Germany Moves to Prevent Energy Collapse With $17 Billion Rescue
- Government to get veto rights at Uniper through 30% stake
- Energy giant was vulnerable to Putin’s moves to curb gas flows
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Germany agreed to provide a 17 billion-euro ($17.3 billion) rescue package for struggling utility Uniper SE in its biggest move to date to prevent the collapse of its energy network in the wake of Russia’s moves to slash gas deliveries.
While consumers will soon start to bear the cost of the fallout of lost supply, Chancellor Olaf Scholz vowed to contain the impact of the energy crunch on the wider economy as the country prepares for potential gas rationing in the coming months.