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Sweden to Offer Liquidity Guarantees to Utilities, Premier Says

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Sweden’s government, facing an election next Sunday, will provide liquidity guarantees to Nordic and Baltic utilities to protect financial stability amid a surge in energy prices.

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(Bloomberg) — Sweden’s government, facing an election next Sunday, will provide liquidity guarantees to Nordic and Baltic utilities to protect financial stability amid a surge in energy prices.

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A halt in Russian gas export could threaten stability, Prime Minister Magdalena Andersson told journalists on Saturday, speaking at a joint news conference with Riksbank Governor Stefan Ingves, Finance Minister Mikael Damberg and financial watchdog head Erik Thedeen. She didn’t mention specific amounts but said it will be about “hundreds of billions” of Swedish kronor.

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Andersson spoke after Russia’s Gazprom PJSC reversed its plan to resume flows through its key gas pipeline indefinitely, a move decried by European politicians as an attempt to use energy as a weapon.

Read More: Europe’s Energy Crisis Deepens After Russia Keeps Pipeline Shut

Hours after the Group of Seven leaders agreed to implement a price cap on Russian oil, Gazprom reversed its plan to resume flows through the Nord Stream pipeline. It was meant to open again on Saturday after maintenance, but the company said a fault had been discovered.

Andersson’s Social Democratic minority cabinet and its constellation with supporting parties may be unseated by the right-wing opposition as the rival blocs are neck-and-neck ahead of the Sept. 11 vote.

Energy policy has become a flash point in Sweden’s political debate, with the opposition announcing their own policies in last weeks aimed at alleviating the pain of households and blaming the government for a power shortage in the south after some nuclear reactors were shuttered a few years ago. 



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