German Government Agrees Nationalization Deal for Energy Giant Uniper as Russia Squeezes Gas Supplies
Fortum will deconsolidate Uniper as of the third quarter of 2022, the company said Wednesday, while Fortum's 4 billion euro loan to Uniper will be repaid and the Finnish company will be released from a 4 billion euro parent company guarantee.
"Under the current circumstances in the European energy markets and recognising the severity of Uniper's situation, the divestment of Uniper is the right step to take, not only for Uniper but also for Fortum," said Fortum CEO Markus Rauramo. "The role of gas in Europe has fundamentally changed since Russia attacked Ukraine, and so has the outlook for a gas-heavy portfolio. As a result, the business case for an integrated group is no longer viable."
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