Berlin’s bailout would control gas importer

BERLIN — German natural gas importer Uniper said Tuesday that it’s in “final discussions” with the government on an agreement for Berlin to take a majority stake — ramping up a July rescue deal as its losses mount following cutbacks in supplies of Russian gas.

Uniper said the amended bailout package would feature a capital increase of some $8 billion, which the government would finance. The German government also would acquire the majority stake now held by Finland-based Fortum. The Finnish government holds the largest stake in Fortum.

“As a result, it is envisaged that the Federal Government will obtain a significant majority stake in Uniper,” said the company, which had confirmed talks on a possible nationalization last week. It added that “the final agreement has not yet been concluded.”

The German government put together the initial rescue package, which foresaw it taking a roughly 30% stake, after Russia’s cuts to natural gas supplies forced Uniper to buy gas at far higher prices on the market to fulfill its supply contracts.

The Uniper rescue is one of several measures taken by the government to try to ensure sufficient energy supplies this winter. Others include filling natural gas storage facilities.

They are now more than 90% full in preparation for the winter heating season and rising steadily despite the Russian cutoffs of the Nord Stream 1 pipeline.

The head of the national network regulator, Klaus Mueller, tweeted late Monday that gas storage had “achieved another milestone” and that the stored gas will help in managing any potential gas emergencies and will flow back into the market.

He cautioned that “nevertheless, we must continue to save gas.” The fuel heats homes, powers factories and generates electricity.

The government tightened storage requirements in July after Russia’s stateowned Gazprom started reducing supplies, which has contributed to soaring gas prices.