German state-owned energy firm Uniper reports 'exceptional' profits
Good business with electricity generation and gas trading brought German state-owned energy firm Uniper major profits in 2023.
In preliminary results released on Thursday, Uniper reported adjusted earnings before interest and taxes (EBIT) of more than €6.3 billion ($6.8 billion), as well as more than €4.4 billion in adjusted net profits for 2023.
Both key figures are within the company's forecast, which was given in October.
In a statement, Uniper described an "exceptional annual result" for the Dusseldorf-based energy firm.
Uniper chief executive Michael Lewis said that the company "is now in a very solid financial position."
Uniper plans to publish its final figures on February 28.
The German government took control of Uniper in late 2022 after the company faced a severe financial crisis following Russia's full-scale invasion of Ukraine.
Uniper was a major buyer of Russian gas and was badly affected when Russia dramatically reduced deliveries in response to European sanctions, and eventually halted gas shipments altogether.
Uniper was also a major investor in the Nord Stream 2 pipeline project, which was put on indefinite hold following the invasion.
In 2023, the state-owned firm benefited significantly from more favourable market conditions, particularly from hedging investments around electricity generation from gas and coal. The firm also reaped profits in its gas trading business.
Uniper plans to set aside €2.3 billion in its consolidated 2023 financial results as partial payment for a roughly €13.5 billion bailout package from the German government.
The final amount Uniper owes to the government will depend on the overall result for 2024.
Uniper is Germany's largest gas trader and storage operator, and supplies roughly 1,000 municipal utilities and large industrial plants.
The company also operates gas, coal, hydropower and nuclear power plants in Germany and four other European countries.
