The Düsseldorf energy group Uniper plays an important role in the German gas supply. He contributed many million euros to the financing of the Nord Stream 2 Baltic Sea pipeline. That worries the people of Düsseldorf now.
Düsseldorf (dpa) - The energy company Uniper, which is involved in the financing of the Nord Stream 2 Baltic Sea pipeline, believes the project may fail.
Because of the increasing threats of sanctions by the USA against the gas pipeline from Russia to Germany, "the probability has increased that there will be delays in the construction of the gas pipeline or not at all," writes Uniper in the interim report for the first half of the year published on Tuesday 2020.
In the event of an end to the pipeline, Uniper "may have to adjust the value of the loan made available for Nord Stream 2" and "cannot realize" the planned interest income. Uniper is involved in the financing of the gas pipeline with 950 million euros. According to Uniper, the money has already flowed in full.
The US government is a thorn in the side of Nord Stream 2. President Donald Trump accuses Europeans of being too dependent on Russia for energy. At the end of 2019, it enabled the first punitive measures against certain companies involved in the construction of Nord Stream 2.
"Basically we are looking at the development of the sanctions with concern", said Uniper CEO Andreas Schierenbeck in a conference call. As a financial partner, Uniper is not directly affected by sanctions. "We believe that the project will be finished," emphasized Schierenbeck. The classification of Nord Stream as a "significant individual risk" for Uniper is "completely normal risk management", said CFO Sascha Bibert. Despite the threats from the USA, Uniper is assuming "that gas will flow through this pipeline".
After a good first half of the year, Uniper raised its expectations for the year as a whole somewhat. The Düsseldorf company is now expecting an adjusted operating result (EBIT) of between EUR 800 million and a billion. Previously, the lower limit was 750 million euros. Uniper is also crisis-proof in the corona pandemic, said Schierenbeck.
Uniper had put the controversial hard coal power plant Datteln 4 into operation at the end of May. By the end of 2025, the supplier, which has emerged from the Eon Group, plans to shut down hard coal power plant blocks with a total output of around 2900 megawatts. Schierenbeck left it open whether Uniper will participate in the auctions for decommissioning premiums. "Of course we will check if we can go in there," he said.
Germany wants to phase out coal-fired power generation by 2038 at the latest. The operators of hard coal power plants do not receive any fixed compensation. Instead, they should apply for decommissioning bonuses. There are a total of eight tendering rounds until 2027, with falling maximum prices. The first auction is scheduled for September 1st.
© dpa-infocom, dpa: 200811-99-126066 / 3
