Free Republic

Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter. Europe has been hit by soaring natural gas and electricity prices as a result of Russia's invasion of Ukraine and its throttling of gas supplies. The German government will hold around 99% of Uniper after injecting new capital and buying out its Finnish parent company Fortum (FOJCF), German Economy Minister Robert Habeck told journalists in Berlin on Wednesday. Uniper provides 40% of the country's gas supply and is crucial for large companies and private...

German energy supply giant Uniper said Friday it is asking the government for a bailout amid a growing natural gas crunch due to the war in Ukraine. Uniper, which is Germany's biggest importer of Russian gas, said in a statement that its board has applied to the government for “stabilization measures.” The move could see the government pump billions of euros (dollars) into Uniper to keep the company afloat. Germany's Cabinet had approved a plan preparing for such measures earlier this week.

Russian energy giant Gazprom pledged to appeal what they described as an “unprecedented” fine after the Polish anti-monopoly watchdog UOKiK ordered them to pay some $7.61 billion (€6,47 billion) over the Nord Stream 2 pipeline. The Polish regulator said that building the pipeline would increase Gazprom’s dominance on the Polish market. The project, which would allow Germany to double its gas imports from Russia, is “tantamount to breaking the rules of law and of fair competition” and the current situation may trigger “serious consequences for Poland’s and the EU’s economy,” they added. Gazprom is spearheading the Baltic Sea construction effort...