Federal Chancellor Olaf Scholz spoke today about current energy policy issues. The federal government takes over 30 percent of the shares in the energy group Uniper. Scholz also promises further relief measures.
In addition, Uniper is offering the federal government a so-called mandatory conversion instrument in the amount of up to EUR 7.7 billion to secure short-term liquidity, which is to be issued gradually as required. Accordingly, the framework credit line granted to Uniper at the state development bank KfW will be increased from two billion euros to nine billion euros.
Uniper is of “outstanding importance” for Germany’s economic development, Scholz said on Friday when the package was presented in Berlin. He called the agreed measures a “substantial contribution to the rescue of the company”. Uniper can now “look stably into the future”.
According to the Federal Chancellor and the companies, the federal government will acquire Uniper shares for a nominal value of EUR 1.70. The stock market price is ten euros, said Scholz. Overall, this leads to a capital increase of 267 million euros. According to Uniper, an extraordinary general meeting will be called to obtain shareholder approval.
Uniper is an international energy group that sells electricity and gas to wholesale customers such as municipal utilities and industrial companies. It is heavily involved in gas trading with Russia and was in financial difficulties as a result of the current gas crisis. Uniper therefore applied for state aid two weeks ago.
12:22 p.m .: Scholz has to justify the federal government’s entry into Uniper again: “It was necessary for us to stabilize the Uniper company. This was also important to reassure everyone involved. Let’s pull together this great effort. We decided that today. We will also initiate further measures.”
12:13 p.m.: “The next meeting will be in mid-September. We will then specifically discuss what still needs to be done. We want to organize a good relief for the citizens. We will extend the sponsorship programs through the end of the year. We will ensure that we continue to provide equity support for companies so that systemically important companies do not get left behind. You’ll never walk alone. We will do what is necessary and we will get through the challenges in a stable manner,” emphasizes Scholz. Then he finishes his speech. Journalists are now allowed to ask the Chancellor questions.
12.11 p.m .: To relieve low-income citizens from the high energy prices, the federal government is planning a “major housing benefit reform”. It should expand the group of eligible households “early next year” and “integrate a flat-rate heating fee, so to speak, permanently,” said Scholz. Pensioners should benefit “particularly” from this.
“Through the entire package of measures, we have contributed to providing relief. The necessary measures also include enabling the company to pass on its high purchase prices. It does not stop with the relief packages of 30 billion. There will be a major housing benefit reform at the beginning of next year. We agree on that in government. We want to integrate a flat-rate heating fee here,” said the Federal Chancellor.
12:07 p.m .: “All measures will help the company to be able to make all the necessary decisions for the continuation of the company and look to the future with confidence,” says Scholz. From grocery stores to gas stations – everything is getting more expensive. “No one has to go into the future alone. The relief packages currently include 30 billion,” emphasizes Scholz.
12.04 p.m .: Scholz continues: “You’ll never walk alone. No one is left alone with their problems. Neither a citizen nor a company. We will do whatever is necessary and make the necessary decisions. The company has to procure the gas at a high price and is therefore unable to cope with the financial problems. The solution is: we will join Uniper with a 30 percent stake in the company.”
12:02 p.m.: “Energy security is a topic that concerns us all. As you know, some decisions have been made since then. Pipelines have been built, reservoirs need to be filled faster. Today we looked at the future of the Uniper company,” said Scholz at the beginning of his speech.
12:00 p.m.: Scholz enters the room. The press conference is open.
11:55 a.m .: The federal government and the ailing energy company Uniper have agreed on a rescue package worth billions. This also provides for the entry of the federal government, as Uniper announced on Friday. The federal government takes over 30 percent of the company’s shares. Chancellor Scholz is about to appear before the press.
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