Uniper concludes framework agreement with the Federal Government – approval by the EU Commission under state aid law expected soon

The German Federal Government and Uniper have today concluded a framework agreement to concretize the measures to stabilize Uniper agreed between the Federal Government, Uniper and Fortum on 21 September 2022.

The agreement forms the basis for the state stabilization of Uniper in the form of a capital increase of EUR 8bn and for the creation of authorized capital of EUR 25bn.

The General Meeting is to approve the capital increase and the Authorized Capital at the Extraordinary General Meeting to be held today. The state aid approval by the EU Commission is expected in the near future and represents the main outstanding condition for the implementation of the stabilization measures.

The Federal Ministry of Finance will be responsible for the Uniper shareholding in the future.

The common goal of the Federal Government and Uniper is not only to ensure security of supply, but also to help establish a sustainable energy supply in Germany and thus also give the company and its employees a perspective for the future.

The framework agreement defines consultation and approval rights of the Federal Government for the period of its shareholding and imposes certain reporting and information obligations on Uniper. The framework agreement further provides that section 29(1a) of the EnSiG, which was adopted by the Bundestag at the end of last week, shall apply to the remuneration of Uniper SE’s Board of Management and Supervisory Board. The company will also not distribute any dividends – without the approval of the Federal Government – until the stabilization has been terminated.

Uniper CEO Klaus-Dieter Maubach: “With the signing of the framework agreement, another important milestone for the stabilization of Uniper has been reached. I am confident that the Extraordinary General Meeting will approve the capital measures today. We expect the EU Commission’s approval under state aid law in the coming days. By stabilizing the company, the Federal Government recognizes the central role that Uniper plays for the security of supply in Germany and Europe. Together with the Federal Government, Uniper will contribute to the sustainable development of our energy system.”

Uniper also signed an agreement with Fortum today, under which Fortum’s right, limited in time until the end of 2026, to make an initial offer should Uniper decide to sell the Swedish hydropower or nuclear businesses – or parts thereof – was concretized. There are currently no intentions to sell on the part of Uniper.

The Extraordinary General Meeting of Uniper SE will start today at 12:00 pm. The ordinary capital increase is to be carried out immediately after the EU Commission has granted its approval under state aid law.

About Uniper

Düsseldorf-based Uniper is an international energy company with activities in more than 40 countries. With around 7,000 employees, it makes an important contribution to security of supply in Europe. Uniper’s core businesses are power generation in Europe, global energy trading, and a broad gas portfolio. Uniper procures gas – including liquefied natural gas (LNG) – and other energy sources on global markets. The company owns and operates gas storage facilities with a capacity of more than 7 billion cubic meters. Uniper plans for its 22.5 GW of installed power-generating capacity in Europe to be carbon-neutral by 2035. The company already ranks among Europe’s largest operators of hydroelectric plants and intends to further expand solar and wind energy, which are essential for a more sustainable and autonomous future. 

Uniper is a reliable partner for communities, municipal utilities, and industrial enterprises for planning and implementing innovative, lower-carbon solutions on their decarbonization journey. Uniper is a hydrogen pioneer, is active worldwide along the entire hydrogen value chain, and is conducting projects to make hydrogen a mainstay of the energy supply.