Uniper sues Gazprom over gas shortages
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The German energy company Uniper initiates litigation in the Stockholm Arbitration, demanding compensation from “Gazprom exports” losses incurred due to short supply of gas since June, the company’s website said in a statement.
The report notes that due to the shortage of Russian gas, the company is forced to replace volumes at a higher price to fulfill obligations to customers, these costs amounted to 11.6 billion euros and will continue to grow until the end of 2024.
“We are seeking redress for our significant financial loss in this proceeding. We are talking about gas volumes that were agreed with Gazprom under the contract, but were not delivered, and for which we had to purchase replacements at extremely high market prices,” said Uniper CEO Klaus-Dieter Maubach.
About what Uniper studies the opportunity to sue Gazprom for “billions of euros”, it became known back in September. The Stockholm Arbitration Court has repeatedly considered disputes over gas contracts between Gazprom and its partners, including the Polish PGNiG and the Ukrainian Naftogaz.
At the beginning of November Uniper reported about a net loss of 40 billion euros for the nine months of 2022 due to a reduction and then a complete halt in gas supplies from Russia. For the same period in 2021, Uniper received a loss of 4.8 billion euros.
According to reports, the energy company entered into long-term contracts for the supply of about 37 billion cubic meters. m of gas, of which about 20 billion cubic meters. m accounted for Russia. Contracts with Russia played a significant role in providing gas to Europe and especially Germany, which is 90% dependent on imported gas, Uniper explained.
In September, the German government agreed on the nationalization of Uniper with the main shareholder of the company, Finnish Fortum. The German authorities will buy out a 99% stake in Uniper at a price of 1.7 euros per share and invest more than 8 billion euros in the company.
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