{"id":63573,"date":"2022-09-23T07:04:48","date_gmt":"2022-09-23T12:04:48","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63573"},"modified":"2022-09-23T07:04:48","modified_gmt":"2022-09-23T12:04:48","slug":"germany-nationalizes-its-biggest-natural-gas-importer","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63573","title":{"rendered":"Germany nationalizes its biggest natural gas importer"},"content":{"rendered":"
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Germany nationalizes its biggest natural gas importer<\/a><\/h3>\n<\/div>\n<\/div>\n<\/section>\n
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Germany is\u00a0nationalizing Uniper<\/a>, its biggest importer of natural gas, as part of an \u20ac8 billion ($7.9 billion) plan to prevent an energy shortage this winter.<\/p>\n

Europe has been hit by soaring\u00a0natural gas<\/a>\u00a0and\u00a0electricity prices<\/a>\u00a0as a result of Russia\u2019s invasion of Ukraine and its\u00a0throttling of gas supplies<\/a>.<\/p>\n

The German government will hold around 99% of Uniper after injecting new capital and buying out its Finnish parent company Fortum\u00a0(FOJCF)<\/a>, German Economy Minister Robert Habeck told journalists in Berlin on Wednesday.<\/p>\n

Uniper provides 40% of the country\u2019s gas supply and is crucial for large companies and private consumers in Europe\u2019s biggest economy.<\/p>\n

In July, Chancellor Olaf Scholz announced the government would step in to bail out Uniper with a package worth up to \u20ac15 billion ($15.3 billion), after it was brought to its knees by months of Russian supply cuts and soaring spot market prices.<\/p>\n

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\"Russian<\/picture><\/div>\n
US dollar hits new 20-year high as Russia calls up reservists<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Under the rescue deal, the government committed to provide \u20ac7.7 billion ($7.8 billion) to cover potential future losses, while state-run bank KfW agreed to increase its credit facility by \u20ac7 billion ($7.1 billion).<\/p>\n

But Habeck said the situation had \u201cworsened dramatically\u201d since Russia cut off gas supplies to Europe through the Nord Stream 1 pipeline indefinitely on September 1, citing an oil leak.<\/p>\n

Russian gas has had to be substituted with costly alternatives, leading to soaring bills for consumers.<\/p>\n

Although gas supplies through Nord Stream 1 are suspended, Germany\u2019s gas reserves are filled at more than 90% capacity, European Storage provider GIE AGSI+ said on its website.<\/p>\n

Still, the European energy crisis isn\u2019t going away.<\/p>\n

Habeck said that the country could \u201cget through winter well\u201d without Russian gas, but warned of \u201creally empty\u201d supply levels in the period thereafter.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n

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Germany nationalizes its biggest natural gas importer Germany is\u00a0nationalizing Uniper, its biggest importer of natural gas, as part of an \u20ac8 billion ($7.9 billion) plan to prevent an energy shortage this winter. Europe has been hit by soaring\u00a0natural gas\u00a0and\u00a0electricity prices\u00a0as a result of Russia\u2019s invasion of Ukraine and its\u00a0throttling of gas supplies. The German government […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[33172,30934,359,33171,32246,548,5665,554,694,33010],"class_list":["post-63573","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-allegra-goodwin","tag-cnn-business","tag-germany","tag-inke-kappeler","tag-mark-thompson","tag-nat-gas","tag-nationalisation","tag-natural-gas","tag-russia","tag-uniper"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63573"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63573\/revisions"}],"predecessor-version":[{"id":63574,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63573\/revisions\/63574"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}