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Not enough gas, not enough money: energy company Uniper calls for help from the state

2022-06-30T05:50:51.670Z

Because Russia is delivering less gas than agreed, the energy company Uniper is in trouble. The company has cashed in on its forecast for the current year - and is demanding government support.



Uniper headquarters in Düsseldorf: in a bind

Photo: Thilo Schmuelgen / REUTERS

Alarm mood at the energy company Uniper: The company is cashing in on its forecast for the current fiscal year due to the gas crisis and is calling for help from the state.

Business development has deteriorated noticeably as a result of the war in Ukraine and the resulting sharp reduction in gas supplies from Russia, said CEO Klaus-Dieter Maubach.

"Therefore we are now talking to the federal government again about stabilization measures, for which a number of instruments are possible, such as guarantees and security payments, an increase in the current credit facility and equity investments."

Uniper is a subsidiary of the Finnish Fortum Group and the largest foreign customer of the Russian gas giant Gazprom.

With their gas storage facilities, the Düsseldorfers also play an important role in securing Germany's supply in winter and in the efforts of the federal government to make Germany independent of Russian gas supplies.

The state should help

"Since June 14, Uniper has only received 40 percent of its contractually guaranteed gas volumes from Gazprom," said CFO Tiina Tuomela.

One has to assume that adjusted earnings before taxes (EBIT) and adjusted net income for the first half of 2022 will be significantly lower than in the previous year.

"This is clearly a consequence of Gazprom's gas supply restrictions, the extent and duration of which cannot currently be foreseen." Uniper is therefore withdrawing its earnings forecast for the full year and is not giving a new outlook for the time being.

Uniper already had a significantly higher liquidity requirement at the end of last year due to the increased prices, said CEO Maubach.

"In order to counteract this, we had already expanded our credit lines and, among other things, received a facility from the state KfW in the amount of two billion euros, which we have not used to date." Uniper is examining how the company's liquidity can be further secured could.

mic/Reuters

Source: spiegel

All business articles on 2022-06-30

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