Germany agrees 15 billion euro bailout for energy giant Uniper as Russia squeezes gas supplies

Uniper has been negotiating with the German government for a possible bailout.

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Germany agrees to bailout Uniper with a rescue deal worth 15 billion euros ($15.24 billion), as the congested energy company became the first major victim in Russia’s natural gas squeeze.

The bailout will see the German state take a 30% stake in Uniper. The energy company was the first in Germany to sound the alarm about soaring energy bills and has filed a Relief app for government support in the first day of this month.

As Germany’s largest gas importer, the country has been hit hard by a sharp drop in outflows from Russia that sent prices soaring.

In a statement, Finland’s majority owner Fortum said Uniper and the German government had agreed on a “comprehensive stabilization package” to financially support them.

“Uniper’s gas businesses are vital to Germany’s energy supply and play an important role for the European energy sector.”

“Therefore, it is of the utmost importance to stabilize Uniper by immediately addressing the company’s significant liquidity and loss needs, while taking measures to reduce the risk to the business model.” gas and secure a credit rating to support a long-term growth path. viability.”

– CNBC’s Sam Meredith contributed to this report

This is a breaking news story and will be updated shortly.

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