Germany Demands More Payments From Uniper For Crisis Bailout
(Bloomberg) -- Germany is demanding higher repayments from nationalized energy company Uniper SE for a bailout in 2022, as the state tries to plug a hole in its budget.
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Uniper will have to pay €2.9 billion ($3.2 billion) to the government, that’s €300 million more than initially planned, according to a release from the Federal Press Office. Uniper said it had set aside €2.3 billion earlier this year to pay to the government and further increased its provisions in June.
“The increase is solely the result of better expectations for Uniper’s results in 2024,” a company spokesman said, adding that the payment will be due at the end of March 2025. The exact amount will depend on full-year earnings.
Germany stepped in to rescue Uniper after Moscow invaded Ukraine and curtailed gas shipments to the continent. The rescue package was one of the largest in German corporate history, but the company is required to pay back the money as part of a “claw-back” mechanism set up by the European Union.
Earlier this month, the utility said it was able to offset roughly €540 million for canceled payment obligations to Russia’s Gazprom PJSC against damages it is owed for gas that hasn’t been delivered.
(Adds company statement in third paragraph.)
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