Le géant gazier allemand Uniper a déjà perdu 12,3 milliards d’euros en 6 mois

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Times are tough for Uniper. The German energy giant is paying a high price for the energy crisis that has threatened the country since the outbreak of war in Ukraine on February 24. And because of to fulfill the contracts with its customers, Uniper was and is forced to buy gas at high market prices », explains the company. More specifically, due to falling supplies from Russia, Uniper can no longer rely on long-term price agreements and has had to buy expensive gas on the spot to make up the shortfall.

However, the price of hydrocarbons continues to rise. On Tuesday, it reached its highest level in six months in Europe. Historically, it had only been higher for two sessions, in early March, when economic sanctions against Russia following its invasion of Ukraine disrupted the market.

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Net loss of 12.3 billion euros

If Uniper is weakened by the accounting adjustments linked to the reduction in deliveries, it also suffers from the closure of the Nord Stream 2 gas pipeline, two factors that have weighed several billion euros on the result. The project of this pharaonic gas pipeline that supposedly connected Russia with Europe, in particular with Germany and operated by the Russian giant Gazprom, was, in fact, suspended shortly after the Russian invasion of Ukraine. It had been co-financed by five European energy groups, including Uniper.

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Consequently, the German gas company announced results that were not very encouraging on Tuesday. It posted a net loss of 12.3 billion euros in the first half. If he says that he expects an annual loss, without quantifying it, he nevertheless anticipates an improvement in the result in 2023 and a return to profit in 2024. For months, Uniper has played a vital role in stabilizing gas supplies, and doing so at the cost of billions of euros in losses. »explains the boss, Klaus-Dieter Maubach, in a press release.

state bailout

Figures that do not predict any short-term improvement in the situation of Uniper, which is already the subject of a rescue plan by the State to guarantee its solvency. At the end of July, Berlin had in fact decided to inject billions of euros to save Germany’s leading gas importer and stockist from bankruptcy. This rescue plan notably provides for the State to increase the group’s capital to 30%, which will go through “a capital increase of approximately 267 million euros for an issue price of 1.70 euros per share”, had detailed the group at the end of July. Uniper will also benefit from a public loan of “up to 7,700 million euros” in obligatorily convertible debentures, that is, eventually they will be converted into shares. An extension to “9 billion euros” The emergency credit line, currently €2 billion, will be released from public bank KfW, the company added. “Uniper is a company of great importance for the economic development of our country and for the energy supply of citizens”Chancellor Olaf Scholz, who had personally committed himself to avoiding a bankruptcy of the group that would threaten, by a domino effect, to dislocate the energy market and cause energy shortages for thousands of customers, had justified it.

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And taxpayers will also have to reach into their wallets: gas importers and distributors, including Uniper, are, in fact, authorized to pass on to their customers, as of October 1, the increase in the price of gas, which has multiplied by eight. . They will be able to charge 2.4 cents more per kilowatt hour (KWh) of gas to companies and individuals. German Chancellor Olaf Scholz, however, assured that the government is considering relief measures. The leader also stressed that the German government’s decision to participate in Uniper was necessary but not eternal.

(with AFP)