Uniper asked Germany to increase the amount of the loan due to rising gas prices

The German energy company Uniper has asked the state development bank (Kreditanstalt fur Wiederaufbau, KfW) to extend the credit line for another 4 billion euros, since the company has already completely used up the previous loan of 9 billion euros, reported on the company’s website. It is specified that the company loses more than 100 million euros daily due to rising gas prices.

“The systemic nature of energy markets means that as long as European energy prices continue to rise, the need for liquidity will also rise. Uniper acts as a key link in the German market, reliably supplying gas to numerous utility and industrial companies. Since Russia is not fulfilling its supply contracts, we are forced to buy this gas at a high price in the market,” said Uniper CEO Klaus-Dieter Mobach.

The company explained that from June 14 “Gazprom» gradually reduced the volume of gas pumped through Nord Stream, now Uniper receives only 20% of the planned volume, or 33 million cubic meters. m per day instead of 167 million cubic meters. m. In order to ensure supplies to customers, the energy concern is forced to purchase the missing volumes on the market at higher prices. “At the current level of about 300 euros per MWh, gas prices have increased more than six times in a year,” the statement said.

Earlier, Uniper reported a record loss of 12.4 billion euros in the first half of the year, mainly due to a decrease in Russian gas supplies to Europe. To support the company, the federal government, Uniper and Fortum agreed at the end of July on a package of measures to stabilize the group. In particular, the German government decided to buy out 30% of the company’s shares and additionally finance it by 7.7 billion euros. In addition, the State Development Bank increased the amount of loans issued from 2 billion to 9 billion euros.

Gas prices in Europe accelerated growth after Gazprom’s announcement that the last gas pumping turbine would be stopped for scheduled work from August 31 to September 2, last week the price of the nearest gas futures exceeded $3,500 per thousand cubic meters. However, today, after Germany announced the early filling of gas storage facilities, they fell by more than 20%, to $2,802. should from London ICE data.

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