The nationalized energy company Uniper sees no further need for fresh money from the federal government until next year. The gas importer now even expects to make a profit again.
Uniper gives the all-clear: The energy company sees no further need for further financial injections from the federal government until the coming year. The company announced that the gas delivery obligations for 2023 and 2024 were almost completely secured by forward transactions, among other things. To date, Uniper has received more than 13 billion euros in state aid. The group could call up a further 19.5 billion euros if required.
Last year, Uniper had to buy a lot of gas at higher prices on the market due to the lack of deliveries from Russia, which led to enormous losses and ultimately required the federal government to step in to avert a collapse.
Based on preliminary, unaudited figures from the hedging transactions, Uniper now expects pre-tax profits of more than two billion euros. The use of this should be coordinated with the federal government, which holds over 99 percent of the energy supplier.
Uniper remains cautious
“Uniper has ground under its feet again,” said the new CFO Jutta Dönges, according to the announcement. The group has done its homework and reduced the risks from the lost Russian gas volumes “quickly and comprehensively”. However, due to the unpredictable effects of the war against Ukraine on the energy markets, Uniper remains cautious. The manager confirmed the annual forecast, according to which 2023 should generate profits both in day-to-day business and in adjusted net income.
Dönges joined Uniper’s supervisory board in December as part of the nationalization process as a representative of the federal government. Since March 1, she has been responsible for the finance department on the Executive Board. The new boss, Michael Lewis, is also scheduled to take office on June 1st, a month earlier than originally planned.