Germany's largest importer of Russian gas, Uniper, is in talks with the government about a rescue to patch a $9.4 billion hole

German energy giant Uniper SE is in talks with the government about a potential aid package of up to 9 billion euros, reports Bloomberg, citing sources familiar with the situation.

The government is considering applying a range of measures, including loans, taking an ownership stake, and passing part of the cost increase on to customers, according to information from two people said to be familiar with the talks on this issue.

The Finance Ministry and Uniper declined to comment on this information. The company, which is the largest importer of Russian gas in Germany, announced last week that it is in talks with the government to secure liquidity.

Its shares plunged 28 percent on Monday, bringing it to a market value of 4.14 billion euros.

Germany, which built its current economic model on cheap Russian gas, is seeking a way to cope with restricted supplies and soaring energy prices, while Moscow punishes Europe for its support for Ukraine.

Habeck: A new Lehman Brothers effect is looming

German Economy Minister Robert Habeck warned that the gas crisis could trigger a market collapse, with a role similar to Lehman Brothers in the great financial crisis.

As part of the plan, the government is preparing a law that would allow the state to take stakes in struggling energy companies, according to two people familiar with the situation. It would also let customers bear a greater burden of rising gas prices. The government is expected to approve the legislative proposal this week.

Utility companies are calling on the government to impose charges on consumers to offset the rising gas costs. Analysts estimate that reduced Russian deliveries are costing Uniper 30 million euros a day.

Minister Habeck said that pressure on Russian supplies could worsen and warned of the risk of a domino effect of failing companies.

‘This is a rational economic war‘

The broader economy is also at risk, as the government tries to contain the consequences of the crisis for consumers and industry. Rationing plans have been drawn up, which could lead to Germany's vast industry facing shortages.

“We are not dealing with the making of some erratic decisions, but with economic war, entirely rational and very clear,” Habeck said on Saturday. “After a 60 percent reduction (in supplies), what follows is logical”.

The Economy Ministry declined to comment on the latest information on Monday. German Chancellor Olaf Scholz signaled over the weekend that the government could use rescue tools designed during the covid-19 pandemic to save Lufthansa in the current crisis.

Germany granted this airline loans and took a 20 percent stake, along with a ban on dividend payments and management bonuses.

Source: jutarnji.hr