August 17, 2022 07:45 GMT
Lower Russian gas supplies have forced Germany’s Uniper to the spot market resulting in an H1 loss of 12.3 billion euros.
- "Uniper has, for months, been playing a crucial role in stabilising Germany's gas supply - at the cost of billions in losses resulting from the sharp drop in gas deliveries from Russia," Chief Executive Klaus-Dieter Maubach said.
- Uniper blames over half the loss on a reduction in Russian gas flows.
- The company received a 15 billion euro bailout last month from the government, giving it a 30% stake.
- Uniper expects to leave the “loss zone” in early 2024.