Energy | According to Owner Guidance Minister Tuppurainen, the Uniper agreement was the best possible solution – we still can’t promise that taxpayers’ money won’t sink into the German company in the future

The government Minister for Europe and Ownership Tytti Tuppurainen According to (sd), the agreement reached on Friday between Finland, Germany, Fortum and Uniper on the energy company Uniper’s rescue package was the best that could be achieved.

“The most important thing was to find a solution that each party could accept and which secures European, and thus also Finnish, security of supply,” Tuppurainen commented on the agreement at a press conference held on Friday.

Despite the agreement reached, Uniper’s problems are not over. According to Tuppurainen, we still can’t promise that taxpayers won’t incur costs from Uniper’s problems in the future.

“In this context, the starting point was that taxpayers’ money is not needed and that Fortum should no longer capitalize Uniper,” Tuppurainen said and emphasized that these goals were achieved.

“What will happen in the future remains to be seen. We are still in a difficult situation. We are by no means in calm waters. On the contrary, Russia is still waging an energy war against Europe.”

Fluffy reminded at the press conference that Uniper is still a valuable company for Finland and Fortum, even though it has had to be supported. As an example of this, he mentioned Uniper’s water and nuclear power holdings.

According to him, the agreement reached now guarantees that the profitable business of both Fortum and Uniper is secured in the longer term.

“Sometimes investments pay off quickly, sometimes they become a loss, sometimes the returns come in the longer term,” Tuppurainen said.

Particularly Tuppurainen considered the important thing in the agreement reached was that it limited future risks for Fortum due to Germany’s energy policy.

Until now, Uniper has sold gas in Germany cheaper than its purchase price. With the agreement now signed, Uniper can pass on 90 percent of the higher gas procurement costs to its customers from October.

If Uniper’s losses due to the continuous delay until October exceed 7 billion euros, according to the agreement, the German state will cover them. This additional support would not reduce the share of the current owners.

According to Tuppurainen, the fact that the possibility to transfer the costs to customers will only start in October was Germany’s decision.

“The solutions here have been in the hands of the German government,” he stated.

According to Tuppurainen, it is important for Finland not only from the perspective of the costs incurred by Fortum, but also from the point of view of the green transition, that the Germans will pay a more market-based price for gas.

Suomea Tuppurainen considered it a good example of how the high price of gas has successfully directed people and companies to give up its use.

Fluffy also responded to criticism at the press conference that the state’s ownership management had not anticipated Uniper’s problems sufficiently.

According to him, examples of proactive activities have been the appointment of a civil servant representative to the Fortum board and the fact that Fortum has been given a message that “there is no prospect of increasing the shareholding in Uniper”.

Fortum’s current board and its chairman Markus Rauramo Tuppurainen’s confidence has not wavered.

“The company’s board enjoys the trust of the main owner”, Tuppurainen stated unequivocally at the press conference.