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AP National Business

German government agrees on bailout for energy supplier

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Published 3:03 AM

By GEIR MOULSON
Associated Press

BERLIN (AP) — The German government will take a roughly 30% stake in energy supplier Uniper as part of a rescue package prompted by surging prices for natural gas and reduced Russian deliveries. Uniper, which has been Germany’s biggest importer of Russian gas, asked for a bailout two weeks ago. The rescue package announced Friday will result in higher prices for consumers. German Chancellor Olaf Scholz says a levy for gas customers will start in September or October that could add up to 200 to 300 euros per year to the bill for a family of four. Uniper says a sharp reduction in Russian gas in recent weeks has forced it to buy substitute supplies at significantly higher prices.

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