European Commission approves Uniper nationalisation

• 1 year, 11 months ago (2022-12-22)
• David Flin

Europe 1089 Gas 393

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The European Commission has conditionally approved the nationalisation of the German gas company Uniper , which was pushed to the brink of collapse by Russia’s invasion of Ukraine. The Commission also approved the nationalisation of the German subsidiary of Russia’s Gazprom.

Without deliveries from Russia, Uniper was facing bankruptcy after a €40 billion net loss for the first nine months of 2022, one of the biggest losses in German corporate history.

Uniper said that on 20 December, shareholders backed the deal “by a large majority” in a vote at an extraordinary general meeting.

The Commission said that the aid package “aims at restoring the financial position and liquidity of Uniper in the exceptional situation cause by Russia’s war of aggression against Ukraine and the subsequent disruption of gas deliveries, while maintaining the necessary safeguards to limit competition distortions.”

Conditions attached to the deal include Uniper divesting parts of its business, notably the Datteln IV power plant in Germany and the Gonyu power plant in Hungary. It will also have to make parts of its gas storage and pipeline capacity bookings available to competitors.