Gas crisis hits Uniper: the first gas supplier calls the state

Status: 06/30/2022 08:23

The energy company Uniper is grappling with the consequences of the gas crisis. Germany’s largest gas supplier withdrew its previous forecast for the financial year and announced talks with the federal government about possible state aid.

Last night, the energy group Uniper withdrew its earnings and profit targets for fiscal 2022. The MDAX group currently does not dare to make a new forecast. Business development has significantly deteriorated due to the war in Ukraine and the resulting sharp reduction in gas supplies from Russia, said CEO Klaus-Dieter Maubach.

“Since June 14, Uniper has received from Gazprom only 40 percent of the contractually guaranteed gas volumes,” added CFO Tiina Tuomela. The company must therefore procure replacement quantities at a high price.

The largest German gas company

Uniper – a subsidiary of the Finnish group Fortum – is the largest foreign customer of the Russian gas giant Gazprom and at the same time the largest German gas supplier.

With their gas storage facilities, the dusseldorfers also play an important role in securing Germany’s supply in the winter and in the federal government’s efforts to make Germany independent of Russian gas supplies.

State participation is also conceivable

The company is now looking into how to further secure the company’s liquidity. “We are therefore returning to talk with the Confederation about stabilization measures, for which certain instruments are possible, such as guarantees and payments of guarantees, an increase in the current credit line and shareholdings”, explained Maubach, boss of Uniper.

According to Maubach, Uniper already had significantly higher liquidity needs at the end of last year due to rising prices. “To counter this, we had already extended our credit lines and, among other things, we received from the state KfW a facility for an amount of two billion euros, which we have not used up to now”.

The Uniper share collapses

Investors were shocked by the company’s announcement. After hours on the Tradegate trading platform, Uniper stock lost more than seven percent of Xetra’s closing price to a minimum. It had already closed Xetra’s regular trading with a drop of 3.4%. Since the start of the war in Ukraine, MDAX stock on the stock market has fallen by around 50%.

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