German gas giant Uniper has warned stakeholders that the firm faces possible insolvency if it does not get backing for a new state bailout from the German federal government.
A vote on whether it accepts state support worth over £44.6bn (€50bn) will be held on Monday at an extraordinary general meeting.
Uniper, which operates seven UK power stations, wants increased “state stabilisation” and outlined the framework agreement was another important milestone, according to the group's chief executive Klaus-Dieter Maubach.
The power group expects the deal to be approved by the EU, meaning it is ultimately down to shareholders to decide.
Uniper’s nationalisation by the German government has been on the cards for several months, with the firm having been bailed out several times this year.
Its major supplier was Moscow owned Gazprom, leaving it scrabbling for a new supplier following sanctions imposed after the Ukraine invasion.
As a result, operating costs have soared and net losses have risen to around €40bn.
Uniper operates one of the UK’s reserve coal-fired power stations which have been temporarily spared from being decommissioned in case energy demand surges, as well as six gas facilities.