Uniper takes further steps to secure liquidity - negotiations on stabilization measures continue
- Uniper fully utilizes the existing KfW credit facility of €2 billion and submits an application to extend the credit facility
- Negotiations on government stabilization measures continue
- Uniper begins withdrawing gas from its own booked gas storage capacity to increase liquidity and supply customers
Uniper today fully utilized the existing KfW credit facility in the amount of €2 billion. This is the company's response to the ongoing supply shortfalls of Russian gas.
Uniper has already submitted an application for stabilization measures to the German government on July 8, 2022, which, in particular, takes comprehensive account of the effects of the supply shortfalls on Uniper's financial situation. The package of measures proposed with Uniper's application provides:
• the short-term activation of the options created in the Energy Conservation Act to pass on the increased procurement costs. This would make it possible to compensate for the losses incurred by Uniper as a result of the gas supply cuts.
• an equity component of the federal government that would lead to a relevant stake in Uniper SE.
• an increase in the KfW credit line, which is now fully utilized
An application to increase the KfW credit facility was additionally and independently submitted today, July 18, 2022, as talks between the German government and Uniper on stabilization measures are still ongoing and it is currently not foreseeable when these can be concluded.
For the purpose of securing liquidity, Uniper has also implemented its announcement of July 8, 2022, and has been withdrawing gas from its own booked storage capacities since July 11, 2022. Up until today, over two terawatt hours (TWh) have been withdrawn. Also on July 11, 2022, Uniper sent a letter to its customers informing them about the current market situation and pointing out the possibility of rising prices.
Klaus-Dieter Maubach, CEO of Uniper: "Uniper is currently paying the price for the supply shortfalls in German gas supply due to curtailed deliveries from Russia. In order to secure our liquidity and fulfill our supply contracts with our customers, we are forced to take steps that must clearly be described as emergency measures. Only if the supply cuts from Russia stops or if the German government uses the instruments of the EnSiG will we be able to prevent a chain reaction in the gas supply chain in the future as well."
About Uniper
Uniper is a leading international energy company, has around 11,500 employees, and operates in more than 40 countries. The company plans for its power generation business in Europe to be carbon-neutral by 2035. Uniper’s roughly 33 GW of installed generation capacity make it one of the world‘s largest electricity producers. The company's core activities include power generation in Europe and Russia as well as global energy trading and a broad gas portfolio, which makes Uniper one of Europe’s leading gas companies. In addition, 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.
The company is based in Düsseldorf and is one of Germany’s largest publicly listed energy supply companies. Together with its main shareholder Fortum, Uniper is also Europe’s third-largest producer of zero-carbon energy.
This press release may contain forward-looking statements based on current assumptions and forecasts made by Uniper SE Management and other information currently available to Uniper. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Uniper SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to modify them to conform with future events or developments.
