Uniper repays 530 million euros to the German state, marking the start of public disinvestment

Struggling in 2022, German energy company Uniper initiates a 530 million euro repayment to the German state. This payment represents a significant step toward reducing public influence within the company.

Share:

In 2022, the energy company Uniper faced a major crisis following the suspension of Russian gas deliveries, a direct consequence of the conflict in Ukraine. This disruption forced the company to turn to the spot market, where gas prices had soared, leading to massive financial losses. To ensure its survival, Uniper benefited from substantial public support, totaling around 13.5 billion euros. In return, the German state took a 99% stake in the company, ensuring an effective crisis management approach to prevent a collapse of energy supplies in Germany.

On September 30, 2024, Uniper repaid 530 million euros to the German state. This amount, withheld since August 2022, was part of provisions due to conflicts with Gazprom, Uniper’s former Russian supplier. After obtaining damages related to the suspension of gas deliveries, Uniper was able to release these funds, initiating its repayment process to the German state. This repayment marks the first step toward the gradual reduction of public participation in the company, in line with European Union conditions.

A restructuring imposed by the European Union

The European Commission, in approving the public aid, imposed several strict conditions to ensure that these funds did not grant Uniper an unfair competitive advantage. Among these requirements, the German state must reduce its stake in the company to a maximum of 25% plus one share by 2028 at the latest. This measure aims to restore competitive balance in the European energy sector and ensure Uniper’s financial stability without prolonged reliance on public funds.

Uniper is also required to evaluate the excess capital received as part of the public aid and to repay any amounts not directly used to address the crisis. To this end, Uniper has set aside reserves for future repayments, which amounted to 2.5 billion euros at the end of September 2024.

Financial forecasts and Uniper’s future

The return to a stable financial situation has allowed Uniper to plan for an additional repayment in spring 2025, based on its annual results. With net profits of around 1.3 billion euros for the first nine months of 2024 and forecasts ranging between 1.1 and 1.5 billion euros for the year, the company is now positioned as a financially stable player.

Despite these positive outlooks, Uniper remains under close scrutiny to ensure its financial autonomy and its ability to repay excess capital without compromising future profitability. The company’s future directions will be closely monitored as the German state begins its gradual withdrawal from Uniper’s shareholding.

The Luxembourg-based group will handle engineering, procurement, commissioning and installation of flexible pipelines and umbilicals to link a new field to Egypt’s existing offshore infrastructure, with offshore work scheduled for 2026.
British firm Octopus Energy is considering a £10 billion spin-off of Kraken Technologies, involving an upcoming minority stake sale, and has initiated preliminary discussions with banks to oversee the strategic operation within the next year.
Investment fund Ardian finalises its takeover of Akuo and appoints former Électricité de France executive Bruno Bensasson to steer the renewable-energy developer’s growth towards five gigawatts of installed capacity by 2030.
TotalEnergies is selling half of a 604 MW Portuguese energy portfolio to the Japanese consortium MM Capital, Daiwa Energy and Mizuho Leasing for €178.5mn, retaining operation and future commercialisation of the assets concerned.
Q ENERGY France secures a bank financing of €109 million arranged by BPCE Energeco to build four new energy production facilities, totalling 55 MW of wind and solar capacity by the end of 2024.
Shell announces amendment of two annual reports after notification by Ernst & Young of non-compliance with SEC auditor partner rotation rules; however, financial statements remain unchanged.
The Financial Superintendency of Colombia approves an amendment to Ecopetrol’s local bonds and commercial paper program, enabling issuance of sustainable, indexed, or in-kind repayable instruments.
ABO Energy is selling its subsidiary ABO Energy Hellas and an energy project portfolio of approximately 1.5 gigawatts to HELLENiQ ENERGY Holdings, thus refocusing its strategic resources towards other markets, notably Germany, without major financial impact anticipated for 2025.
Iberdrola announces a supplementary dividend of €0.409 per share for 2024 under the "Iberdrola Retribución Flexible" programme, bringing the total annual remuneration to €0.645 per share, representing a year-on-year increase of 15.6%.
BHP has signed contracts with COSCO Shipping to charter two ammonia-powered Newcastlemax bulk carriers, primarily for transporting iron ore between Western Australia and Northeast Asia starting from 2028.
CBAK Energy and Anker Innovations jointly launch a battery cell manufacturing facility in Malaysia, with a commercial potential estimated at $357 million, further strengthening their strategic partnership in the lithium-ion battery sector.
German energy group Badenova plans to invest $4.64 billion in its energy networks and capacity by 2050, including $232 million committed from 2025, according to the company's recently published annual financial results.
ORIX announces the sale of the majority of its stake in Greenko to AM Green Power and commits a new USD 731mn investment in the Luxembourg-based AMG holding, confirming its strategic repositioning in next-generation energy.
Invenergy seals four further contracts with Meta to supply nearly eight hundred megawatts of solar and wind power to the group’s data centres, lifting total cooperation between the two companies to one point eight gigawatts.
Pedro Azagra leaves his role as CEO of Avangrid to become CEO of Iberdrola, while Jose Antonio Miranda and Kimberly Harriman succeed him as CEO and Deputy CEO respectively of the American subsidiary.
The US investment fund Ares Management enters Plenitude's capital by acquiring a 20% stake from Eni, valuing the Italian company at 10 billion euros and reinforcing its integrated energy strategy.
ENGIE secures a contract to reduce Airbus' industrial emissions in France, Germany, and Spain, targeting an 85% decrease by 2030 through various local energy infrastructures.
Alain Rhéaume, Chairman of Boralex’s Board of Directors for eight years, will leave his position by December, following the appointment of his successor by the governance committee of the Canadian energy group.
Norwegian group Statkraft plans an annual cost reduction of NOK2.9bn ($292 million) by 2027, citing possible job cuts amid rising financial burdens and volatility in the European energy market.
EDF merges EDF Renouvelables and its International Division into EDF power solutions, led by Béatrice Buffon, to optimise its global 31 GW low-carbon energy portfolio and strengthen its international positioning.