Energy Firms Struggle to Raise Funds on Russian Gas Volatility

European energy companies that easily obtained financing during the pandemic are now being shut out from the debt market because of their reliance on Russian gas.

Germany’s Uniper SE and Thuega AG, along with Czech firm CEZ AS, have either shelved financing plans or sought government aid in the wake of Russia’s invasion of Ukraine, which sent power prices and their costs soaring.

The development exacerbates funding difficulties faced by fossil-fuel burners as investors gradually pull the plug on financing coal and gas projects across the continent. Not all utilities are struggling: UK-based SSE Plc received more than ...