Will there be gas to store?

Uniper, Germany’s largest importer of Russia natural gas, is in financial trouble as a consequence of the war in Ukraine and is in talks with the German government about stabilization measures. Its chairman, Klaus-Dieter Maubach, said that they could take the form of guarantees, security deposits, loans or an equity investment by the state. But how can you value a company when you don’t know whether its major supplier, Gazprom, is going to deliver the goods in the future? A similar question comes to mind as Karel Komárek’s MND starts talking about transferring its 50% stake in the Dambořice underground gas-storage facility to the Czech state. The other 50% is owned by Gazprom, which isn’t necessarily a major obstacle if the space can be used by ČEZ to store its gas. The bigger issue is the future availability of natural gas itself. Will there be anything to store? Like Uniper’s owners, Komárek has apparently concluded that it’s high time to pass off the risk to taxpayers.

FW220719

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