Energy group Uniper, which was rescued by Germany during the energy crisis with billions of euros in state aid, wants to repay more than 3.4 billion euros to the government in the spring.
The amount consists of a provision of €2.9 billion paid last year. The remaining approximately €540 million is mainly money that Uniper withheld in August 2022 in the context of the gas conflict with the Russian company Gazprom.
Following an arbitration ruling, the company can now offset the money against damage claims against Gazprom and keep the money ready for repayment to the federal government.
“The exact amount of the payment obligation will be determined once the company figures for 2024 are available,” CFO Jutta Dönges said Thursday in Düsseldorf, where the company is based. The repayment is in line with an EU requirement.
Uniper ran into trouble in 2022 after Russia first cut and then stopped gas supplies to Germany following its invasion of Ukraine. Replacement purchases cost billions. To prevent Uniper from going under, the German government became the majority shareholder with a stake of more than 99%.
The government is required to reduce its stake in the company to a maximum of 25% plus one share by 2028. “It is expected that the federal government will generate further proceeds, particularly from the sale of its shares in Uniper,” Dönges said.
Uniper CEO Michael Lewis expressed his satisfaction with the business so far this year. “The course has been set for a successful future for Uniper. We are ready to make our contribution to accelerating the energy transition,” he said.
Uniper does not supply private customers, but is the largest gas trader in Germany.
