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Germany’s biggest gas importer Uniper is nationalised after huge losses

As it struggles to recover from massive losses caused by Europe’s energy crunch, the German government announced it would nationalize Uniper, its largest gas importer.

According to Uniper’s Finnish owner, the company had previously controlled Uniper. Russia’s tight supply chain since the invasion of Ukraine had caused Uniper to lose EUR8.5bn (PS7.4bn) so far.

This latest intervention was a follow-up to a rescue plan that was agreed in July.

The deal will see Germany take over Fortum, which is owned by Finland’s government.

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Germany faces tough choices as the coal power stations are back to keep people warm in winter

To finance its work, funding of EUR8bn will be available.

Uniper has seen its losses increase as Russia cut off natural gas supplies to European countries that support Ukraine.

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The fuel used to heat homes, produce electricity, and power factories has seen prices soar that there are fears of business closings, rationing, and a possible recession when the weather turns cold.

In an effort to save money, some factories in Germany have already reduced their capacity.

Berlin took control of three Russian-owned oil refining plants last week in a desperate bid to secure supplies before the embargo on Russian oil goes into effect next year.

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