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It said that under EU State aid rules the recapitalisation measure notified by Germany complied with conditions on the necessity, appropriateness and size of the intervention.
“The measure aims at restoring the financial position and liquidity of Uniper in the exceptional situation caused by Russia’s war of aggression against Ukraine and the subsequent disruption of gas deliveries, while maintaining the necessary safeguards to limit competition distortions,” the Commission said.
It said the recapitalisation of Uniper by Germany comprises an immediate cash capital increase of 8 billion euros, which will be subscribed at a price of 1.70 euros per share.
It also approved an authorised capital of up to 26.5 billion euros which Germany intends to pay in stages through 2023 and 2024 and whose price will depend on the difference between the cost incurred by Uniper to purchase gas on the gas market at prevailing higher prices, and the price at which it would have been entitled to receive this gas under previous long-term contracts with Russian suppliers.
Uniper’s CEO said last week he had expected Brussels to clear the state aid albeit with conditions.
