Germany nationalizes with a vengeance in the energy sector

It is an over-indebted company that the State is taking over. The German state announced Monday, November 14 the nationalization of the German subsidiary of the Russian giant Gazprom. In reality, the gas supplier has already been administered by Germany since April, two months after the start of the war in Ukraine. Moscow had then withdrawn all its assets placed in this subsidiary, leaving it at the mercy of an unknown buyer, or running the risk of being simply liquidated. Out of the question for the Germans to let this strategic map be sold off. Formerly called Gazprom-Germania, the company still controls 14% of the country’s gas supply.

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This is not the first nationalization operation by Germany in the sector. This is the third prominent energy group rescued from drowning in the space of a few months. Before Gazprom-Germania bailed out thanks to twelve billion euros in public loans, there was the rescue of Uniper, very German this time, but suffocated by Russian gas cuts. A rescue of 30 billion euros for the German taxpayer. Virtually at the same time, the state placed Rosneft Germany under guardianship.

Obviously, there are no anti-competitive problems in the eyes of the European Commission, which has even granted Germany the possibility of releasing state aid of 226 million euros to complete the operations.

Where does this money come from? From the mega support plan of 200 billion euros decided at the beginning of October by the German State to protect its economy. A unilateral plan that the majority of European capitals describe as “selfish”. A Germany which helps itself to overcome the crisis with a lot of money in the face of other countries which cannot necessarily do so for lack of means. Critics have not stopped raining down on German Chancellor Olaf Scholz, who is once again proving his ability to hunker down to protect himself and his family during storms.