The Essen-based group follows competitors and reacts to the price explosion.
(Photo: dpa)
meal The price explosion for electricity and gas is not leaving its mark on the fifth largest German energy company, Steag. In order to secure its business, Steag has an additional need in the low three-digit million range for its credit line, the Essen-based group said when asked by the Reuters news agency. Even with the current situation, the company can actively participate in market events.
“We found suitable partners early on to process our forward transactions.” Steag did not turn to the state-owned KfW Bank. The Düsseldorf competitor Uniper, however, had done this.
Last week, Uniper announced that it had expanded its financial framework for the security. Uniper is obliged to provide security services for commodity transactions, which are significantly higher due to the price explosion on the energy markets.
With the Finnish parent company Fortum, Uniper has partially drawn a credit line agreement for up to eight billion euros. At KfW, the group has signed an agreement for up to two billion euros, but has not yet used this opportunity.
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