Päätin jakaa tänne Saksalaisen lehden jutun, koska siinä esitetään jotain alustavia suuntaviivoja tai ainakin perusasetelmaa sille, mikä voisi olla Uniperin uusi liiketoimintamalli)
(Huom, jos et osaa saksaa ÄLÄ klikkaa linkkiä!!!)
Englanniksi käännettynä lehden teksti:
It was a last-minute rescue: Last Friday, Chancellor Olaf Scholz announced that he would help the battered energy company Uniper with up to 15 billion euros. “We have to stop the bleeding,” said Uniper CEO Klaus-Dieter Maubach. Currently, more than 1.5 billion euros in loss per month would accrue at Uniper. Because the Düsseldorfers have to buy the missing quantities of gas from Russia on the free market in order to maintain their delivery commitments to German municipal utilities and industrial companies.
In addition, Uniper has been saved for the time being, but now also has to look for a new business model. What this could look like is completely unclear. “We need a completely new look at the company,” Maubach announced at the end of last week. “Gas procurement is always based on the assumption that we have a reliable supplier,” says the head of Uniper, who has only been CEO since April 2021. However, uncertainties may continue to be repeated in the future. There is no business model to build on this. No board can answer for “the risk that a single customer-supplier relationship will bring the company to the brink of ruin.” Uniper, as Gazprom’s largest foreign customer, has so far purchased gas from Russia and then resold it to customers, especially in Germany. This brought quite good margins in the past, now the concept led to ruin. Uniper also produces electricity, operates power plants in Russia and is involved in a nuclear power plant in Sweden.
According to Maubach, what happens next will also be discussed with the federal government as the new shareholder. The federal government had announced that it would take over 30 percent of Uniper’s shares at a preferential price. Until then, the company should keep itself afloat with money from the state bank KfW. At the same time, the federal government would give loans, which can then later be converted into shares. According to Maubach, it is even possible that the federal government’s share in Uniper could then rise to more than 50 percent in the medium term.
The Finns are now talking about a “good solution”
Most recently, the Finnish energy group Fortum held a good 78 percent of the shares. This participation will dilute to 56 percent by the entry of the federal government. Whether Fortum will stay with it in the long term is probably open. Group circles point out that Fortum CEO Markus Rauramo has only been in office for two years, but had already promoted the takeover of Uniper as CFO. A lot of money has been invested in Uniper: “There is a lot going on.”
There is talk of a “good and face-preserving solution” in corporate circles at Fortum. The group, majority owned by the Finnish state, had refused to provide new capital and instead wanted to smash Uniper. The German government should take over the gas trade, which is responsible for the misery. The remaining parts should remain with Uniper and thus with Fortum. But this is off the table. Federal Minister of Economics Robert Habeck had previously warned against raisin picking by the Finns.
Another problem: Uniper has been tied to Gazprom for a very long time. Some long-term contracts would run until the mid-1930, Maubach announced at the end of last week. In addition, the Düsseldorfers are heading for a legal dispute with the Russian gas supplier. “Of course, for the benefit of our company, we will try to hold Gazprom liable for the damage we suffer,” says Maubach. This will probably be a legal dispute. He does not make public how exactly you want to proceed. Of course, the chances of success are likely to be low.
Edit: pisimmät sopimukset Gazpromin kanssa ovat 2030 puolelle.