European energy firms rack up debt to cover soaring costs

Tuesday, 19 July 2022newsdesk

European energy and utilities companies are taking on more debt to offset soaring oil and gas prices, Bloomberg reported on Monday.

New Delhi, 19 July 2022

As per news report of Rt.com, the firms’ overall debt has jumped by more than 50% since the start of the pandemic in early 2020, and now stands at €1.7 trillion ($1.7 trillion), the publication adds. Earlier this month one of Germany’s largest energy supply companies, Uniper, asked for a government bailout, citing “extreme financial pressure” caused by reduced Russian natural gas deliveries. The company may need as much as €9 billion to stay afloat, Bloomberg says, adding that Czech power firm CEZ CP is also seeking help of up to €3 billion.

Source -Rt.com