Energy companies across Europe are turning to governments to bolster their liquidity and secure supplies, as the gas crisis stoked by Russia’s war against Ukraine tests their ability to stay afloat.
Switzerland’s largest renewable electricity producer Axpo and Finnish utility Fortum both said on Tuesday they had secured big new state-backed credit lines.
Power producers across Europe are facing an acute cash crunch as sharply rising energy prices lead to ballooning collateral requirements on the futures exchanges where they hedge their supply contracts.
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