Germany nationalizes energy giant Uniper as Russia squeezes gas supplies

Uniper has received billions in financial aid from the German government as a result of surging gas and electric prices following Russia’s war in Ukraine.

Uniper will be nationalized by the German government as it tries to keep the industry afloat in the face of a worldwide energy crisis.

In July, the state agreed to bail out the major gas importer with a 15 billion euro rescue deal. The state of Germany is set to own almost all of Uniper.

New measures to resolve the situation have been agreed after the stabilization package for Uniper was agreed in July.

Uniper is Germany's largest importer of gas and has been squeezed due to reduced gas flows from Russia.

The CEO of Uniper told CNBC that the company would be worse off because of the halted gas flows to Europe.

Uniper will be deconsolidated by Fortum in the third quarter of 2022.

The sale of Uniper is the right step to take, not only for Uniper but also for Fortum, according to the CEO of Fortum.

Since Russia attacked Ukraine, the role of gas in Europe has changed. The business case for an integrated group is no longer feasible.

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