Germany's Uniper bounces back with record profit in 2023

  • World
  • Thursday, 29 Feb 2024

BERLIN, Feb. 28 (Xinhua) -- German energy company Uniper made record-high adjusted net income of 4.4 billion euros (4.8 billion U.S. dollars) in 2023 after suffering heavy losses the year before due to the energy crisis, the company said in a statement on Wednesday.

Uniper ended 2022 with a loss of 7.4 billion euros, prompting the German government to take over 99 percent of the shares as a way to bail out the strategic utility. For 2024, Uniper set aside a first provision of 2.2 billion euros for anticipated repayment obligations.

"Uniper regained its financial stability in a short time," said CEO Michael Lewis in a statement, adding that the company "laid important foundations" for the future.

For the fiscal year 2024, the company expects a lower adjusted net income of 0.7-1.1 billion euros due to declining commodity prices. "The market environment and our results are normalizing," said Uniper CFO Jutta Doenges.

At the same time, Uniper is driving forward its green transition as Germany is seeking to become climate-neutral by 2045. The company is investing 8 billion euros by the end of the decade to reach CO2 neutrality five years earlier in 2040.

"Alongside decarbonization and renewables expansion, flexible power generation will play an important role in the energy transition," Lewis said, adding that Uniper welcomed the German government's recent agreement on a comprehensive power plant strategy.

To secure the energy supply of Europe's largest economy, several new gas-fired power plants will be built in Germany in the coming years. Under the strategy, these will be gradually converted to green hydrogen from 2035. (1 euro = 1.08 U.S. dollar)

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