By Cristina Roca
Uniper SE on Wednesday reported a much-widened loss for the first half of 2022 amid lower shipments of Russian gas and said its full-year earnings should be negative.
The German utility company reported a net loss of 12.35 billion euros ($12.56 billion), compared with a EUR20 million loss a year earlier.
Amid lower Russian gas deliveries, Uniper has been forced to buy gas at higher spot-market prices in order to fulfill its customer contracts, it said.
The first-half loss also reflects about EUR6.5 billion in anticipated hits from future gas curtailments. It also includes about EUR2.7 billion in impairments on a loan to the now-frozen Nord Stream 2 gas pipeline project and goodwill on its global commodities and Russian power generation segments, Uniper said.
On an adjusted basis, Uniper posted a net loss of EUR359 million, significantly below the previous year’s adjusted net profit of EUR485 million, as the company had warned in June, when it scrapped its 2022 guidance due to Russian gas supply restrictions.
Uniper said it still can’t provide a guidance range for 2022 but warned it expects negative earnings for the year.
Write to Cristina Roca at [email protected]
