Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Saadi: There were concerns that Lahham would be placed under administrative detention.
Al-Saadi: The Israeli occupation authorities could not prove any allegations leveled against Nasser Lahham.
Lawyer Oussama al-Saadi: The oppressive Israeli measures of delaying Lahham's release had vengeful motives.
Nasser Lahham's lawyer said the journalist was released without any conditions or restrictions, adding that the conditions in which he was kept were terrible.
The Israeli occupation authorities release Al Mayadeen Palestine bureau chief Nasser al-Lahham.
Local Syrian sources: An Israeli airstrike targeted a tank and artillery battalion in the city of Izraa in the Daraa countryside
Al Mayadeen's correspondent in eastern Lebanon: 12 martyrs and 5 wounded in Israeli raids targeting the outskirts of Wadi Fa'ra in the northern Bekaa Valley
Local Syrian sources: More than 10 Israeli raids targeted Sweida, with information about more than five casualties from the Internal Security Forces
Local Syrian sources: Initial reports indicate that approximately 15 people were killed or wounded at the al-Radwan family's guest house in Sweida following a direct exchange of gunfire
Israeli media, citing Israeli political sources, reported that the Shas movement is expected to withdraw from the government within less than 24 hours

German gas giant begging for state funding

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Sep 2022 09:00
  • 1 Shares
4 Min Read

Uniper’s CEO Klaus-Dieter Maubach warns that Germany’s largest gas importer might run out of money provided by Berlin in the form of an aid package later this month.

  • x
  • Uniper’s gas storage facility in Bavaria (Reuters)
    Uniper’s gas storage facility in Bavaria (Reuters)

Uniper, Germany's largest gas importer, felt the pain of sky-high energy prices as it struggles to replace Russian gas supplies amid mounting losses, as per its CEO Klaus-Dieter Maubach.

The CEO also cautioned that the company might run out of money provided by Berlin in the form of an aid package later this month.

Due to reduced Russian gas supplies, which Moscow blamed on technical issues and Western sanctions, Uniper was forced to compensate for the lost volumes by purchasing gas at high spot market prices and selling it to customers at lower long-term prices.

As a result, the company reportedly made a loss of more than $12 billion as early as July, forcing the government to intervene.

The government compensated Uniper for its losses by acquiring a 30% stake in the company and providing it with an additional $7.7 billion aid package to help it survive until the fourth quarter of 2022. Uniper now admits that it would be insufficient.

Maubach tersely warned that the company would hit the financial aid limit “definitely … earlier”.

“Most likely we will reach that ceiling in September already,” he told reporters on the sidelines of the Gastech conference in Milan.

According to Bloomberg, the agreement with the government could result in the gas giant receiving up to €20 billion to prevent its collapse and a potential domino effect in the national energy sector. 

Furthermore, the company is about to receive additional credit from the German state bank KfW, which was approved this week. 

Related News

Germany confirms nationalization of gas importer Uniper

UK Gov. to take measures over extraordinary profits in energy sector

Uniper would receive €4 billion in addition to the €9 billion credit line it already had, as per Germany's Handelsblatt business daily.

Despite all of the financial assistance, the German gas giant's future does not appear to be bright, according to Maubach.

"Look, the worst is yet to come," he said.

"What we see on the wholesale market is 20 times what we saw two years ago," he added.

About 60% of Germany's natural gas supply was piped in from Russia in 2020, primarily under long-term contracts.

On Monday, natural gas prices in Europe rose by 30% after Russia's Nord Stream 1 pipeline failed to restart operations due to sanctions-related maintenance issues. The pipeline's operator, the Russian energy giant Gazprom, said it would remain closed indefinitely. Moscow went on to say that as long as Western sanctions remain in place, pipeline operations will be hampered.

Germany’s winter energy crisis

The German government approved Sunday a $64.7 billion relief package, which includes continued cheaper public transport and tax breaks for energy-reliant companies, as they have been affected the most by the biggest surge in prices.

According to the Federal Statistical Office, Germany's inflation rose to almost 8% in August after declining slightly in the months of June and July.

The consecutive sanctions against Moscow prompted a race against the clock to diminish Germany's reliance on Russian gas before winter.

13 EU nations have either ceased getting Russian gas entirely or are only receiving a portion of it due to the temporary blockage of the Nord Stream pipeline 1, according to TASS.

This is the third relief package by the German government this year. The two previous ones included a gasoline rebate that expired at the end of August, the €9 transportation ticket, and an energy price flat payment to workers.

  • Germany
  • Uniper
  • German gas giant
  • Energy crisis
  • Uniper’s CEO
  • Russian Gas
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025
This satellite image from Planet Labs PBC shows damage after an Iranian attack at the al Udeid Airbase outside of Doha, Qatar, June 25, 2025 (Planet Labs PBC via AP)

Satellite images show Iran attack damaged US comms dome in Qatari base

  • Politics
  • 11 Jul 2025
An Israeli soldier abandons an excavator during an ambush by al-Qassam Brigades. Arabic text reads "The moment the soldier fled", July, 10, 2025 (Al Qassam Military Media)

Israeli media rue al-Qassam footage, alarmed by fighters among troops

  • Politics
  • 11 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Syrian government forces deploy at the Mazraa village on the outskirts of city of Sweida, where clashes erupted between Bedouin clans and Druze factions, southern Syria, Monday, July 14, 2025 (AP)
Politics

Gulf-backed negotiations underway in Syria's Sweida to end clashes

UN: 798 Palestinians killed while trying to reach aid in Gaza
Palestine

UN: 798 Palestinians killed while trying to reach aid in Gaza

A damaged car is seen at a field that was hit in an Israeli airstrike in Nabi Sheet village, in Lebanon's eastern Bekaa Valley, Wednesday, August 21, 2024 (AP)
Politics

Hezbollah condemns Israeli Bekaa massacre, urges action from Lebanon

Palestinians walk next to the closed humanitarian aid distribution center of UNRWA, the UN agency helping Palestinian refugees in Jabaliya, Gaza Strip, on Tuesday, April 29, 2025 (AP)
Politics

Israeli regime cuts electricity, water supplies to UNRWA Gaza offices

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS