Russian Gas Cuts Push Uniper into Bailout Talks
Uniper SE, one of Europe's largest utilities, is in bailout talks with the German government, saying earnings would be hit hard by dwindling natural-gas supplies from Russia. Russia's state-controlled Gazprom PJSC reduced deliveries to Germany via the Nord Stream pipeline to 40% of its capacity earlier this month. Uniper, by extension, said it has been receiving only 40% of its contractually committed gas volumes from Gazprom since mid-June. Uniper, which relies on those deliveries to meet demand from its commercial and residential customers, has had to make up the difference in the spot gas market, paying higher prices for that gas.