Breaking news: energy supplier VNG is applying for state aid

The gas importer VNG needs state help because of the failure of Russian deliveries: The company will submit an application for stabilization measures to the Federal Ministry of Economics on Friday, the company said in Leipzig in the morning.

Breaking news: energy supplier VNG is applying for state aid

The gas importer VNG needs state help because of the failure of Russian deliveries: The company will submit an application for stabilization measures to the Federal Ministry of Economics on Friday, the company said in Leipzig in the morning. "In order to avert further damage from VNG and to ensure the ability of the VNG Group to act as a whole," the company felt compelled to apply for further aid measures, it said.

The company had already submitted an application for funds from the so-called gas levy. The reason for the recent step is that gas has to be procured at "significantly higher prices on the energy markets" because of unfulfilled delivery obligations from upstream suppliers.

"Up until the start of the Russian war of aggression, VNG was a very healthy group of companies," the importer continued. The company supplies gas to municipal utilities, industrial and large customers, among others, and has to fulfill the contracts. However, since Russia has drastically reduced its supplies in the course of the war, the supplier has to procure replacements at significantly higher prices.

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