Uniper lost €19.1bn due to undelivered Russian gas

Germany’s largest gas importer suffered a loss before interest and taxes of around €10.9 billion last year as it was put in an “extremely difficult” situation

Uniper has taken €19.1 billion (£16.9bn) hit by the complete freezing of the Russian gas supply.

The energy giant had long purchased gas from Russia, but these imports were capped last year.

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.”

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