• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Energy Armageddon
  • 6 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 6 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 20 hours Wind droughts
  • 8 days Goldman Betting on Cryptocurrencies
  • 11 days Сryptocurrency predictions
Nigeria’s Oil Industry Can Flourish Despite Oil Theft

Nigeria’s Oil Industry Can Flourish Despite Oil Theft

While Nigeria’s oil industry is…

Scientists Find Two Completely New Minerals On Meteorite

Scientists Find Two Completely New Minerals On Meteorite

Researchers have discovered two completely…

Uniper In Bailout Talks With German Government As Russia Cuts Gas Supply

German energy giant Uniper, one of the largest customers of Russia’s Gazprom, has initiated talks with the German government on possible measures to stabilize its finances amid low Russian gas deliveries and soaring gas prices.

“Uniper entered into discussions with the German government on possible stabilization measures for which a number of instruments could be considered, such as guarantees and collateral, increasing the current not yet drawn KfW credit facility, and equity investments,” the company said in a statement.

Uniper also withdrew its outlook for the financial year 2022 with regard to adjusted EBIT and adjusted net income, and expects those two metrics to be significantly below in the second half of 2022 compared to the respective prior-year figures due to low gas supply from Russia.

Moscow drastically cut supply to Germany via Nord Stream in the middle of June, sparking a new gas price surge in Europe and renewed concerns about how the continent would cope with gas and power supply this winter.

“Since 16 June 2022, Uniper has received only 40% of the contractually committed gas volumes from Gazprom. Uniper uses flexibilities in its portfolio as well as substitution of volumes to ensure security of supply for its customers. However, Uniper currently procures substitution volumes at significantly higher prices,” the company said.

Uniper cannot pass those additional costs to customers, and it is registering significant financial losses.

“There are also major uncertainties regarding the geopolitical situation, as well as the duration and scope of Russian gas supply restrictions. Against this background, gas price developments are also difficult to assess at present,” said the German energy firm.

Earlier this month, Germany saved a former Gazprom unit it had expropriated in April with a multi-billion-euro loan to ensure the security of supply. Gazprom Germania GmbH was the German unit of Gazprom until a few months ago, before the German government placed Gazprom Germania under the trusteeship of the German energy regulator to ensure the security of supply after Russia invaded Ukraine.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News