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
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.

German gas giant begging for state funding

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Sep 2022 08:00
  • 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

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
People protest against Israeli Prime Minister Benjamin Netanyahu during the 79th session of the United Nations General Assembly, in New York, on Friday, September 27, 2024 (AP)
Politics

'Israel' stops unfunded diplomacy ahead of UN, October 7 memorial

An Israeli Air Force fighter jet releases flares over the Gaza Strip, is seen from southern occupied Palestine, Thursday, May 8, 2025 (AP)
Politics

OIC summit draft: Israeli attack on Qatar risks normalization

People shout slogans and hold Palestinian flags while protesting during the twenty-first stage of La Vuelta cycling race from Alalpardo to Madrid, Spain, Sunday, Sept. 14, 2025. (AP)
Sports

Pro-Palestine protests force abrupt end to Vuelta a España finale

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, on Wednesday, September 10, 2025 (AP)
Politics

Israeli regime faces growing isolation over Qatar strike: Reports

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