Uniper ‘does not expect any further losses from gas supply obligations’

30 May 2023

Uniper believes its precarious position has now stabilised and says that it does not expect any further financial losses from the replacement procurement of gas volumes arising from cuts in the supply from Russia since the middle of 2022. The associated natural gas supply obligations to municipal utilities and industrial customers for the years 2023 and 2024 are almost fully hedged by forward contracts. Further equity increases by the federal government will therefore no longer be necessary.

Uniper has therefore implemented a further step in the consolidation of its business and significantly reduced risks. Due to the significant drop in gas prices since last year, pre-tax profits of over €2 billion are expected from these hedging transactions. The use of the profits from the replacement of gas volumes will be agreed with the federal government in line with the requirements of the EU state aid approval.

Accordingly, Uniper, which is 99.12 % owned by the German government, confirms its 2023 full-year forecast, in which the company expects a strong earnings recovery with positive adjusted EBIT and positive adjusted net income.

Jutta Dönges, CFO of Uniper, said: "Uniper has consistently done its homework and quickly and comprehensively reduced the risks arising from the loss of Russian gas volumes. Uniper has solid ground under its feet again. Despite this very positive development for Uniper, however, we remain cautious. The terrible war in Europe continues to have unpredictable effects on the energy markets. We therefore maintain an unchanged earnings outlook for Uniper for the remainder of the year."

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