As the largest German gas importer, Uniper plays a central role in the energy crisis. In order to fulfill ongoing contracts despite reduced supplies from Russia, the concern is forced to buy more expensive gas on the market. Now he faces billions in debt.
The energy group Uniper recorded a net loss of more than 12.4 billion euros in the first half of the year. According to the company, 6.5 billion euros alone are related to expected future gas supply disruptions in Russia. In addition, there would be depreciation of 2.7 billion euros. The utility does not dare to make any forecasts, but expects losses for the financial year. The result should only improve from 2023 and leave the loss zone in 2024.
As the largest German gas importer, Uniper plays a central role in the gas crisis due to the sharp drop in gas supplies from Russia for weeks. The group now has to buy more expensive gas on the market to fulfill contracts due to cutbacks in supplies and a heavy reliance on gas from Russia. This led to liquidity problems because Uniper has not yet been able to pass on the price increases.
Impairments of EUR 2.7 billion also weighed heavily on the operating result because the new Nord Stream 2 gas pipeline, in which Uniper has a significant stake, was not commissioned. Overall, the group has accumulated debts of more than two billion euros.
“Uniper has been making an essential contribution to stabilizing the gas supply in Germany for months – at the cost of billions in losses that we incur as a result of the lost supply volumes from Russia,” said CEO Klaus-Dieter Maubach. The federal government recognized this and acted consistently. “The top priority for us now is to implement the stabilization package quickly.”
In order to support the group, the federal government, together with the parent company Fortum, has launched a rescue package worth billions. It provides for the German state to support Uniper with a total of 15 billion euros and to take a 30 percent stake in Uniper. In addition, Uniper and other gas importers can use the planned gas surcharge from October 1st.
