Uniper withdrew its 2022 financial outlook on 29 June 2022. It also announced that preliminary figures as of 30 June 2022 indicate adjusted EBIT and adjusted net income for H1 2022 would be significantly below the previous year’s figures (adjusted EBIT for H1 2021: EUR 580m; adjusted net income for H1 2021: EUR 485m).

This development is driven by the latest Russian gas supply restrictions. Uniper has only received 40% of contracted gas volumes from Gazprom since 16 June 2022. Uniper uses flexibility in its portfolio and substitution of volumes to ensure security of supply for its customers. However, it currently procures substitution volumes at significantly higher prices than one year ago. It cannot yet pass on these additional costs, and this has resulted in a significant financial burden for the company. In addition, there are major uncertainties regarding the geopolitical situation as well as the duration and scope of Russian gas supply restrictions. Uniper assumes that a portion of the current charges can be passed on if Germany’s Federal Network Agency (Bundesnetzagentur) determines and announces the gas shortage.

The company is examining how to secure its liquidity. Among other things, it has entered into discussions with the German government on possible stabilisation measures. A number of tools could be considered for this purpose, such as guarantees and collateral, increasing the currently undrawn KfW credit facility, and equity investments.

Scope placed Uniper’s BBB+ rating under review for a possible downgrade on 14 March 2022. The rating action was driven by heightened event risk given an escalation in sanctions by the US and EU and potential retaliatory measures by Russia amid the conflict in Ukraine. Scope closely follows developments related to the energy markets and Uniper in particular. Scope believes that the German government will intervene to stabilise the company's financial situation and maintain functioning energy markets. However, there is still limited clarity and visibility on risk factors, mitigating measures and their impact on Uniper. Scope maintains Uniper’s ratings under review for a possible downgrade, and the agency aims to resolve the review status as soon as practicable.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

For the official credit rating action release, click here. Scope placed Uniper’s BBB+ rating under review for a possible downgrade on 14 March 2022.