Uniper to Repay €2.9 Billion, Sets €540 Million Provision After Gazprom Damages

Aug 8, 2024, 06:54 AM

Germany's energy company Uniper has announced a provision of approximately €540 million after being awarded damages due to curtailed supplies from Russia's Gazprom. The company is set to repay around €2.9 billion in government aid as it prepares for a potential return to the stock market. This move is part of Uniper's broader strategy to offset damages claims by canceling payment obligations. Additionally, Uniper has sold German hydropower for 2025 and 2026 as part of its hedging strategy. The increased provisions are seen as a step towards the re-privatization of the firm, which could begin next year.