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Fortum to sell Uniper to Germany, will refocus on Nordic clean power

September 21, 2022

ReNews.biz:

Fortum has reached an agreement to sell Uniper to the German state in a bid to shore up its finances and refocus on clean power generation in the Nordic region. 

The German government will buy all of Fortum’s shares in Uniper for approximately €0.5bn as well as provide €8bn of financing for the energy firm to help it maintain operations amid tight gas supplies and soaring energy prices. 

The agreement will enable Germany’s government to take over Uniper’s role in securing gas supplies for the German market, and replaces a stabilization agreement between Finland-based Fortum and the German state signed in July. 

To date, Uniper has accumulated close to €8.5 billion in gas-related losses and “the business case for an integrated group is no longer viable”, said Markus Rauramo, CEO and President of Fortum. 

“Under the current circumstances in the European energy markets and recognising the severity of Uniper’s situation, the divestment of Uniper is the right step to take, not only for Uniper but also for Fortum,” added Rauramo. “The role of gas in Europe has fundamentally changed since Russia attacked Ukraine, and so has the outlook for a gas-heavy portfolio.” 

[Staff Report]

More: Fortum agrees to Uniper sale

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