Published on 09.07.2022
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Germany ” The Uniper group is losing tens of millions a day, threatening to become a “Lehman Brothers” of energy.
German energy giant Uniper is losing “several tens of millions of euros” a day due to cuts in Russian gas supplies. The situation is “no longer tenable” and yesterday forced him to formalize his request for state aid.
“Uniper suffers outflows of the order of tens of millions of euros per day. This situation is no longer tenable for long,” said its CEO, Klaus-Dieter Maubach, during a press conference.
The energy company, which was Russian Gazprom’s largest customer in Ukraine before the war, has been hit hard by the reduction in Russian deliveries since mid-June.
If nothing is done, Uniper “might lose up to ten billion euros” by “the end of the year”, according to Mr. Maubach.
The company therefore officially filed yesterday its request for bailout by the public authorities involving a new line of credit with the public bank KFW and a “participation” of the State.
The media mentioned an entry of the State up to 25% or even 30% of the capital.
“We will choose the best and most advantageous options for Germany, for German consumers and taxpayers,” Economy Minister Robert Habeck said on Friday.
A possible fall of Uniper makes Germany fear cascading bankruptcies comparable to an energy “Lehman Brothers”. ATS/AFP
