On Tuesday 20 December, the European Commission approved a €6.3 billion German support package to recapitalise the energy company SEFE Securing Energy for Europe GmbH (‘SEFE GmbH’), previously known as Gazprom Germania GmbH.
The measure was authorised under Article 107(3)(b) of the Treaty on the Functioning of the EU, recognising that the EU economy is facing a serious disturbance.
Since Russia’s war of aggression against Ukraine, SEFE GmbH has suffered severe losses. On 11 November 2022, the Commission authorised the German State to acquire 100% of SEFE GmbH.
The Commission found that the recapitalisation measure was in line with the following requirements: the measure aims at restoring the financial and liquidity situation of SEFE GmbH in the face of the exceptional circumstances caused by the war and the disruption of gas supply by Gazprom.
In particular, the capital injection covers the losses incurred in 2022 as a result of the former Gazprom Germania being sanctioned by Russia after being placed under German supervision in April 2022. Germany will present an exit plan by the end of 2023 at the latest for the purpose of reducing its shareholding in SEFE GmbH to 25% plus one share or more by the end of 2028 at the latest.
More info: https://aeur.eu/f/4qx (Original version in French by Lionel Changeur)