Uniper pays billions back to Germany – more than planned

The energy company Uniper received billions in aid in 2022. Even then it was clear that something would have to be paid back if business went well. Now the time has come.

Uniper, the energy company that was rescued during the energy crisis with billions in aid, will pay Germany back slightly more in the coming weeks than announced in the autumn. Uniper announced in Düsseldorf that it plans to pay the Federal Republic of Germany 2.6 billion euros in the first quarter. Previously, the figure had been 2.5 billion euros. The company is thus complying with an aid requirement imposed by the EU Commission.

Uniper is currently almost entirely owned by the federal government. However, Germany must reduce its stake to a maximum of 25 percent plus one share by the end of 2028. The Federal Ministry of Finance announced in September that Uniper should return to private hands primarily through share sales on the capital market. The ministry manages Uniper's shares.

Uniper got into trouble in 2022 because Russia first reduced and then stopped its gas deliveries after the attack on Ukraine . The replacement purchases cost billions. To prevent Uniper from going bankrupt, Germany paid aid of around 13.5 billion euros and became the majority owner with over 99 percent.

Uniper had already made a first repayment to the German state at the end of September. At that time, 530 million euros were paid. It was money that Uniper had withheld in August 2022 in the course of the gas dispute with the Russian gas company Gazprom, when the latter stopped supplying gas.

Uniper is one of the largest energy companies in Europe and employs almost 7,500 people. The company is Germany's largest gas trader: it supplies more than 1,000 municipal utilities and large industrial companies. In Germany and other European countries, the company also operates many power plants that generate electricity from gas, coal, hydropower, nuclear power and oil. Investments in other renewable energies and hydrogen-capable gas-fired power plants are planned. Uniper is also Germany's largest natural gas storage operator. Uniper does not supply private customers except for district heating.

Uniper announced its most important annual figures for 2024 almost two weeks ago. According to these figures, net income adjusted for non-operating effects was 1.6 billion euros – after 4.4 billion euros in 2023. Reasons for the extremely high profit in 2023 included high trading profits and low gas procurement prices.

"As expected, the result in 2024 was significantly lower than in the previous year, but considered in isolation it was at a very high level," explained CFO Jutta Dönges. It was already foreseeable in 2024 that the result would not be repeated at this level in the coming financial years. For 2025, the company therefore expects a significantly lower adjusted net profit of between 250 and 550 million euros.

Uniper CEO Michael Lewis confirmed the energy company's interest in building new gas-fired power plants in Germany to strengthen security of supply. They are intended to produce electricity when there is not enough wind or solar power. The company is ready to invest if the framework conditions are right. "It is important that the new federal government addresses the issue quickly and that we do not lose any more time so that we can make the necessary investments in an affordable, secure and sustainable energy supply," said Lewis.