Uniper, Germany Energy Provider, Runs Through Credit – The New York Times

by | Jul 18, 2022 | Energy

One of Germany’s largest energy providers, Uniper, has used up a 2 billion euro credit line from the German state-owned investment bank and has applied for more money, it said Monday, increasing the pressure on Berlin to bail out the company.Uniper, which is also Germany’s largest importer of Russian gas, has racked up daily losses of tens of million of euros since Russia cut gas flows to Germany last month, forcing it to buy gas from other sources at much at higher prices. The company has been forced to begin drawing down its own natural gas reserves that were set aside for winter, and has informed customers that gas prices may rise, steps it described as “emergency measures.”The news comes as flows of natural gas through Nord Stream 1, the main pipeline connecting Germany and Russia, have stopped for annual maintenance. The routine shutdown this year has raised concerns that President Vladimir V. Putin of Russia will keep the pipeline closed to punish Germany and the rest of Europe for their opposition to the war in Ukraine.Other pipelines, running through Poland and Ukraine, are not being used as alternative links to send gas as they have been in past years during the temporary shutdown, Germany’s pipeline regulator said.Uniper, based in Düsseldorf, functions as a kind of middleman between Gazprom, the Russian state-owned gas giant, and German factories and municipalities, and it has been forced to make up for shortfalls of Russian fuel through alternate supplies at much higher prices. The company …

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