Germany’s Uniper asks for additional loans amid gas shortages

The German Uniper (the main shareholder is the Finnish Fortum) has fully used the existing credit line of KfW in the amount of 2 billion euros against the backdrop of the ongoing shortage of Russian gas, it said in a statement.

The company recalled that on July 8, it submitted an application for stabilization measures to the German government, in particular, for a short-term activation of the opportunities provided for by the Energy Saving Law to address the issue of increased energy purchase costs; the purchase by the government of a part of the company’s shares and an increase in the KfW credit line.

„The application for an increase in the KfW credit line was additionally and independently submitted today, July 18, 2022, as negotiations between the German government and Uniper on stabilization measures are still ongoing, and it is currently not foreseen when they can be completed,” she said. Uniper on Monday.

To ensure liquidity, Uniper has also fulfilled its July 8, 2022 pledge and has been withdrawing gas from its own reserved storage capacity since July 11. To date, more than 2 TWh have been seized. Also on July 11, 2022, Uniper sent a letter to its customers informing them about the current market situation and pointing out the possibility of price increases, its message says.

“In order to ensure our liquidity and fulfill supply contracts with our customers, we are forced to take measures that should be clearly defined as emergency. Only if the reduction in supplies from Russia stops or if the German government uses the tools of the Energy Saving Law can we prevent a chain reaction in the gas supply chain and in the future,” the head of the company, Klaus-Dieter Maubach, explained through the press service.

Earlier it was reported that Uniper needs about 9 billion euros, which is twice its capitalization.

Steve Walker

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