Energy industry: Uniper wants to repay more than 3.4 billion in state aid

Energy industry: Uniper wants to repay more than 3.4 billion in state aid

After the energy crisis, Uniper is not allowed to have more equity than before. The EU made this a condition for receiving billions in federal aid. The excess amount will be due at the beginning of 2025.

The energy company Uniper, which was rescued during the energy crisis with billions in state payments, plans to repay more than 3.4 billion euros to the federal government next spring. The company announced this in Düsseldorf. Uniper has temporarily belonged to the German state since the energy crisis in 2022.

The sum consists, on the one hand, of a provision from last year with a value of 2.9 billion euros at the end of June. The remaining approximately 540 million euros are mainly money that Uniper withheld in August 2022 in the course of the gas dispute with the Russian gas company Gazprom. Following an arbitration ruling, the company can now offset the money against claims for damages against Gazprom and keep it available for repayment to the federal government.

“Refunds to the German taxpayer”

“The exact amount of the payment obligation will be determined once the business figures for 2024 are available,” said CFO Jutta Dönges on Thursday in Düsseldorf when presenting the half-year figures. “Both payments are to be viewed as repayments to the German taxpayer.” With the repayment, Uniper is complying with an EU requirement.

Uniper got into trouble in 2022 after Russia first reduced and then stopped its gas deliveries following the attack on Ukraine. The replacement purchases cost billions. To prevent Uniper from going under, Germany paid subsidies of around 13.5 billion euros and became the majority owner with over 99 percent. The federal government is obliged to reduce its stake to a maximum of 25 percent plus one share by 2028 at the latest. The subsidies were approved by the EU Commission subject to conditions. “It can be expected that the federal government will generate further proceeds, especially from the sale of its shares in Uniper,” emphasized Dönges.

More than 1.1 billion euros profit in the first half of the year

Uniper CEO Michael Lewis expressed his satisfaction with the business development so far this year and referred to investment decisions with a volume of around 400 million euros. “The course has been set for a successful future for Uniper. We are ready to make our contribution to accelerating the energy transition,” he emphasized.

In the first half of the year, the energy group posted an adjusted net profit of more than 1.1 billion euros, compared to 2.5 billion euros in the same period last year. For the full year, Uniper expects a profit of between 1.1 and 1.5 billion euros.

Uniper is Germany’s largest natural gas wholesaler

Uniper is one of the largest energy companies in the country. The company is Germany’s largest gas trader. It supplies more than 1,000 municipal utilities and large industrial companies. In Germany and four other European countries, the company also operates many power plants that generate electricity from gas, coal, hydropower, nuclear power and oil. Investments in other renewable energies and hydrogen-capable gas-fired power plants are planned. Uniper is also Germany’s largest natural gas storage operator. Uniper also wants to invest in hydrogen storage. Uniper does not supply private customers except for district heating. Uniper employs almost 7,200 people worldwide.

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Source: Stern

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