Germany nationalises Uniper as energy crisis with Russia worsens

• Following a previous multi-billion euro bailout that failed to keep the gas importer afloat and President Vladimir Putin’s announcement of a partial Russian military mobilisation that sent oil prices higher, Germany nationalised Uniper on Wednesday.

For the latest step towards keeping the lights on and the heaters running in Germany this winter, Berlin has decided to purchase the remaining stake held by Finland’s Fortum in the German gas importer.

 

As a result of Russia cutting fuel exports in retaliation for Western sanctions over its invasion of Ukraine, European gas and power prices have skyrocketed this year, leaving customers battling with extremely expensive energy bills and European utilities struggling with a liquidity crisis.

 

When announcing the Uniper action and other measures to assist Germany avoid energy rationing this winter, German Economy Minister Robert Habeck said, ‘The state will… do all possible to always maintain the enterprises stable on the market.’