Sport: Uniper needs further money from the BUND

Uniper rescue is still expensive for the state - by Tom Käckenhoff and Christoph Steitz

 Uniper rescue is still expensive for the state - by Tom Käckenhoff and Christoph Steitz © Thomson Reuters Archive: The logo of the German energy supply company Uniper SE in the corporate center in Düsseldorf, Germany Düsseldorf (Reuters) - The rescue of the tumbling Gas giant Uniper is more expensive for the German state than last assumed. In addition to the already known rescue plans, an approved capital of up to 25 billion euros should be created by issuing new shares against bar and/or kind contributions, the group said on Wednesday.

The energy company Uniper, stumbling due to the lack of Russian gas deliveries, needs another billion. The planned bar capital increase of eight billion euros alone would not be sufficient to stabilize Uniper, the group said in Düsseldorf on Wednesday. Therefore, approved capital of a further up to 25 billion euros is to be created by issuing new shares.

Eine Stele mit dem Firmen-Logo steht im Foyer der Hauptverwaltung des Energieversorgungsunternehmens Uniper. Der Konzern braucht mehr Geld. © Oliver Berg/dpa A stele with the company logo is in the foyer of the headquarters of the energy supply company Uniper. The group needs more money.

It is said to be available to partially restore the equity weakened by further losses in this and the next few years. The federal government is only entitled to draw, the legal subscription right of the other shareholders is excluded.

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Approval of the EU Commission The Federal Government, the Energy Group Uniper and the previous Uniper majority owner Fortum, have agreed in September to a stabilization package for Uniper, which provides for extensive nationalization. In addition to the capital increase, the acquisition of the Uniper shares of the Finnish majority shareholder Fortum is planned.

The stabilization package is still subject to reservation. So the EU Commission's permits are still pending. On December 19, an extraordinary Uniper general meeting is to decide on the measures.

Uniper is in trouble because Russia no longer pumps gas to Germany. The gas wholesaler is a supplier for over 100 municipal utilities and large companies and thus plays a central role in German gas supply. The company now has to buy the lack of gas at the gas market. The pipeline gas from Russia was comparatively cheap. The prices have now multiplied because of the delivery freezer. In the event of an insolvency from Uniper, a domino effect is feared that would also bring numerous Uniper customers into great difficulties.

Follow-up costs of the Russian gas cuts

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according to the Uniper CEO Klaus-Dieter Maubach, the capital measures are intended to “end months of uncertainty for our company and our customers”. This regulates how the enormous follow -up costs of the Russian gas cuts can be borne, which mostly occurred at Uniper.

"It is no less than a significant part of Germany's gas bill, which is now paid for from tax funds - and not, as originally planned, about a gas surcharge," said Maubach. Without this relief, an even higher wave of costs would inevitably have come to the Uniper customers. "Through the state support, Uniper can continue to supply its customers with gas at the conditions contractually agreed before the war."

The chairman of the Uniper Group Works Council, Harald Seegatz, was satisfied. "For over a year, all Uniper employees have been working with full commitment to ensure security of supply despite war and market faults," he told the dpa-AFX news agency. He is pleased that the federal government recognizes this achievement and committed to Uniper. "Now I rely on the fact that the EU also quickly performs the approval process and does not make any unjustified requirements." Uniper had to remain survival and have future chances. "That is why Uniper has to be preserved as the entire group."

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