Tue. May 28th, 2024

Uniper cites “extreme financial pressure” caused by reduced Russian gas supply

One of Germany’s largest publicly listed energy supply companies, Uniper, has applied for government support. The firm has referenced financial difficulties caused by a drop in the supply of natural gas from Russia as the reason for the move.

“Uniper has been hit hardest by the Russian gas curtailment and, as a result, is under extreme financial pressure,” reads the release, published on the parent company’s website on Friday.

The statement goes on to say that, since mid-June, the company has received only 40% of the contracted gas volumes from Russia and has had to buy replacement volumes at “significantly higher prices.”

According to the statement, the parent company, Fortum, is currently in talks with the German government to find ways to safeguard the country’s energy security, but that no solution has been found so far.

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