Posted BY: Wyatt | NwoReport
(Natural News) After bailing out one of the country's largest private utility companies, Germany is now considering nationalizing it.
Uniper, which is being hit exceptionally hard by the ongoing European energy crisis, needs a lot of help if it is going to survive. The company has seen tremendous losses ever since the West imposed sanctions against Russia over its invasion of Ukraine.
In response to those sanctions, Russia shut off the Nord Stream 1 (NS1) natural gas pipeline, which powers Germany, France and other Western European nations that now face total economic collapse due to loss of energy.
Uniper has since had to purchase gas from outside its contracts on the open market. Looking at the charts, the cost of this outside energy is simply astronomical.
According to reports, Berlin has agreed to purchase the remaining stake owned by Uniper's parent company, Finnish utility Fortum Oyj, for $1.69 per share.
"Buying Fortum's stake means Germany will own 99% of Uniper," it was reported. "The cost of nationalization comes as Berlin is set to inject 8 billion euros, equivalent to around $8 billion, into the utility."
They're just rearranging the deck chairs while the ship sinks
The stated goal of the purchase is to keep the lights on in Germany as the country faces a very dark winter in a few months due to its own policies against Russia.
"This step has become necessary because the situation has worsened significantly," announced Robert Habeck, Germany's economic minister.
"The state will do everything necessary to keep systemically important companies in Germany stable at all times."
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