DThe federal government is now also considering direct state participation in distressed energy companies in order to prevent a possible collapse of the gas supply and the gas industry. Such an approach could primarily help the troubled gas importer Uniper: Similar to the Corona crisis two years ago, when the state took a stake in Lufthansa, among other things, according to information from the FAZ, the federal government should be able to acquire shares in gas suppliers in the future . This time, too, the basis is formed by the so-called Economic Stabilization Acceleration Act (WStBG) and the Economic Stabilization Fund WSF contained therein. The Bloomberg news agency, citing an insider, speculates that Uniper alone could be looking for a rescue package worth up to 9 billion euros.
According to the plans, the entry into the state will be regulated by a new paragraph 29 in the Energy Security Act (EnSiG). A draft of a corresponding change request from the traffic light groups is available to the FAZ. If possible, the final version should be decided on Friday in the Bundestag and Bundesrat before the parliamentary summer break, so that the companies affected can soon be given a helping hand. According to reports, gas importers are losing tens of millions every day because they cannot pass on the increased costs due to Russian supply restrictions to their customers.
Managers were full of confidence in Russia
The fact that such a situation has now arisen is due to the earlier views of the companies concerned, which seem outdated today. A 2018 essay by top managers from leading gas suppliers shows it. This addresses criticism of the Nord Stream 2 pipeline and can still be found on Uniper’s website. In it, the managers explain that Russian gas supplies are an “essential building block” for security of supply and competitive gas prices. “We don’t know of any gas customer, whether private or industrial, who would rather exchange Russian pipeline gas for more expensive liquid gas from the USA,” they argue. The United States is not denied the right to force its liquefied natural gas (LNG) into the European market. “But: It cannot be that Europe’s energy supply is made a pawn in the hands of American energy, economic, security and geopolitics.” The EU is “well advised to counteract and counteract in a targeted manner”. In addition to Uniper, the companies Wintershall and OMV were involved in the essay.
The current draft of the traffic light coalition and its formal justification states that companies in the critical infrastructure in the energy industry could apply to the Federal Ministry of Economics for “stabilization measures”, i.e. public equity investments or guarantees. These should serve as a “positive continuation prognosis” for the company. However, there is no legal entitlement to the aid; the Ministry of Finance and the Chancellery must agree to it being granted. The issue of new shares and details of the entry are similar to the Corona investments. According to the Energy Security Act, there will be simplifications under company law for state participation in energy companies, for example for the necessary capital increases. It says: “The board of directors can decide, with the consent of the supervisory board, that the issue price falls below the market price of the shares.”