EnergyWatch

Ailing Uniper continues bailout negotiations with the German state

Russia’s gas cutoff leads Fortum’s German utility, Uniper, to request EUR 9bn in aid from the German state in exchange for a stake in the company.

Photo: INA FASSBENDER/AFP / AFP

The Russian invasion of Ukraine has come with a proliferation of knock-on effects. Aside from the more well-known consequences such as rapidly increasing energy prices, food prices, and general inflation, the outlines of a more surprising effect are starting to emerge: nationalizing utilities.

On Wednesday, the French government announced its intention to take over utility Électricité de France (EDF), in which the state owned no stake prior to the move. Now Fortum’s German subsidiary Uniper is asking the German state for EUR 9bn in aid against an ownership stake in the gas-reliant company.

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