The Extraordinary General Meeting is scheduled for December 19th.
(Photo: Reuters)
Frankfurt The energy group Uniper, which got into difficulties due to a lack of Russian gas supplies, is to receive up to 25 billion euros in additional equity from the federal government. The company announced on Wednesday. In view of a political shift, the originally estimated eight billion euros were not enough.
Shareholders are scheduled to vote on the plans at an extraordinary general meeting on December 19. The previous majority owner Fortum would lose its stake completely. However, the approval is considered safe, since the plans have been coordinated with the Finnish state-owned company.
In September, Uniper, Fortum and the federal government agreed on an eight billion euro capital injection from the federal government. At that time, however, it had been planned that Uniper would be able to pass on the increased gas prices to consumers by means of a gas levy planned by the government. In the meantime, however, Berlin has decided to support its citizens with a gas price cap, which is why the high purchase prices are reflected in Uniper’s balance sheet.
Uniper shareholders are to create additional authorized capital
Furthermore, a cash capital increase of eight billion euros at a par value of the share of 1.70 euros is planned, which is to be subscribed exclusively by the federal government. In addition, the shareholders are to create authorized capital of up to EUR 25 billion, i.e. the possibility for subsequent capital increases of this magnitude.
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These are intended to compensate for the losses expected for the current year and the two following years from the expensive purchase of natural gas from other sources. For example, Uniper could obtain liquefied natural gas (LNG), which will arrive in Germany via new terminals in the future. The state-owned KfW bank is to provide interim financing to bridge the gap.
With the additional costs of up to 25 billion euros, Uniper is in the middle of the forecasts from October. At that time, the company had negotiated additional capital of 15 to 40 billion euros with the federal government.
In the meantime, however, the German gas storage facilities are completely full and prices have fallen significantly again. Due to the Russian supply freeze, gas prices rose from around 50 euros a year ago to up to 350 euros per megawatt hour and are now around 125 euros.
According to Uniper boss Klaus-Dieter Maubach, the capital measures are intended to “end a month-long phase of uncertainty for our company and our customers”. This regulates how the enormous follow-up costs of the Russian gas cuts, which are mainly incurred by Uniper, can be borne.
“It’s about no less than a significant part of Germany’s gas bill, which is now being paid from tax revenue – and not, as originally planned, via a gas surcharge,” said Maubach. Without this relief, Uniper customers would inevitably have faced an even higher wave of costs. “Thanks to the state support, Uniper can continue to supply its customers with gas under the conditions contractually agreed before the war.”
With agency material
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