Sweden, Finland Step in to Avert Lehman-Like Situation for Power Companies

Swedish Finance Minister Mikael Damberg attends a press conference to propose relief for households affected by high electricity prices, in Rosenbad, Stockholm on Jan. 12, 2022. Johan Jeppsson /TT News Agency via Reuters

STOCKHOLM/HELSINKI—Finland and Sweden on Sunday announced plans to offer billions of dollars in liquidity guarantees to power companies in their countries after Russia’s Gazprom shut the Nord Stream 1 gas pipeline, deepening Europe’s energy crisis.

Finland is aiming to offer 10 billion euros ($9.95 billion) and Sweden plans to offer 250 billion Swedish crowns ($23.2 billion) in liquidity guarantees.