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Uniper will make a loss of over 19 billion euros in 2022

The losses of the nationalized energy group Uniper due to the failed gas deliveries from Russia are not as large as initially feared.

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Uniper will make a loss of over 19 billion euros in 2022

The losses of the nationalized energy group Uniper due to the failed gas deliveries from Russia are not as large as initially feared. Uniper confirmed on Friday that the minus in the past year was 19.1 billion euros. At times, the group had expected a loss of around 40 billion euros; but at the end of the year gas prices fell “significantly”. In the current year, Uniper expects a better result.

The initially reduced and then absent gas deliveries from Russia had brought Uniper to the brink of insolvency. The group had to meet delivery commitments to its customers and buy gas at much higher prices. As a result, he accumulated billions in losses. The federal government took over the group in December on the grounds that this would serve the security of energy supply in Germany.

Uniper announced on February 1 that the loss in 2022 was only about half as large as feared in November. The group has now presented its detailed annual balance sheet.

The €19.1 billion shortfall includes around €13.2 billion spent on gas replacement purchases and around €5.9 billion in future losses due to undelivered Russian natural gas, the company said. The Group's net debt grew from 324 million euros to 3.0 billion euros.

Uniper was convinced that "the burden situation from the additional costs of procuring replacement gas will be resolved by the end of 2024 at the latest". Financial support from the state in the form of equity injections and also through KfW loans will “phase out over time”.

The outgoing CEO Klaus-Dieter Maubach said on Friday that Uniper was “essentially a strong company”. It "successfully overcame" the most difficult year in its company history. Maubach announced his resignation in early January. "It will be the task of the new Management Board and the Supervisory Board to further develop Uniper and make it profitable again," he explained.

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