Dhe Finnish majority owner of the ailing utility Uniper, Fortum, wants to radically restructure its subsidiary, which got into trouble during the gas crisis, and in doing so, place the troubled German parts of the company under state control. “From our point of view, it must now be a matter of merging the endangered and systemically important areas of Uniper and securing them permanently,” Fortum boss Markus Rauramo told Reuters on Saturday.
“We have to assume that the problems with gas procurement will continue in the medium term and that prices will remain high or continue to rise,” he emphasized. “Therefore, the system-critical German parts of the company should come under the control of the state that has the necessary creditworthiness.”
From his point of view, the advantage of the Fortum proposal is also “that Uniper’s international business, including nuclear and coal-fired power plants, for example in Sweden and Russia, does not have to be taken over, accounted for and financed by the state”. All in all, Fortum wants a “targeted entrepreneurial solution in which the state has to provide as little support as possible”.
Uniper has to procure expensive gas
Germany’s largest gas trader has slipped into difficulties as a result of the gas crisis. Because of Russia’s supply cuts, the Gazprom customer has to buy gas on the expensive spot market in order to meet its delivery obligations and is thus making losses.
“Under the current conditions, Uniper is experiencing daily outflows of funds in the mid double-digit million range,” Uniper boss Klaus-Dieter Maubach complained on Friday. “A situation that we cannot sustain for long.” The group, which has around 11,500 employees, had submitted an application to the federal government for stabilization measures.
Thanks to new legal regulations, state support measures up to and including equity participation are possible. According to Maubach, Uniper and Fortum are speaking separately with the federal government – but a joint solution must be found.
Federal government wants to include Fortum in the solution
Federal Minister of Economics Robert Habeck only made it clear in the morning that he also wanted to hold Fortum responsible for the rescue of Uniper. According to the plans of the Finns, who hold around 80 percent of Uniper, the coal, gas and gas import business in Germany could fall to the state.
In German government circles it had already been said that Fortum wanted to transfer the loss-making German business and continue to run the rest of the group. You have to look at this very carefully.
Rauramo, however, emphasized that Fortum provided significant financial support to Uniper. “Since the beginning of the crisis, Fortum Uniper has provided 8 billion euros in the form of loans and guarantees, which have also been largely utilized,” he explained. “We take our responsibility as owners very seriously and are therefore looking for a solution that not only stabilizes Uniper financially in the short term.” Fortum is about “putting the company on a healthy foundation in the long term.”
