Talks between German Government, Fortum and Uniper on Stabilization for Uniper Continue

Source: 9/14/2022, Location: Europe

The German government, Fortum and Uniper agreed in July on a stabilization package for Uniper. Since then, the parties’ joint priority has been the implementation of the stabilization measures and a long-term solution for Uniper. Due to the increased uncertainties in the operating environment, the parties are also looking into alternative solutions, inter alia a straight equity increase that would result in a significant majority participation by the German Government in Uniper. No decisions beyond what was agreed in the stabilization package in July have been made.

Since the stabilization agreement was signed, the European energy crisis has escalated further as no Russian gas volumes are currently being supplied through Nord Stream 1 and both gas and power prices have been extremely high and volatile. Consequently, since July, Uniper’s financial losses due to the higher gas procurement cost have significantly increased. The deteriorating operating environment and Uniper’s financial situation have to be taken into account while Fortum, the German government and Uniper continue their discussions on a long-term solution for Uniper.

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