The largest German importer of Russian gas Uniper has found itself in difficult waters due to a lack of deliveries from Russia. Steps to save the group are gradually becoming apparent. An internal paper says: The group needs more money than initially assumed.
The measures to save the ailing energy company Uniper are becoming more concrete. The existing loans from the state KfW bank would have to be increased from 2 to 8 billion euros, according to a paper by the Bundestag Committee for Climate Protection and Energy. This is necessary in order to provide short-term liquidity for replacement gas purchases and to secure so-called margining positions. Margining are reserves that suppliers have to deposit for transactions on the energy exchanges.
Uniper announced on Monday that the existing credit line of EUR 2 billion had been completely exhausted and therefore submitted an application for an increase. According to the paper, the federal government is also planning to take a stake of up to 30 percent. This is to be achieved through a combination of a capital increase and further hybrid equity. The aim is to cover the accumulated losses at the Düsseldorf group. A Uniper spokesman did not want to comment on the paper when asked. The FDP energy politician Michael Kruse said: “For a possible entry of the state in gas suppliers, it must be ensured that not only losses are left to the taxpayer.”
Uniper applied for stabilization measures on July 8. The package of measures that Uniper has proposed to the federal government contains, among other things, equity components through which the federal government could invest in the group. The proposal also provides for an increase in the KfW credit line. However, the deliberations are not yet complete. The group has liquidity problems because it has to buy missing Russian gas supplies at higher prices on the market in order to be able to fulfill the contracts with its customers.
According to the paper, these additional costs should be stopped. For this purpose, it is assumed that the price will be passed on in accordance with the Energy Security Act. However, it is unclear whether Uniper is allowed to pass on the additional costs to customers or whether the group will receive more money and fill its tight coffers somewhat via a pay-as-you-go system that the general public pays. Uniper’s parent company Fortum, on the other hand, is planning to restructure Uniper – with the aim of founding a security of supply company owned by the federal government. The group holds 78 percent of Uniper and is more than 50 percent owned by the Finnish state. Finland has repeatedly emphasized in the past few days that they are against further capital grants for Uniper from Fortum.
