Reduced gas deliveries from Russia led to Uniper recording a major drop in adjusted EBIT to –€564mn in the first half of 2022.
The decline is in sharp contrast to the €580mn recorded in the first half of 2021. In a statement, the German utility said it doesn’t expect to return to profit until 2024.
As part of new stabilisation measures, Uniper has secured a €9bn credit line from KfW to secure short to medium-term liquidity, seen the German government take a 30% ownership stake, increasing capital by around €267mn, and Fortum will hold a 56% stake.
Uniper has been forced to buy gas on spot market at high prices during the crisis, and extremely cold weather in the prior-year period also adversely affected the international portfolio in the first half.
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