By Georgi Kantchev

 

Germany will take a 30% stake in Uniper SE and provide funding in a bailout deal to save the ailing utility after it was hit hard by dwindling supplies of Russian gas and rising energy prices.

The rescue package comes after Uniper, Germany's largest importer of Russian gas and one of Europe's largest utilities, has been hemorrhaging cash daily as it is forced to buy supplies at much higher prices from alternative sources after Russia reduced deliveries last month.

Russia restarted the Nord Stream pipeline on Thursday after a ten-day annual maintenance, but supplies continued to be capped at 40% of its capacity. Moscow blamed technical problems for the Nord Stream shortfall, which German officials have called an economic attack.

 

(END) Dow Jones Newswires

July 22, 2022 06:18 ET (10:18 GMT)

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