Uniper SE said Wednesday that the German government would spend 8 billion euros ($7.9 billion) to take a 99% stake in the company and nationalize the country’s largest utility. The German government would also acquire all the shares held by Uniper’s largest stakeholder, Finnish energy company Fortum Oyj. The deal amends a bailout announced in…
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Woodside Grows U.S. LNG Offtake with Commonwealth Deal After Commitment to Germany
Woodside Energy Group Ltd., one of Australia’s largest energy companies, finalized offtake agreements for U.S. supply from Commonwealth LNG as it expands its own supply obligations to Europe. Woodside Energy, formerly Woodside Petroleum, disclosed Tuesday it has inked two 20-year sale and purchase agreements (SPA) for up to 2.5 million metric tons/year (mmty) of liquefied…
European Natural Gas Crisis Spills Into Power Markets as Prices Hit Record Highs
The cost of electricity has surged to record highs across Europe this week, following a meteoric rise in natural gas prices that could pave the way for painfully high consumer rates across the continent through the winter and well beyond. Electricity futures across much of the continent jumped above 600 euros/MWh this week, an exponential…
Germany Inks Initial LNG Supply Agreement for Two Terminals
Germany’s government has moved to secure supply for its two developing LNG terminals with a tentative agreement between some of the country’s largest energy firms. Economy Minister Robert Habeck signed a memorandum of understanding (MOU) Tuesday with Uniper SE and RWE AG agreeing to cooperate on supplying liquefied natural gas (LNG) for two import terminals…
Germany to Take Major Stake in Giant Natural Gas Supplier Uniper Under Bailout Deal
The German government has agreed to take a 30% stake in Uniper SE with a capital infusion to bailout the giant utility, which has suffered from natural gas supply cuts and soaring prices. Uniper’s CEO Klaus-Dieter Maubach said the deal would preserve the company’s “system-critical” role for Germany’s energy supply. The country is the largest…
Squeezed by High Natural Gas Prices, Uniper Turns to German Government for Aid
Germany’s Uniper SE, the country’s largest utility and biggest importer of Russian natural gas, has asked for a government bailout after Gazprom PJSC reduced supplies from the Nord Stream 1 pipeline last month by 60%. Uniper filed a formal application under Germany’s Energy Security Act (EnSiG) asking the government to take a stake in the…
Southwestern Energy, Uniper Clinch Agreement for Certified Natural Gas Supply, LNG Exports
Southwestern Energy Co. said Tuesday it has a deal with the North American subsidiary of Uniper SE to supply independently certified natural gas for domestic and international distribution. The agreement pairs Southwestern, the second largest U.S. natural gas producer, with an affiliate of Uniper, one of Germany’s largest energy supply companies, at a time when…
Europe’s Gate LNG Terminal Adding Import Capacity to Meet Growing Demand
The Gate liquefied natural gas (LNG) import terminal in the Netherlands plans to add another 1 billion cubic meters (Bcm) of annual regasification capacity to serve growing demand. The expansion would boost overall capacity at the facility to 13.5 Bcm annually, or roughly 477 Bcf/year, along with recently announced expansions. The additional send-out capacity is…
Uniper Completes Early Trials in Germany to Move LNG by Rail
An affiliate of German power company Uniper SE said it has successfully completed tests to move liquefied natural gas (LNG) by rail in specialized tank cars, bringing the mode of transporting the fuel one step closer to wider use across the world. Rail logistics company Vtg AG carried out initial trials on behalf of Uniper’s…
German LNG Project, Supplied in Part with Texas Gas, Secures HOA with ExxonMobil
A unit of ExxonMobil Corp. has entered into a heads of agreement (HOA) to take a “substantial share” of capacity long term from Uniper SE’s planned natural gas floating storage and regasification unit (FSRU) in Germany.