Germany Nationalizes Second Gas Major as It Fights Energy Crisis
- Government will take over SEFE and boost loan to €13.8 billion
- Country already bailed out Uniper SE after massive losses
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Germany moved to nationalize a second major gas company in two months as Berlin seeks to secure supplies for the winter and contain the financial shock from Russia’s squeeze on European energy.
The takeover of SEFE Securing Energy for Europe GmbH, the former European trading and supply unit of Gazprom PJSC, is necessary to prevent a collapse that could set off a chain reaction through the economy, forcing factories to shut down and households to go without heat. SEFE is a central distributor for commercial and residential users.