- Uniper to repay over 3.4 billion in state aid
Energy giant Uniper, rescued with state billions during the energy crisis, plans to repay over 3.4 billion euros to the federal government in the coming spring. The company announced this in Düsseldorf. Uniper has been temporarily owned by the German state since the energy crisis in 2022.
The sum consists of a provision from the previous year, valued at 2.9 billion euros by the end of June, and around 540 million euros, mainly funds that Uniper withheld from Russian gas giant Gazprom in August 2022 due to a gas dispute. Following an arbitration court ruling, the company can now offset this money against claims against Gazprom and set it aside for repayment to the federal government.
"Repayments to the German taxpayer"
"Once the 2024 business figures are available, the exact amount of the payment obligation will be determined," said Chief Financial Officer Jutta Dönges on Thursday in Düsseldorf when presenting the half-year figures. "Both payments are to be considered as repayments to the German taxpayer." Uniper is following an EU requirement with this repayment.
In 2022, Uniper faced difficulties after Russia reduced and then stopped its gas supplies following the attack on Ukraine. The alternative procurement costs billions. To prevent Uniper from collapsing, Germany provided aid of around 13.5 billion euros and became the majority owner with over 99 percent. The federal government is committed to reducing its stake to a maximum of 25 percent plus one share by 2028 at the latest. The aid was approved by the EU Commission under certain conditions. "It can be expected that the federal government will generate further profits, especially from the sale of its shares in Uniper," Dönges emphasized.
Uniper reports over 1.1 billion euros in profit in the first half of the year
Uniper CEO Michael Lewis expressed satisfaction with the company's business development so far this year and referred to investment decisions totaling around 400 million euros. "The tracks for a successful future of Uniper are laid. We are ready to contribute to the acceleration of the energy transition," he emphasized.
In the first half of the year, the energy company reported an adjusted net profit of over 1.1 billion euros, compared to 2.5 billion euros in the same period last year. For the full year, Uniper expects a net profit of between 1.1 and 1.4 billion euros.
Uniper is Germany's largest gas wholesaler
Uniper is one of the largest energy companies in the country and Germany's largest gas trader. It supplies over 1,000 municipal utilities and large industrial companies. The company also operates many power plants in Germany and four other European countries, generating electricity from gas, coal, hydropower, nuclear power, and oil. Investments in further renewable energies and hydrogen-capable gas power plants are planned. Uniper is also Germany's largest natural gas storage operator and plans to invest in hydrogen storage. It does not supply private customers with remote heating. Uniper employs around 7,200 people worldwide.
Announcement
"The energy crisis in 2022 necessitated substantial government aid for Uniper, which is now planning to repay a significant portion of that aid due to improved financial circumstances."
"Following the energy crisis, Germany provided billions to stabilize Uniper. Now, due to favorable business conditions, Uniper is preparing to repay a significant portion of the aid, demonstrating its commitment towards the German taxpayer."
