The state development bank KfW (Kreditanstalt für Wiederaufbau) is authorised to provide financial support to the German energy company RWE and the Dutch energy grid operator Gasunie.
Energy security
The landing point for liquefied natural gas will improve the supply and gas infrastructure in Germany and thus also contribute to the EU's energy security. The measure that has now been approved contains sufficient precautions to limit any distortions of competition. This was announced by Margrethe Vestager, the EU Commissioner responsible for competition, on Thursday in Brussels.
Profitability
The operating company is a joint project between KfW, Gasunie and RWE. Specifically, KfW is to grant the two companies a share of the dividends paid by the operator of the LNG terminal if the annual return on the project falls below a certain percentage. If, on the other hand, the project generates enough money, no aid may be paid. The EU estimates that the amount of aid will be 40 million euros. The mechanism through which the money is to be distributed is designed to run for 15 years.
Principle sketch of floating LNG terminal. Graphic: RWE
German speed
Germany is rapidly building up its own gas infrastructure to replace Russian gas supplies. At the end of March, LNG (liquefied natural gas) was fed into the terminal in Brunsbüttel for the first time. Further LNG landing points are being built in Wilhelmshaven and Lubmin off Rügen.
Competition
The EU Commission examines and authorises major state aid to ensure that member states do not give their companies any undue advantages. For example, the aim is to prevent an economically strong country (such as Germany) from forcing competitors from other EU member states out of the market.
Source: Handelsblatt
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