The energy group Uniper, which was rescued by Germany with billions of euros in state aid during the energy crisis, intends to repay more than €3.4 billion ($3.7 billion) to the government in the spring.
The sum consists of a provision paid last year with a value of €2.9 billion. The remaining approximately €540 million is mainly money that Uniper withheld in August 2022 in the course of the gas dispute with the Russian group Gazprom.
Following an arbitration judgement, the company is now allowed to offset the money against claims for damages against Gazprom and hold it ready for repayment to the federal government.
“The exact amount of the payment obligation will be determined once the business figures for 2024 are available,” chief financial officer Jutta Dönges said on Thursday in Dusseldorf, where the company is based. The repayment is in compliance with an EU requirement.
Uniper got into difficulties in 2022 after Russia first reduced and then stopped its gas supplies to Germany following its invasion of Ukraine. Replacement purchases cost billions. To prevent Uniper from collapsing, the German government became the majority shareholder with a stake of over 99%.
The government is obliged to reduce its holding to a maximum of 25% plus one share by 2028. “It is to be expected that the federal government will generate further proceeds from the sale of its shares in Uniper in particular,” Dönges said.
Uniper chief executive Michael Lewis expressed his satisfaction with 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 Germany’s biggest gas trader.
