Thread by @YFChoksey

Details of the @uniper_energy #recapitalisation so far. €34.5 billion deal has been struck by the DE gov to renationalise the company. EU had some strict conditions to avoid competition infringements. @e3g @EurBeyondCoal🧵1/

Commission has asked for an exit plan from DE gov by end of 2023 to reduce DE gov shareholding to 25% by latest 2028. That's 5 years max under state control. 2/

Asset divestments:

- Datteln IV power plant in Germany
- 84% stake in Russia's Unipro business
- German district heating assets
- North American power business
- stakes in the OPAL and BBL pipelines
- 18% stake in Latvijas Gaze
- Gonyu power plant in Hungary 3/

.@uniper_energy will not be allowed to buy stakes in other companies until 2026, unless it can prove they are essential to the longevity of the business. 4/

Until the end of 2023, board member pay will be curtailed. No bonuses will be allowed before the end of the year. Nothing to stop them paying them backdated in the future as @lufthansa has just done after a 9 billion euro tax payer bailout in 2020. 5/reuters.com/business/aeros…

Big big questions now over how the DE gov tackles this renationalisation.

Will they just leave the company to its own devices until it is mandated by the EU to sell, or will it use it's time to steer the company towards a renewables based future? 6/ urgewald.org/en/shop/fortum…

What will happen to #Datteln4 now that it will have to be sold. The company fought very hard to get this last power plant built, finished at a time when a coal phase out was being negotiated. Will the gov close the plant for emissions reductions or sell it for private profit? 7/

What will happen to the district heating assets that Uniper owns? Many cities are now looking to take back their district heating systems to speed up transition to non fossil based systems. Will the gov help or hinder this? 8/ reuters.com/markets/deals/…

@Sonja_Meister @roettinho @FabianHuebner @ManfredSanten