As Germany's biggest gas importer, Uniper has been hit hardest by a surge in prices following Russia's invasion of Ukraine and Moscow's subsequent squeeze on gas supplies.
Utility group Uniper asked the German government for a bailout on Friday, July 8, and warned losses could reach 10 billion euros this year, as Moscow’s economic war with Europe claims its biggest corporate casualty yet.sent gas prices rallying, said it was seeking additional funding through an increase in a credit facility with state-owned KfW bank.
“If you look at the price disparities and the volumes that are missing, we could be piling up 10 billion euros of losses this year,” chief executive Klaus-Dieter Maubach told a press conference at the company’s Duesseldorf headquarters. He also said consumers should be aware that “very, very high price waves” were still on their way once sky-high wholesale prices were passed on.
But gas deliveries were not yet curtailed, he added, and there was no prospect of an imminent insolvency. SPD politician Andreas Bovenschulte told the upper house of parliament on Friday that he had heard talk of a possible 9-billion-euro injection of funds into Uniper on the table, confirming media reports about the size of the sum.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Germany to stop buying Russian coal on Aug 1, oil on Dec 31, says deputy fin min - BusinessWorld OnlineSYDNEY – Germany will completely stop buying Russian coal on Aug. 1 and Russian oil on Dec. 31, marking a major shift in the source of the country’s energy supply, deputy finance minister Joerg Kukies said at a conference in Sydney. The key challenge ahead will be filling the huge gap that will be left when the European Union weans itself off the 158 billion cubic meters (bcm) per year of gas […]
Read more »
Russia, Belarus athletes may face Paris 2024 ban — Reedie - BusinessWorld OnlineATHLETES from Russia and Belarus may not be allowed to compete at the Paris 2024 Games over Moscow’s invasion of Ukraine, senior International Olympic Committee (IOC) member Craig Reedie said.
Read more »
Hontiveros seeks Senate probe into school's 'culture of abuse'SEN. Ana Theresia 'Risa' Hontiveros has sought a Senate investigation into the reported 'culture of abuse,' harassment and violence at the Philippine High School for the Arts...
Read more »
Lawmakers seek liquor ban for those under 21 years old, mentally unfitA measure banning sale of liquor to minors and persons with mental condition has been filed in the House of Representatives.
Read more »
MCWD seeks P9.85-hike in water rate consumptionCEBU CITY, Philippines -- Amid rising inflation, consumers in Metro Cebu may be facing the next two years with costlier water consumption bills. This as the Metropolitan Cebu Water District
Read more »
Clinical Germany defeats Spain, 2-0, to roll into quarterfinals - BusinessWorld OnlineLONDON — Eight-times women’s European champion Germany cruised clinically into the Euro 2022 quarterfinals as Group B winners with a game to spare on Tuesday after beating Spain 2-0 at Brentford’s Community Stadium.
Read more »