A second German energy company, according to Reuters, received state aid for liquidity squeeze after Uniper UN01.DE secured credit facilities in January to tackle energy market volatility, a source close to the finance ministry said.
Rising electricity prices have caused problems for European energy companies, which are offsetting gas and electricity sales to make up for price differences between markets. German Uniper secured credit lines of up to $ 11 billion from parent company Fortum and state-owned bank KfW in January. Read the whole story
Confirming a report to Welt am Sonntag, the source declined to name the second company, but said it had taken out a short-term loan of 5.5 billion euros ($ 6 billion), one of the largest KfW has given to a company.
The finance ministry declined to comment. A spokesman for the economy ministry said he did not want to comment on individual cases.
“In general, KfW liquidity instruments are available in all areas and are effective where short-term liquidity needs to be ensured,” the spokesman said.
STEAG, Germany’s fifth largest utility company, also came under pressure. She said in January that she had secured at least 100m euros in additional funding to protect it from rising prices.
Source: Capital
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