The German authorities intend to nationalize the former subsidiary of Gazprom, Securing Energy for Europe (SEFE), after Uniper.
Der Spiegel writes about it.
The federal government’s entry into SEFE comes amid the bailout of Leipzig gas importer VNG, which earlier this month applied for state aid under the Energy Security Act.
Earlier that the government of Olaf Scholz is negotiating with SEFE, as well as Uniper SE and VNG AG, Bloomberg reported. It was noted that at this stage, an understanding has already been reached that it is now possible to prevent the collapse of the German energy market only through the purchase of controlling stakes in the country’s largest gas companies, that is, their nationalization.
The day before, on September 21, the German government announced that it would acquire almost 100% of Uniper.
Until 2022, SEFE was called Gazprom Germania GmbH. In April, the German Ministry for Economic Affairs and Climate Protection placed the company under the trusteeship of the Federal Network Agency until September 30.
Gazprom Holding ceased participation in Gazprom Germania GmbH and all its assets on 31 March.
How pointed out “Expert”, the rapidly rising gas prices and the reduction of Russian gas supplies to a minimum has already led to the nationalization of a number of companies by Berlin and the issuance of saving loans. However, all these measures pale before the grand scale of the crisis. There is a very real risk that the main energy providers in Germany may not survive without more significant assistance from the authorities.