Energy giant blames war in Ukraine for big losses

Germany's largest gas importer, Uniper, on Wednesday reported a loss of more than €12.3 billion ($12.5 billion) in the first half of the year.

The firm said that €6.5 billion were related to interruptions in gas deliveries from Russia due to the war in Ukraine.

"Uniper has, for months, been playing a crucial role in stabilizing Germany's gas supply — at the cost of billions in losses resulting from the sharp drop in gas deliveries from Russia," Chief Executive Klaus-Dieter Maubach said.

The loss also included €2.7 billion in impairments due to the canceled Nord Stream 2 pipeline, which Uniper financially backed.

Doubt over Russian gas deliveries

Uniper is struggling to stay afloat because it has to buy more expensive gas on the market to fulfill contracts because of the cut in supplies from Russia and contractually cannot yet pass price increases on to customers.

The company, which accepted a government rescue package last month, warned that the energy supply in Europe was far from easing and that the gas supply in the coming winter remains extremely challenging.

The need to fill an energy gap has emerged after Russia dramatically reduced gas deliveries to Germany through the Nord Stream 1 pipeline.

Germany has accused Russia of weaponizing gas deliveries, and suspicions linger that the Kremlin may trigger an energy crisis on the continent this winter.

The country remains heavily reliant on Russian gas imports, which accounted for 26% of gas consumed in June, according to the Economy Ministry.

lo/sms (AFP, dpa, Reuters)