Uniper Germany: 12.5 billion euros in losses for the gas utility
The giant German utility Uniper recorded losses of around 12.5 billion dollars in the first half of 2022, in a context of growing energy crisis that has seen natural gas supplies from Russia significantly reduce in recent months.
According to Uniper, the losses are due to the need to buy natural gas on the spot market, given that Russia has reduced flows to Germany. Uniper said the leaks were related to the forecast of future gas shortages.
"Uniper has played a crucial role for months in stabilizing Germany's gas supplies, at the cost of billion-dollar losses due to the sharp decline in gas supplies from Russia", said managing director Klaus-Dieter Maubach, as reported by CNBC.
“We at Uniper have effectively become a pawn in this conflict,” added Maubach, warning that the company now risks insolvency.
In July, in an attempt to save Uniper, the government decided to take over a 30% stake in the company. The deal still requires shareholder approval, expected in the third quarter. Uniper received a $ 15 billion bailout from the government.
About half of Uniper's profits previously came from Russian gas.
Bloomberg says Uniper's losses are among the worst in Germany's corporate history, noting that while others are profiting, Uniper has lost around € 100 million a day due to non-deliveries of the contract with Russia's Gazprom. It is clear that other operators had long-term contracts not only with Russia, while Uniper was tied hand and foot to Russia.
Since the beginning of the year, Uniper's share price has plummeted by around 80% and the company has been forced to shoulder a burden of € 2.7 billion, partly including a loan for Nord Stream 2 after it the pipeline was interrupted due to the invasion of Ukraine by Russia, as reported by the Guardian.
Uniper said it expects a transition with further losses next year and then no losses in 2024, when, evidently, it believes it has succeeded in replacing Moscow gas.
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The Uniper Germany article: € 12.5 billion in losses for the gas utility comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/uniper-germania-125-miliardi-di-euro-di-perdite-per-lutility-del-gas/ on Thu, 18 Aug 2022 06:00:14 +0000.