FRANKFURT: German state-owned utility Uniper has warned that it was likely to slow down a planned US$8.7bil investment in cleaner fuels amid slower than expected demand for hydrogen from industry.
The comments reflect growing scepticism among German companies about whether long-standing government plans to rely more heavily on hydrogen to cut emissions are realistic and affordable.
Uniper, which was bailed out by Berlin during Europe’s energy crisis in 2022, recently reviewed its strategy that targets billions in investments through 2030 with a focus on hydrogen and biomethane, finance chief Jutta Doenges said.
“We are now less optimistic about the timeline regarding the implementation of a green hydrogen economy,” she told analysts after presenting an expected two-thirds drop in nine-month core profit.
“We see a mood of caution among potential business-to-business customers to make a commitment for green hydrogen or ammonia supply offtake volumes.” — Reuters
