The government will nationalize the largest German gas supplier
- The government of the country and the company Uniper are closing the nationalization agreement of the largest German gas supplier. The private company has accumulated a loss of EUR 8.5 billion since the outbreak of the war between Ukraine and Russia, to which the government will pay with the aim of guaranteeing the supply of gas.
The Uniper authorities acknowledge that it cannot continue to supply gas as a private enterprise, that since the beginning of the war the gas coming from Russia has been reduced and that when it has had to seek other alternatives it has not been able to cope with the prices of the free market. Accumulating losses of EUR 8.5 billion, the German Government has decided to pay that money and nationalise the company.
“We are going to create a clean ownership infrastructure to ensure the energy supply that businesses, municipal services and consumers need,” the government said. The participation of the public administration in the company will be 98.5%.
A week earlier, Germany took control of the three German oil refineries run by the Russian states, also “to guarantee the energy supply in winter” and “to protect the German economy from the Russian oil embargo”.
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