Uniper in Bailout Talks to Plug $9.4 Billion Hole - Bloomberg

German gas giant Uniper SE is in talks with the government over a potential bailout package of as much as €9 billion, ($9.4 billion) according to a person familiar with the situation, said Bloomberg.

According to Bloomberg, the government is looking at applying a set of measures, including loans, taking an equity stake, and also passing part of the surge in costs onto customers.

Uniper, which is one of the biggest importers of Russian gas, said last week it was in talks with the government to secure liquidity.

The German company Uniper, like others, faced difficulties due to the reduction of Russian gas supplies. Despite the fact that Uniper agreed to a new payment scheme for Russian gas in rubles, the company is not receiving the contracted volumes. Analysts estimate that curbed Russian flows are costing Uniper €30 million a day.

As reported by Bloomberg, as part of its plan, the government is preparing legislation that would enable the state to take stakes in struggling energy companies, according to two senior officials. It will also allow for at least part of the cost of rising gas prices to be passed on to consumers.

11:21 / 5 July 2022

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