Slovakia will provide the state-controlled gas companies SPP with half a billion euros to ensure the financial stability of the company, which created significant reserves of natural gas before the heating season in connection with the reduction of raw material supplies from Russia.

On Monday, the Slovak government decided on the temporary strengthening of SPP’s capital, the company should return the money next year. SPP is the largest seller of gas in Slovakia and also acts as an electricity supplier. According to the materials of the Ministry of Economy, gas plants stored gas worth over two billion euros in storage until the beginning of the current heating season.

After the Russian invasion of Ukraine, SPP saw a reduction in gas supplies from the Russian company Gazprom Export. The company reacted to this by ordering gas from other suppliers and started to create stocks of raw material for the winter season. According to the Ministry of Economy, SPP is ready to ensure gas supplies for all its customers even if Gazprom Export stops supplies.

SPP is to use the money from the government to ensure its financial stability during the first months of the heating season and to deal with any unforeseen situation on the natural gas market. The Cabinet obliged the Ministry of Economy to decide, as the sole shareholder of SPP, that the company will return the amount provided to him by the end of March next year.

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