International energy company Uniper on Tuesday (20 December) said the EU Commission (EC) approved the stabilisation package for Uniper under state aid law.
The firm said the stabilisation measures will now be implemented immediately.
As part of the approval, the EU Commission set out a number of structural remedies that Uniper must fulfil. The company will make the following divestments of assets, the last of which must be completed at the latest by the end of 2026:
Uniper has also committed itself to a number of market-opening remedies, such as, for example, the obligation not to expand its market position in sales, to adjust its long-term gas contract portfolio, and to grant competitors access to transport and storage capacities.
Until the end of 2026, Uniper may also only make acquisitions that are necessary to ensure the continued viability of the company or to drive the decarbonisation of Uniper’s business. The acquisitions will be subject to approval by the EU Commission.
In addition, according to the EU approval the arbitration claim against the Netherlands on the basis of the Energy Charter Treaty must be withdrawn.
Furthermore, the EU approval is based upon the logic that Uniper will make an own contribution of 30% per year from its adjusted earnings before interest and taxes excluding losses from gas replacement costs, between 2022 and 2024. If, at the end of 2024, Uniper’s equity capitalization is higher than before the crisis, Uniper will be obliged to repay the excess amount to the German Federal Government by appropriate means.
As part of the EU approval, the German Federal Government agreed to reduce its shareholding to a maximum of 25% plus one share by 2028 at the latest.
The capital increase approved by the General Meeting on December 19, 2022, will now be implemented immediately. It is also planned to utilise part of the Authorised Capital still in 2022.
Uniper CEO Klaus-Dieter Maubach, said: “The stabilisation of Uniper has been achieved. As we have now obtained EU approval, the agreed capital measures can be implemented. We will do everything in our power to find the best owners for the assets and businesses to be sold. With the EU approval we have taken the last hurdle and now we know the conditions under which we will shape the future of Uniper. I would like to thank all those involved for the tremendous effort this year.”
Photo credit: Uniper
Published: 22 December, 2022
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