraordinary general meeting to obtain the approval of the shareholders for the stabilization measures.

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Uniper had applied for government aids. Because of the throttling of Russian deliveries, the company has to buy 1 more expensive gas on the market to meet contracts. This leads to liquidity problems. With a levy, the provider could pass on price increases and thus get air again.

The security of supply in the focus

With the levy, politicians would also send a price signal to consumers that energy savings are worthwhile. Due to a lot of increased procurement costs at the markets, price increases are coming to consumers anyway.

Approaches increases on gas customers in the course of the rescue package. A levy will come on October 1st or September 1st, as Federal Chancellor Olaf Scholz said in Berlin on Friday. He announced further relief for the citizens.

Federal Minister of Economics Robert Habeck (Greens) announced a new package of measures to save energy on Thursday. In view of uncertain Russian deliveries, the provision for winter should be reinforced. The package is also about saving energy in public buildings, operations, offices and a binding "heating check" in apartments.

Uniper plays a central role in German energy supply and supplies more than a hundred municipal utilities and industrial companies.

Scholz and Habeck had assured Uniper state support. Habeck had said: "We will not allow a system -relevant company go into bankruptcy and consequently the global energy market gets into turbulence." The Federal Government will choose the option that is the best and cheapest for the German taxpayer and is the safest for supply security.

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