Uniper plays a central role in the gas supply in Germany. But even the loans granted before the planned state takeover are apparently not stopping the downward trend.
Nationalized energy giant Uniper continues to forecast significant losses for the remainder of the year. Expected valuation effects for derivatives and provisions in connection with the Russian gas cuts totaled 31 billion euros, said Germany’s largest gas importer on Thursday when presenting the interim report for the third quarter in Düsseldorf.
In addition, as of the end of September, there were already realized losses of 10 billion euros. A more precise result forecast is not possible at present and for the time being. The group confirmed the preliminary adjusted figures for the operating result presented just over a week ago. Coordination with the federal government for the stabilization package is in the final phase.
The federal government, Uniper and its previous majority shareholder Fortum from Finland had agreed a month ago on the extensive nationalization of Uniper. Among other things, a capital increase and the acquisition of the Uniper shares from Fortum are planned. The federal government should then own around 98.5 percent of the shares in Uniper. Shareholders are expected to vote at an extraordinary general meeting in the second half of December.
The Düsseldorf SDax group is in trouble because Russia is no longer delivering gas to Germany. The gas wholesaler, which was heavily focused on deliveries from Russia, is a supplier to over 100 municipal utilities and large companies, and thus plays a central role in Germany’s natural gas supply. The company now has to buy the missing gas from Russia at a higher price on the gas market. To date, Uniper has drawn on EUR 14 billion of the credit line provided by the state-owned KfW bank.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
