Posted on 09/22/2022 8:34:53 AM PDT by BenLurkin
Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter.
Europe has been hit by soaring natural gas and electricity prices as a result of Russia's invasion of Ukraine and its throttling of gas supplies.
The German government will hold around 99% of Uniper after injecting new capital and buying out its Finnish parent company Fortum (FOJCF), German Economy Minister Robert Habeck told journalists in Berlin on Wednesday. Uniper provides 40% of the country's gas supply and is crucial for large companies and private consumers in Europe's biggest economy.
In July, Chancellor Olaf Scholz announced the government would step in to bail out Uniper with a package worth up to €15 billion ($15.3 billion), after it was brought to its knees by months of Russian supply cuts and soaring spot market prices.
(Excerpt) Read more at cnn.com ...
Dictators got to dictate
But wait, this wasn’t in the contract!
( Wasn’t that the EU response when they froze Russian bank accounts and the Russia demanded to be paid in rubles)
Nothing like a good nationalization, just ask the Venezuelans.
My guess is that the period of naionalization will be relatively brief, with the books examined, some debts repudiated or pared down, capital injected, and a new healthy company then sold off once energy markets have stabilized.
Germany is going to be a third world cesspool soon.
I am from the government and I am here to help.
European version of the Great Leap Forward like Mao suggested in 1948. Now expect old-fashioned pogroms to follow complete with civil unrest.
Could it be that these bureaucrats all studied Oil&Gas Engineering at the Max Planck Institute?
Then all is well.
... ding, ding, ding! Round 1 of the European Cold Dark Winter.
LOL! Thx for the laffs! Spent 30-45 minutes over there!!
Not really.
Your hatred would have impressed any Nazi.
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