Germany working on government takeover of gas companies to avoid energy collapse

  • 📰 FoxNews
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 87%

Business News News

Business Business Latest News,Business Business Headlines

Germany is looking to take over three major energy companies as a way to avert a potential collapse of the country's energy market after Russia's invasion of Ukraine.

Germany has been heavily dependent on Russian natural gas in recent years as the country has sought to convert to greener sources of energy, becoming one of Russia's more dependable customers until itsBut without the flow of Russian gas to make up the energy shortfall, Germany is now considering what would be a drastic step to avert collapse.

"Things are complex, we are working it through very carefully," German economy minister Robert Habeck said, according to Bloomberg.Taking ownership of the three companies will not be easy, with Unipar still being majority owned by Finnish utility Fortum. Meanwhile, a takeover of SEFE risks inadvertently channeling funds to Russia as a result of the company's ownership by a Russian entity called Joint Stock Company Palmary.

While a law passed by Germany in April would allow for the takeover, it would also likely require payment to thy company's Russian owners.Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

chenweihua

What could go wrong

With Bidens climate polices is the U.S. far behind? Just look what is happening in California when you rush to go green without proper planning!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines