Germany has reportedly agreed to nationalize its largest gas importer Uniper to fight the impending crisis as the country battles energy shortages because of the Russia’s war in Ukraine. It also involves an €8 billion (£7 billion) government capital infusion. Fortum, a state-owned energy corporation in Finland that had previously controlled Uniper, welcomed the move. Since Russia's war on Ukraine, the significance of gas in Europe has drastically transformed, as has the prospects for a gas-heavy portfolio. According to Rauramo, Uniper has lost close to €8.5 billion ($8.1 billion) owing to Russia's ban on natural gas exports to European nations backing Ukraine.

Source: The Guardian September 22, 2022 11:07 UTC