The Briefing Room
General Category => World News => Topic started by: Right_in_Virginia on September 23, 2022, 01:21:42 am
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Germany nationalizes its biggest natural gas importer
CNN, Sep 22, 2022
Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter.
Europe has been hit by soaring natural gas and electricity prices as a result of Russia's invasion of Ukraine and its throttling of gas supplies.
The German government will hold around 99% of Uniper after injecting new capital and buying out its Finnish parent company Fortum (FOJCF), German Economy Minister Robert Habeck told journalists in Berlin on Wednesday. Uniper provides 40% of the country's gas supply and is crucial for large companies and private consumers in Europe's biggest economy.
In July, Chancellor Olaf Scholz announced the government would step in to bail out Uniper with a package worth up to €15 billion ($15.3 billion), after it was brought to its knees by months of Russian supply cuts and soaring spot market prices.
More: https://www.cnn.com/2022/09/21/energy/uniper-germany-energy-crisis/index.html
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Has there ever been a case where a country nationalized an industry and it increased the supply?
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Has there ever been a case where a country nationalized an industry and it increased the supply?
No. Never.