BERLIN (Pakistan Point News / Sputnik - 08th July, 2022) German energy company Uniper has requested state support from the German government to stabilize its business amid the gas crisis, Finnish state energy company Fortum Corporation, which is Uniper's largest shareholder with a stake of about 78%, said on Friday.
Earlier in the day, the German Bundestag passed amendments to the energy security law, which provide for the possibility of measures to stabilize the balance sheet of critical energy infrastructure companies.
"Fortum's subsidiary Uniper has today filed for government support under the newly adopted German energy legislation. As Germany's biggest importer of gas, Uniper has been hit hardest by the Russian gas curtailment and as a result is under extreme financial pressure. Since mid-June, Uniper has received only 40% of the contracted gas volumes from Russia and has had to source the replacement volumes in the market at significantly higher prices," the statement says.
Fortum is engaged in talks with the German government on how to stabilise Uniper, and thus safeguard security of supply, the company said.
"Several alternatives are now being proposed and discussed with the government. One of these involves a reorganisation of Uniper's business portfolio to ringfence the system-critical German businesses under the ownership of the German government," it said.
