Shareholders of Uniper clear way for German nationalization

[Burgermeister]

One down. Keep an eye on western energy companies. Anyone could have seen the demise of these gas importers coming with a conflict with Russia. Germany even changed the laws back in May to make the government takeover possible - Reform of the Energy Security Act: New Options for Action to Secure Energy Supply in the Event of Crisis | JD Supra

BERLIN -- Shareholders of German energy company Uniper on Monday approved a rescue package for the gas supplier, clearing the way for its nationalization.

The government announced its plan to nationalize Uniper in September, expanding state intervention in the power sector to prevent an energy shortage resulting from Russia’s war in Ukraine. The deal built on an initial rescue package agreed to in July and features a capital increase of 8 billion euros ($8.5 billion) that Germany will finance.

As part of the agreement, the government will gain a nearly 99% stake in the energy supplier, which before now was controlled by Finland-based Fortum. The Finnish government has the largest stake in Fortum.

And now for the payoff -

Environmental groups have called on the government to use its stake in the company to steer it away from new fossil fuel projects, such as natural gas projects off the coast of Australia.

Shareholders of Uniper clear way for German nationalization

Shareholders of German energy company Uniper have approved a rescue package for the gas supplier, clearing the way for its nationalization

abcnews.go.com

 

[johngaltshrugged]

Horrible idea to put those behind the AGW scam in charge of energy supplies & production.
Just ask Venezuela how it worked out for them
Western govts won't stop until they have total control over everything we need to survive