In order to fulfil customer contracts, Uniper was forced to buy gas from other sources at high prices – this caused the company hardship and led to its nationalisation to prevent wider damage.
The company, which has posted adjusted earnings before interest and taxes (EBIT) of €10.9 billion (£9.6bn), now expects that the issue of gas replacement cost “will be overcome latest by the end of 2024”.
Uniper currently operates seven power stations and a fast-cycle gas storage facility in the UK.
Klaus-Dieter Maubach, Chief Executive Officer of Uniper, said: “The burden of gas replacement procurement costs has put our company in an extremely difficult situation, which was resolved by government support Uniper is at its core a strong company that has successfully got through the most difficult year in its history.
“Despite these adverse circumstances, our employees and our assets have made a crucial contribution to the security of Germany’s gas and power supply.”