According to IFRS (International Financial Reporting Standards), Uniper, the German subsidiary of the majority-owned Finnish energy company Fortum, has reported a net loss of more than 12 billion euros for the first half of 2022.
The company said in a press release published on Wednesday that the collapse in results was mainly due to the effects of a decrease in Russian gas exports, which accounted for more than half of the losses.
In addition, the dismantling of the Nord Stream 2 gas pipeline has led to a loss of almost 3 billion euros for Uniper.
"In order to fulfill customer contracts, Uniper has had to buy gas from the spot market at a high price," the company said.
Uniper added that this year’s half-year results are significantly weaker than the company’s 2021.
In July, Fortum agreed with the German government on an agreement in principle, according to which Germany would save its subsidiary.
"This prevents a chain reaction that would cause much more damage. Our primary goal now is to quickly implement the stabilization package," CEO of Uniper Klaus-Dieter Maubach wrote in a Wednesday press release.
Source: The Nordic Page