Uniper SE: EU Commission grants approval under state aid law - Stabilization measures to be implemented immediately

Uniper SE / Key word(s): Miscellaneous
Uniper SE: EU Commission grants approval under state aid law - Stabilization measures to be implemented immediately

20-Dec-2022 / 20:57 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EU Commission today approved the stabilization package for Uniper under state aid law. Thus, the stabilization 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 by the end of 2026 the latest:

  • 84% stake in the Unipro business, Russia, 
  • Hard-coal-fired power plant in Datteln, Germany,
  • Uniper’s district heating business, Germany,
  • North America power business, excluding the gas portfolio, LNG and hydrogen-related capabilities,
  • Marine fuels business Uniper Energy DMCC, Middle East,
  • Gas-fired power plant in Gönyu, Hungary,
  • 20% stake in the OPAL pipeline,
  • 20% indirect stake in the BBL pipeline,
  • 18% stake in the gas company Latvijas Gaze, Latvia,
  • International helium business.

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 decarbonization 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to the EU approval the arbitration claim against the Netherlands on the basis of the Energy Charter Treaty must be withdrawn.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 utilize part of the Authorized Capital still in 2022.



Person making the notification:
Andrea Schoeneberg
Vice President
Corporate Legal Affairs

Contact for investors and analysts:
Stefan Jost
Executive Vice President
Group Finance & Investor Relations
Uniper SE
Holzstraße 6
40221 Düsseldorf
Mobile +49 1515 1213 9656
Telefax +49 211 4579 2022
Email ir@uniper.energy

Media contact:
Georg Oppermann
Senior Vice President
External Communication & Sustainability Communication
Uniper SE
Holzstraße 6
40221 Düsseldorf
Phone +49 211 4579 5570
Mobile +49 178 439 4847

20-Dec-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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