Finland Utility Operator Fortum to Consider all Options as Germany Taps Gas Reserves

Finnish utility Fortum, the majority owner of German Uniper, said Thursday it would consider all options to stabilize Uniper to safeguard the security of the energy supply in Germany.

“Faced with new geopolitical realities, we have to consider all options that will ensure security of supply and the stability of the European energy markets in the long run,” Fortum President and CEO Markus Rauramo said.

“In this crisis, brought about by Russia alone, we all have to give something up to safeguard the future,” Rauramo added.

Last week, Uniper asked the German government for a bailout as the reduced Russian gas supplies obliged the company to buy gas at extremely soaring prices that it could not pass on to its customers.

On Monday, Russia halted all gas deliveries via Nord Stream as part of its two-week maintenance of pipelines carrying gas from Russia to Germany.

On Thursday, Germany’s energy regulator announced that the country’s chance of having enough gas in storage in the winter months is less as it had to tap its gas storage.

Meanwhile, Finnish ownership steering minister Tytti Tuppurainen said talks with Germany to rescue Uniper are critical.

“There are several options on the table, but a lot of work still remains to be done. We have to find a solution very soon,” Tuppurainen said.

As of Friday, Gas Infrastructure Europe data show that the gas storage in the EU was 62.94% full, while Germany’s storage sites were 64.53% full.

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