Uniper
Company type | State-owned enterprise (Societas Europaea) |
---|---|
FWB: UN01 MDAX Component | |
ISIN | DE000UNSE018 |
Industry | Electric utility |
Founded | January 1, 2016 |
Headquarters | , Germany |
Area served | Europe United States |
Key people | Michael Lewis, CEO |
Products | Electrical power Natural gas |
Revenue | €107.915 billion (2023) |
€6.308 billion (2023) | |
Total assets | €64.694 billion (2023) |
Owner | Government of Germany |
Number of employees | 6,863 (2023) |
Subsidiaries | Unipro |
Website | www |
Uniper SE [ˈjuːnipɚ] is a German multinational
The company has faced criticism for opening new coal-fueled power plants in Germany as recently as May 2020.
History
The split of the majority of E.ON's 'upstream' electricity generation business from its 'downstream' retail and distribution business was first announced in April 2015.
In June 2016, the shareholders' meetings of E.ON SE and Uniper SE decided to spin off Uniper from E.ON.[5] It took place through a retrospective transfer of Uniper's business to 195 million new shares created by an increase in noncash capital as of January 1, 2016.[15] It was intended to deconsolidate Uniper from E.ON in the first half of 2017.[5] E.ON sold a 53% stake in the business through a listing on the Frankfurt Stock Exchange on 12 September 2016.[16]
In November 2017, Uniper completed the sale of its stake in the Russian gas field
In September 2017, Finnish power company Fortum announced it would buy E.ON's remaining 47% stake in Uniper and make a bid for the other 53% held by other shareholders, valuing Uniper at €8 billion. A takeover bid was submitted on 7 November 2017. E.ON accepted the offer on 8 January 2018.[18] Fortum acquired, in total, a 47.35% stake. The deal was completed on 26 June 2018, after approval by various authorities.[19] As of August 18, 2020, Fortum held a 75.01% stake in Uniper.[20]
On 4 July 2019, Uniper and EPH ("Energetický a průmyslový holding a.s.") signed the agreements for the sale of Uniper's activities in France. The scope of transaction includes Uniper's French sales business, two gas-fired power plants in Saint-Avold (Lorraine), two coal-fired power plants in Saint-Avold and Gardanne (Provence), the biomass power plant "Provence 4 Biomasse" in Gardanne and wind and solar power plants.[21]
Impact of Ukraine war
Bail out
In July 2022, the
In 2022 Uniper filed a lawsuit against Russia’s Gazprom, claiming €11.6 billion for damages following shortfalls and breach in gas supply under their long term contract.[27]
Nationalisation
On 20 September 2022,
It was reported in October 2022 that Uniper was "shutting half the office space in its headquarters and lowering temperatures in areas remaining open to save gas" as it struggled to stay afloat ahead of its impending nationalisation.[33]
Russian business
In April 2023 Russia seized the assets of Uniper Russia, including Uniper's 83.73% stake in Unipro which had already been revalued down to €1.[34]
Operations
Uniper operates in the
With 34 GW generating capacities,[6] Uniper is one of the largest European electricity producers.[36][37] Uniper Global Commodities SE trades on the spot and futures market for gas, coal, freight, oil, liquefied natural gas and emission rights on different stock markets and on the over-the-counter-market.[38] Uniper Energy Storage GmbH is responsible for gas storage activities in Europe. The Power-to-Gas plants WindGas Falkenhagen and WindGas Hamburg store renewable energy in the form of electricity, gas or heat. Through electrolyzing, the gained wind energy is transformed into hydrogen and fed into the local gas network.[39] The Uniper Energy Storage GmbH operates gas storages with a capacity of 9 billion cubic metres (3.2×1011 cubic feet) in Germany, Austria, and the United Kingdom.[8]
List of Power Stations of Uniper outside Germany (for Power Stations in Germany see de:Uniper Kraftwerke):
Location | Energy source | Power | Notes |
---|---|---|---|
Connah's Quay | Natural gas | 1380 MW | |
Cottam | Natural gas | 395 MW | |
Isle of Grain | Natural gas | 1275 MW | |
Enfield | Natural gas | 408 MW | |
Killingholme | Natural gas | 600 MW | |
Taylors Lane (Willesden) | Oil | 132 MW | |
Ratcliffe-on-Soar Power Station | Coal | 2000 MW | |
Nuclear power plant Oskarshamn | Nuclear energy | 2308 MW | 54.4% share |
Nuclear power plant Ringhals | Nuclear energy | 3820 MW | 29.6% share |
Nuclear power plant Forsmark | Nuclear energy | 3157 MW | 8.5% share |
Maasvlakte | Coal | 2180 MW | |
Rotterdam | Natural gas | 269 MW | |
Den Haag | Natural gas | 112 MW | |
Leiden | Natural gas | 83 MW | |
Maasvlakte | Natural gas | 78 MW | |
Vilvoorde | Natural gas | 265 MW | |
Gönyü | Natural gas | 428 MW |
In addition, Uniper owns more than 70 hydropower plants with a capacity of 1,553 MW in Sweden.
According to the 2017 Sustainability Report, the
TWh | ||
---|---|---|
energy source | 2017 | 2016 |
Gas/Oil | 61.9 | 73 |
Hard coal | 24.3 | 31.2 |
Nuclear | 11.1 | 13.6 |
Hydro | 11.8 | 11 |
Lignite | 11.5 | 9.7 |
Renewables | 0.2 | 0.2 |
Corporate affairs
The supervisory board consist of twelve members. Six members have been appointed by the general meeting, six by the employees through an election set up by Uniper SE. The shareholder representatives are Markus Rauramo (Chairman), Dr. Bernhard Günther (Deputy Chairman), Prof. Dr. Werner Brinker, Judith Buss, Esa Hyvärinen and Nora Steiner-Forsberg. The employee representatives in 2022 were Harald Seegatz (deputy chairman), Holger Grzella, Diana Kirschner, Victoria Kulambi, Magnus Notini and Immo Schlepper.[41]
In January 2023 Uniper announced that Klaus-Dieter Maubach used his right of cancellation and would quit as CEO in March that year. Additionally COO David Bryson and CFO Tiina Tuomela made their resignations public.[42] On 1 March 2023 Michael Lewis, former CEO of E.ON UK, was appointed as new Uniper CEO.[43] Lewis starts as CEO on 1 July 2023.[44] Jutta Dönges became new CFO and Holger Kreetz followed Bryson as COO.[45]
Finances
The key trends for Uniper are, as of each financial year:[46]
Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|---|---|
Total revenue (€ mn.) | 72,238 | 78,176 | 65,804 | 50,968 | 163,979 | 274,121 | 107,915 |
Net profit (€ mn.) | −656 | −452 | 610 | 397 | −4,169 | −18,979 | 6,308 |
Total Assets (€ mn.) | 48,302 | 57,675 | 49,424 | 44,637 | 157,478 | 146,489 | 64,694 |
Number of employees | 12,180 | 11,780 | 11,532 | 11,751 | 11,494 | 7,008 | 6,863 |
References
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- ^ a b Steitz, Christophe (27 April 2015). "E.ON CFO Schaefer to head future spin-off Uniper". Reuters. Retrieved 24 February 2016.
- ^ Timperley, Jocelyn (4 January 2016). "E.ON completes split of fossil fuel and renewable operations". BusinessGreen. Retrieved 23 February 2016.
- ^ "Gregor Recke". Retrieved 26 September 2018.
- ^ a b c d "Joint Spin-off Report of the boards of management of E.ON SE, DÜSSELDORF and Uniper SE, DÜSSELDORF regarding the spin-off of a majority stake in the Uniper Group" (PDF). eon.com. Archived from the original (PDF) on 2018-09-26.
- ^ a b "Our profile". Uniper. Retrieved 2019-07-25.
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- ^ a b Bauchmüller, Michael (7 December 2018). "Vier Euro als Argument". Süddeutsche Zeitung. Retrieved 26 September 2018.
- ^ "Controversial German Coal-Fired Power Plant to Start This Week". Bloomberg.com. 27 May 2020.
- ^ "Uniper not looking at legal action on Nord Stream 2 - for now". Reuters. 2022-02-23. Retrieved 2022-03-01.
- ^ a b "Germany completes nationalization of Uniper - ministries". Reuters. 2022-12-22. Retrieved 2023-05-09.
- ^ "Eon zieht nach Essen – Neue Gesellschaft heißt Uniper". Die Welt. 27 April 2015. Retrieved 28 April 2015.
- ^ mm-newsdesk (27 April 2015). "Eons Kernspaltung – mit "Uniper" soll alles besser werden". Retrieved 28 April 2015.
- ^ Andresen, Tino (10 September 2015). "EON Cancels Nuclear Business Spinoff as 2015 Loss Forecast". Bloomberg Business. Retrieved 24 February 2016.
- ^ "Zulassungsprojekt" (PDF).
- ^ "Uniper shares get off to volatile market debut". Deutsche Welle. 12 September 2016. Retrieved 16 November 2016.
- ^ Houston-Waesch, Monica (5 March 2017). "Uniper to Sell Yuzhno-Russkoye Stake to OMV for EUR1.75 Billion". New York Times. Retrieved 20 July 2022.
- ^ "E.ON to sell remaining Uniper stake to Fortum for $4.5 bln". Reuters. 2018-01-08. Retrieved 2018-09-26.
- ^ "DGAP-News: Uniper-Statement: Fortum schließt Erwerb von circa 47,35 Prozent an Uniper ab (deutsch)". FinanzNachrichten.de (in German). Retrieved 2018-09-26.
- ^ "Fortum raises stake in Uniper to more than 75%". Reuters. 2020-08-18. Retrieved 2021-08-31.
- ^ "Uniper signs agreements to sell its generation business and distribution activities in France to EPH". Uniper signs agreements to sell its generation business and distribution activities in France to EPH. Retrieved 2019-07-24.
- ^ "Germany Faces Dilemma of Owning Russian Assets in Uniper Buyout". Bloomberg.com. 2022-09-29. Retrieved 2023-05-09.
- ^ "German energy giant Uniper gives in to Russian rouble demand". BBC News. 2022-04-28. Retrieved 2022-04-28.
- ^ Kantchev, Georgi; Pancevski, Bojan (22 July 2022). "Germany to Bail Out Utility Hit Hard by Russian Gas Shortfall". The Wall Street Journal. Archived from the original on 22 July 2022.
- ^ "Fortum: Germany to acquire 30% of Uniper". 22 July 2022.
- ^ Steitz, Christoph; Lehto, Essi; Hansen, Holger (22 July 2022). "Germany hands $15 bln bailout to Uniper after Russian gas hit". Reuters.
- ^ "Uniper brings claim against Gazprom". 30 November 2022.
- ^ a b Henning, Eyk; Sorge, Petra (20 September 2022). "Germany to Inject $8 Billion in Uniper Nationalization Plan". Bloomberg. Retrieved 20 September 2022.
- ^ "Reuters: Germany to nationalise gas firm Uniper on Wednesday". 20 September 2022.
- ^ Dezem, Vanessa; Sorge, Petra; Delfs, Arne (21 September 2022). "Germany Nationalizes Gas Giant in Step to Avert Energy Collapse". Bloomberg. Retrieved 21 September 2022.
- ^ Eddy, Melissa (21 September 2022). "German Government Nationalizes Uniper in Move to Secure Energy Supply". The New York Times. Retrieved 21 September 2022.
- ^ "'Massive scars': Germany's Uniper posts record 40 billion euro net loss". euronews. 4 November 2022.
- ^ "Uniper shuts down 50% of headquarters to save gas". Reuters. 2022-10-24. Retrieved 2023-05-09.
- ^ "Russia takes temporary control of Uniper, Fortum power assets". 26 April 2023.
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- ^ "Uniper-Chef Maubach hört auf". Wirtschaftswoche (in German). Retrieved 2023-01-10.
- ^ "E.on-Manager Michael Lewis wird neuer Chef von Uniper". Retrieved 2022-03-01.
- ^ "Der Eon-Manager übernimmt im Sommer die Führung des verstaatlichten Energiekonzerns. Zudem gibt es weitere Veränderungen im Vorstand". Retrieved 2023-04-23.
- ^ "Carsten Poppinga to become Uniper's new Chief Commercial Officer - Michael Lewis to take over as CEO on 1 July". Retrieved 2023-04-23.
- ^ "Uniper Umsatz, Kennzahlen, Bilanz/GuV". finanzen.net.