The German government spent nearly 8 billion euros on the plan to take over 99% ownership of Uniper.
The move is part of the German government’s plan to try and take control of players in the energy industry. According to Reuters, last week Germany also took control over a Russian-owned refinery.
Likewise, France has recently made a buyout place to take over an electricity company to seemingly deal with the current energy crisis facing Europe.
“The state will – that’s what we’re showing now – do everything possible to always keep the companies stable on the market,” German economy minister Robert Habeck said.
Additionally, Minister Habeck has said that the government will be imposing a gas levy on German consumers starting in October in order to help importers absorb the additional costs due to substituting Russian gas.