The nationalized energy company Uniper wants to become independent again as quickly as possible. The business has stabilized again, the group announced at its general meeting.
The energy company Uniper, which was nationalized in the wake of the gas crisis, wants to get back on its feet as quickly as possible. “Our goal is to return Uniper to predominantly private hands as an independent company as quickly as possible,” said interim boss Jutta Dönges at the Annual General Meeting.
Such reprivatization, which should be completed by 2028 at the latest, is also in the interest of the federal government: Dönges recalled the federal government’s obligation to the European Union to show a way of reducing its stake in Uniper to 25 percent plus one share by the end of 2023. “We will present our ideas on this in the coming months.”
At the end of 2022, the struggling energy company was nationalized. It was on the verge of collapse as a result of the war against Ukraine and a lack of gas supplies from Russia. Because the price of natural gas on the world market had shot up to astronomical heights, while Uniper had to meet delivery obligations at far lower prices. At its peak, the Düsseldorf group suffered a loss of 200 million euros every day. Uniper therefore asked the federal government for help.
billion profit expected
This took over 99 percent of the shares from the then majority shareholder Fortum from Finland, in addition there were financial injections and securities. So far, the group has received 13 billion euros in state aid. Uniper could access a further 19.5 billion if required. But the situation has improved significantly.
For 2023 and 2024, the group expects “overall no additional costs from the replacement procurement of gas quantities”. The delivery obligations previously met with Russian gas are almost entirely covered by other means. Based on preliminary, unaudited figures, profits before taxes of more than two billion euros are expected from the hedging transactions.
Good deal for the federal government?
The exit could even be worthwhile for the federal government, said Thomas Hechtfischer, managing director of the German Protection Association for Securities Ownership (DSW). “As of today, this could be big business, at least for the federal government, if it can perhaps bring the shares back on the market for several times that, which it mainly got for 1.70 euros,” says Hechtfischer. “That’s going to be a very exciting question.”
Most recently, the few Uniper shares remaining on the stock exchange were trading at around four euros. But what investor advocate Hechtfischer is missing is a convincing strategy for how Uniper should continue in the future. In any case, a lot of work awaits the new Uniper boss Michael Lewis, who will lead the group from June.
With information from Constantin Röse, ARD finance department.