Fidu­cia­ry management of SEFE Se­cur­ing En­er­gy for Eu­rope GmbH

Information from the Bundesnetzagentur as fiduciary of SEFE Securing Energie for Europe GmbH under section 17 EnSiG

The Bundesnetzagentur, an independent German regulatory authority, was appointed fiduciary of Gazprom Germania GmbH – now SEFE Securing Energy for Europe GmbH – by order of the Federal Ministry for Economic Affairs and Climate Action (BMWK) on 4 April 2022 on the basis of section 6 of the Foreign Trade and Payments Act (AWG). The reason for this was the unclear transfer of the company's shares to a company based abroad. Such a transfer is prohibited under German law without prior notification and assessment.

Following this, the Bundesnetzagentur was appointed fiduciary of Gazprom Germania GmbH by order of the BMWK on 17 June 2022 on the basis of section 17(1) to (5) and (8) of the Energy Security of Supply Act (EnSiG) until 15 December 2022, ending the fiduciary management on the basis of the AWG. The Bundesnetzagentur has drawn up a Letter of Comfort (pdf / 148 KB) to reduce market uncertainty on the part of business partners, banks, service providers and customers.

As part of the strategic realignment of the company, the former Gazprom Germania GmbH has been operating under the new company name "SEFE Securing Energy for Europe GmbH" (SEFE) since 20 June 2022.

In an order of 14 November 2022, the BMWK took capital measures under section 17a EnSiG leading to a full change of ownership at SEFE. SEFE is no longer owned by a Russian company of the Gazprom group, but by the Federal Republic of Germany. This change of ownership secures the future of SEFE so that it can continue its usual business in the interests of security of supply. All the corporate groups’ business relations are thus on a stable footing. As the deadline for legal action has passed without an action being brought against the order, the nationalisation of SEFE is now complete. It can also be executed following the approval from the European Commission under state aid rules on 20 December 2022.

The Bundesnetzagentur's fiduciary management ended at midnight on 15 December 2022.

More informations

Securing the gas supply: German government brings gas company SEFE into federal ownership - capital measures ordered (2022.11.14)

German federal government secures fiduciary management of Gazprom Germania for the longer term and grants KfW loan to ensure security of supply (pdf / 79 KB) (2022.06.14)

press release (2022.06.03)

press release (2022.04.08)