Uniper to Sell Gas Pipeline Stake to Meet EU State Aid Conditions
Uniper announced on Monday an agreement to sell its 20% stake in the OPAL gas pipeline as part of the EU’s conditions on state aid that allowed Germany to bail out the German energy giant in 2022. Back then, the German government stepped in to nationalize Uniper to avoid its collapse amid soaring gas prices, with the total bill for the nationalization at about $53 billion. Uniper said today it…
Uniper has reached an agreement to sell its 20% ownership in the OPAL gas pipeline to hydrogen investor Hy24, as required by EU state aid conditions. The German energy company's decision to divest comes after Germany nationalized Uniper in 2022 to prevent its collapse amid soaring gas prices. At the time, the German government's bailout was valued at approximately $53 billion.
Uniper will sell 100% of Lubmin-Brandov Assets GmbH & Co. KG, which holds the 20% co-ownership in OPAL, while the remaining 80% is owned by GASCADE Gastransport GmbH. The divestment is subject to regulatory approvals and the fractional co-owner's pre-emption right not being exercised. OPAL, Europe's largest transmission corridor, stretches 470 km from Lubmin in Germany to Brandov in the Czech Republic.
Germany plans to reduce its 99% stake in Uniper to below 25% by 2028, with potential options including a sale or an initial public offering. Several investors, including Norway's Equinor and Brookfield Asset Management, have shown interest in acquiring Uniper.
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