A ‘too big to fail’-moment for natural gas in Europe
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Analysis of decision SA.103791 by the Commission to approve the German measure to recapitalise Uniper
On 20 December 2022, the European Commission (‘EC’) approved Germany’s state aid measure of EUR 34.5 billion to recapitalise Uniper by means of a capital restructure2 (‘the measure’ hereafter). A capital restructure involves changing a company’s mixture of debt and equity and is often considered in cases where there is a significant drop in share prices or when the bankruptcy of an undertaking is imminent. It has been argued elsewhere that the insolvency situation of Uniper was a result of regular market economic principles: there was a shortage of natural gas supplied to the market, which led to an increased price of the commodity3 . The EC decided this instance was different however, recognising instead that the insolvency of Uniper would cause a serious disturbance to the economy. This led the EC to approve the measure under Article 107(3)(b) of the Treaty o...
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