German utility Uniper is shutting half the office space in its headquarters and lowering temperatures in areas remaining open to save gas as it struggles to stay afloat even after being nationalized.

WION Business News | German utility major Uniper to shut 50% office space

A little more than a month after claiming that the 'worst was yet to come', German energy giant Uniper is taking desperate measures. Reportedly, the company is closing office space in its headquarters and lowering the temperature in the remaining areas to save gas.&nbsp;

According to local media reports, the company in its Düsseldorf headquarters has shut down devices and lamps in 50 per cent of the office spaces. The temperature has been lowered to 14 degrees and the cleaning has been stopped as well.&nbsp;

Meanwhile, the offices where employees are working, the thermostat has been set at 20 degrees.&nbsp;

Uniper, Germany's biggest importer of gas has been hit hard by the reduction in gas supplies from Russia. The company was in such dire straits that the Chancellor Olaf Scholz's&nbsp;government in July had to bail out the company with a $15.24 billion bailout package.&nbsp;

However, that didn't prove enough as the German government in September nationalised the company by announcing&nbsp;that it was acquiring&nbsp;98.5 per cent stake in the company and investing&nbsp;more than $7.9 billion.&nbsp;

<a href="https://www.wionews.com/world/germany-nationalises-energy-giant-uniper-to-combat-global-energy-crisis-518326">Read more:&nbsp;Germany nationalises energy giant Uniper to combat global energy crisis</a>

As reported by WION, prior to the nationalisation, Uniper CEO&nbsp;Klaus-Dieter Maubach had warned that the worst was yet to come for the continent of Europe.&nbsp;

“I have said this a number of times now over this year and I’m also educating policymakers. Look, the worst is still to come,” said Klaus-Dieter Maubach, Uniper CEO.&nbsp;

Adding that the wholesale prices had shot exponentially, Maubach called for an open discussion amongst the stakeholders.&nbsp;

“What we see on the wholesale market is 20 times the price that we have seen two years ago. 20 times. That is why I think we need to have really an open discussion with everyone taking responsibility on how to fix that,”

<a href="https://www.wionews.com/world/uniper-the-german-gas-giant-states-that-the-worst-is-yet-to-come-amid-the-halt-in-gas-supplies-513538">Read more:&nbsp;Uniper, the German gas giant states that the worst is yet to come amid the halt in gas supplies</a>

(With inputs from agencies) 
 
WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

A little more than a month after claiming that the 'worst was yet to come', German energy giant Uniper is taking desperate measures. Reportedly, the company is closing office space in its headquarters and lowering the temperature in the remaining areas to save gas.

A little more than a month after claiming that the 'worst was yet to come', German energy giant Uniper is taking desperate measures. Reportedly, the company is closing office space in its headquarters and lowering the temperature in the remaining areas to save gas. According to local media reports, the company in its Düsseldorf headquarters has shut down devices and lamps in 50 per cent of the office spaces. The temperature has been lowered to 14 degrees and the cleaning has been stopped as well. Meanwhile, the offices where employees are working, the thermostat has been set at 20 degrees. Uniper, Germany's biggest importer of gas has been hit hard by the reduction in gas supplies from Russia. The company was in such dire straits that the Chancellor Olaf Scholz's government in July had to bail out the company with a $15.24 billion bailout package. However, that didn't prove enough as the German government in September nationalised the company by announcing that it was acquiring 98.5 per cent stake in the company and investing more than $7.9 billion. Read more: Germany nationalises energy giant Uniper to combat global energy crisis As reported by WION, prior to the nationalisation, Uniper CEO Klaus-Dieter Maubach had warned that the worst was yet to come for the continent of Europe. “I have said this a number of times now over this year and I’m also educating policymakers. Look, the worst is still to come,” said Klaus-Dieter Maubach, Uniper CEO. Adding that the wholesale prices had shot exponentially, Maubach called for an open discussion amongst the stakeholders. “What we see on the wholesale market is 20 times the price that we have seen two years ago. 20 times. That is why I think we need to have really an open discussion with everyone taking responsibility on how to fix that,” Read more: Uniper, the German gas giant states that the worst is yet to come amid the halt in gas supplies (With inputs from agencies) WATCH WION LIVE HERE:

Germany energy giant Uniper shuts 50% office spaces to save gas

Germany is all set to nationalize the energy company Uniper in a bit to try and keep the company running and the energy crunch that the country is facing.

Germany to buy stake held by Finnish firm Fortum, fresh deal comprises infusion of $8 billion cash

Germany has nationalised its biggest gas importer – Uniper – in a bid to strengthen its position amid the ongoing energy crisis caused by the Russian invasion of Ukraine. As part of the deal, Germany will be investing more than $7.9 billion in the company and acquire a 98.5 per cent stake.

Previously, Uniper was controlled by the Finnish state-owned company Fortum. According to the energy company, the German government will buy all of their shares for around $495 million.

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-crisis-russias-vladimir-putin-announces-partial-military-mobilisation-518283" hreflang="en">'This is not a bluff': Putin announces partial military mobilisation in Russia</a>

“Under the current circumstances in the European energy markets and recognising the severity of Uniper’s situation, the divestment of Uniper is the right step to take, not only for Uniper but also for Fortum,” Fortum’s chief executive, Markus Rauramo said in his statement, reports&nbsp;Reuters.

“The role of gas in Europe has changed since Russia attacked Ukraine, and so has the outlook for a gas-heavy portfolio. The business case for an integrated group is no longer viable,” he added.

Germany has been struggling with energy shortages following the sanctions on Russia for its invasion of Ukraine. The ongoing crisis has also been quite harmful for Uniper which&nbsp;incurred losses of around $8.4 billion with its share prices going down by almost 90 per cent.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-and-canadian-warships-sail-through-taiwan-strait-second-time-in-three-weeks-518244">US &amp; Canadian warships sail through Taiwan Strait, second time in three weeks</a>

"The state will — that's what we're showing now — do everything possible to always keep the companies stable on the market," German economy minister Robert Habeck told Reuters.

Prior to the conflict, Fortum was a major contributor to the Finnish economy but in the past few months, the government in Finland has come under a lot of pressure due to the losses incurred.

(With inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Germany has nationalised its biggest gas importer – Uniper – in a bid to strengthen its position amid the ongoing energy crisis caused by the Russian invasion of Ukraine.

Germany has nationalised its biggest gas importer – Uniper – in a bid to strengthen its position amid the ongoing energy crisis caused by the Russian invasion of Ukraine. As part of the deal, Germany will be investing more than $7.9 billion in the company and acquire a 98.5 per cent stake. Previously, Uniper was controlled by the Finnish state-owned company Fortum. According to the energy company, the German government will buy all of their shares for around $495 million. Also read | 'This is not a bluff': Putin announces partial military mobilisation in Russia “Under the current circumstances in the European energy markets and recognising the severity of Uniper’s situation, the divestment of Uniper is the right step to take, not only for Uniper but also for Fortum,” Fortum’s chief executive, Markus Rauramo said in his statement, reports Reuters. “The role of gas in Europe has changed since Russia attacked Ukraine, and so has the outlook for a gas-heavy portfolio. The business case for an integrated group is no longer viable,” he added. Germany has been struggling with energy shortages following the sanctions on Russia for its invasion of Ukraine. The ongoing crisis has also been quite harmful for Uniper which incurred losses of around $8.4 billion with its share prices going down by almost 90 per cent. Also read | US & Canadian warships sail through Taiwan Strait, second time in three weeks "The state will — that's what we're showing now — do everything possible to always keep the companies stable on the market," German economy minister Robert Habeck told Reuters. Prior to the conflict, Fortum was a major contributor to the Finnish economy but in the past few months, the government in Finland has come under a lot of pressure due to the losses incurred. (With inputs from agencies)

Germany nationalises energy giant Uniper to combat global energy crisis

It's barely been a week since Gazprom announced an extended halt of the Nord Stream 1 gas pipeline but the doomsday predictions have already started rolling in. Reportedly, German energy giant Uniper and its CEO have warned that the worst is yet to come for the continent of Europe.

It's barely been a week since Gazprom announced an extended halt of the Nord Stream 1 gas pipeline but the doomsday predictions have already started rolling in. Reportedly, German energy giant Uniper and its CEO have warned that the worst is yet to come for the continent of Europe. “I have said this a number of times now over this year and I’m also educating policymakers. Look, the worst is still to come,” said Klaus-Dieter Maubach, Uniper CEO. Adding that the wholesale prices had shot exponentially, Maubach called for an open discussion amongst the stakeholders. “What we see on the wholesale market is 20 times the price that we have seen two years ago. 20 times. That is why I think we need to have really an open discussion with everyone taking responsibility on how to fix that,” It is pertinent to note that Uniper, Germany's biggest importer of gas has been hit hard by the reduction in gas supplies from Russia. The company was in such dire straits that the German government in July had to bail out the company with a $15.24 billion bailout package. Read more: Ready to meet Russia's payment demand on gas, says Germany's energy firm Uniper As reported by WION, Russia-state-owned gas giant Gazprom had suspended gas supplies through Nord Stream 1 gas pipeline for a period of three days, starting August 31. However, after the G7 group of nations reached a consensus on price capping, Kremlin quickly announced that new leaks had been discovered in the pipeline, leading to an indefinite halt. Earlier today, Gazprom stated that the resumption of the pipeline depended on Seimens, the German company. When asked when the pipeline would resume pumping gas again, Gazprom's Deputy Chief Executive Vitaly Markelov on the sidelines of the Eastern Economic Forum in the far-east city of Vladivostok stated, "You should ask Siemens. They have to repair equipment first." Read more: 'You should ask Siemens', Gazprom on the resumption of Nord Stream 1 pipeline (With inputs from agencies) WATCH WION LIVE HERE:

Uniper, the German gas giant states that the worst is yet to come amid the halt in gas supplies

A day before Russia shuts the all-important Nord Stream 1 gas pipeline which runs from Russia to Germany under the Baltic Sea, German chancellor Olaf Scholz stated that Germany could counter the Russian gas threat.

A day before Russia shuts the all-important Nord Stream 1 gas pipeline which runs from Russia to Germany under the Baltic Sea, German chancellor Olaf Scholz stated that Germany could counter the Russian gas threat. "Germany is in a much better position in terms of security of supply than was foreseeable a couple of months ago," Scholz told reporters on Tuesday. "We can deal well with the threats we are confronted with from Russia, which uses gas as part of its strategy in the war against Ukraine." he further added. Read more: Gazprom to reduce gas deliveries to Engie, France's biggest gas supplier Olaf's statements come a day after Economy Minister Robert Habeck stated that Germany had filled its gas reserves to almost 83 per cent. "Germany's gas storage facilities are nearly 83 per cent full and will hit 85 per cent full in early September. As a result, the markets will calm and go down" said Habeck. Nord Stream 1 will be shut down from tomorrow It is pertinent to note that the Russian state-owned gas company, earlier this month announced that the Nord Stream 1 gas pipeline will remain shut down for three days for 'routine maintenance', starting tomorrow i.e August 31. In the backdrop of the Russian invasion of Ukraine, Germany, much like the other European nations picked Kyiv's side. However, despite talking tough against Russia, Berlin still hasn't been able to get rid of Russian oil and gas, which accounted for more than 55 per cent of its requirement in 2021. Moreover, since February, the supplies from Russia have been reduced by more than 30 per cent, leading to an acute energy crisis in the country, with the price of oil and gas rising by almost four per cent compared to last year. Germany, akin to several other European nations is scampering for alternatives and looking to build reserves. However, the process is lengthy and one that cannot be achieved over the course of a few months. The perilous energy situation had forced the German government to splurge $14.93 billion last month to bail out Uniper, its largest importer of Russian gas. Read more: Germany: Topless protestors surround Olaf Scholz at a public event; demand ban on Russian gas imports (With inputs from agencies) WATCH WION LIVE HERE:

We are in better position to counter Russia's gas threat, says Olaf Scholz

Germany's energy firm Uniper on Friday (April 29) said it is ready to meet Russia's payment demand in roubles on gas.

Although this payment will not be direct as it will convert euros into roubles, critics believe that it will undermine the sanctions imposed by the European Union on Russia for invading Ukraine.

A spokesman for Uniper told BBC, "We consider a payment conversion compliant with sanctions law and the Russian decree to be possible."

"For our company and for Germany as a whole, it is not possible to do without Russian gas in the short term; this would have dramatic consequences for our economy."

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-russia-stops-exporting-gas-to-poland-bulgaria-474477/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

It comes after Germany's Economy Minister Robert Habeck said the EU's largest economy could cope with an embargo on Russian oil imports.

Austrian multinational integrated oil, gas, and petrochemical company OMV is also going to open rouble accounts in Swiss banks to make payments to Russia as per a report in the Financial Times.

Recently, Russian gas giant Gazprom halted its oil supply to Poland and Bulgaria for not making payments in the rouble.

European Union's President Ursula Von Der Leyen has vowed a ''coordinated response'' against Russia's ''unjustified'' move.

Also read |&nbsp;<a href="https://www.wionews.com/world/european-union-is-redrawing-blocs-energy-map-to-overcome-its-reliance-on-russia-474904" hreflang="en">EU is redrawing bloc's energy map to overcome its reliance on Russia</a>

''What we cannot accept is that companies are obliged to open a second account and that between the first and second account, the amount in euros is in the full hands of the Russian authorities and the Russian Central Bank, and that the payment is only complete when it is converted into roubles,'' an EU official told British newspaper Dailymail.

Watch WION's live TV:

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

EU is redrawing the bloc's energy map to overcome its reliance on Russia. It plans on using the Gas Interconnector Greece-Bulgaria pipeline to supply gas to all members.

After Germany said it is no longer opposed to an embargo on Russian oil, oil prices rallied as it could further tighten supplies in the already stressed global crude market.

"As a result of this, oil from the free world is going to be more expensive, and Iron Curtain oil will plunge further in value and be discounted more heavily," said John Kilduff, partner at Again Capital LLC in New York.

(With inputs from agencies)

Germany's energy firm Uniper on Friday (April 29) said it is ready to meet Russia's payment demand in roubles on gas. Although this payment will not be direct as it will convert euros into roubles, critics believe that it will undermine the sanctions imposed by the European Union on Russia for invading Ukraine.

Germany's energy firm Uniper on Friday (April 29) said it is ready to meet Russia's payment demand in roubles on gas. Although this payment will not be direct as it will convert euros into roubles, critics believe that it will undermine the sanctions imposed by the European Union on Russia for invading Ukraine. A spokesman for Uniper told BBC, "We consider a payment conversion compliant with sanctions law and the Russian decree to be possible." "For our company and for Germany as a whole, it is not possible to do without Russian gas in the short term; this would have dramatic consequences for our economy." It comes after Germany's Economy Minister Robert Habeck said the EU's largest economy could cope with an embargo on Russian oil imports. Austrian multinational integrated oil, gas, and petrochemical company OMV is also going to open rouble accounts in Swiss banks to make payments to Russia as per a report in the Financial Times. Recently, Russian gas giant Gazprom halted its oil supply to Poland and Bulgaria for not making payments in the rouble. European Union's President Ursula Von Der Leyen has vowed a ''coordinated response'' against Russia's ''unjustified'' move. Also read | EU is redrawing bloc's energy map to overcome its reliance on Russia ''What we cannot accept is that companies are obliged to open a second account and that between the first and second account, the amount in euros is in the full hands of the Russian authorities and the Russian Central Bank, and that the payment is only complete when it is converted into roubles,'' an EU official told British newspaper Dailymail. Watch WION's live TV: EU is redrawing the bloc's energy map to overcome its reliance on Russia. It plans on using the Gas Interconnector Greece-Bulgaria pipeline to supply gas to all members. After Germany said it is no longer opposed to an embargo on Russian oil, oil prices rallied as it could further tighten supplies in the already stressed global crude market. "As a result of this, oil from the free world is going to be more expensive, and Iron Curtain oil will plunge further in value and be discounted more heavily," said John Kilduff, partner at Again Capital LLC in New York. (With inputs from agencies)

Ready to meet Russia's payment demand on gas, says Germany's energy firm Uniper

uniper

Uniper, News on Uniper, stories on Uniper, articles on Uniper, Uniper stories at Wion, Uniper news, Uniper latest news