Power station owner Uniper posts £10bn loss as gas shortages bite
The owner of the Ratcliffe-on-Soar power station in Nottinghamshire has posted a €12bn (£10bn) loss weeks after agreeing a bailout package with the German government, in a set of results that signal the deepening energy crisis across Europe.
Uniper received a €15bn lifeline from the German state in return for a 30% equity stake in a deal agreed in July.
The energy company has been left stranded by the drop in gas deliveries from Russia in the fallout from the war in Ukraine. On Wednesday, it said the huge loss included a €6.5bn hit related to anticipated future gas shortages.
Russian president Vladimir Putin has turned the screw on western Europe by limiting gas supplies, including through the crucial Nord Stream 1 pipeline into northern Germany.
Uniper, which has seen its share price collapse by 80% this year, also took a €2.7bn charge relating to various activities including a loan to Nord Stream 2, another pipeline project, which was abandoned after the start of the war.
Germany and other EU nations have rushed to fill up gas storage facilities before a potential cut in Russian gas supplies this winter. About 50% of Uniper’s profit margin used to come from Russian-generated gas, leaving it exposed when supplies were curbed.
Germany has set a target of filling 90% of its gas storage by November, with ministers attempting to avoid blackouts that could affect production in powerhouse industries. Stockpiles are 77% full, two weeks ahead of schedule.
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