BAKU, Azerbaijan, July 19. Germany-based Uniper company began withdrawing gas from its own booked gas storage capacity to increase liquidity and supply customers, Trend reports with reference to the company.
“For the purpose of securing liquidity, Uniper has also implemented its announcement of July 8, 2022, and has been withdrawing gas from its own booked storage capacities since July 11, 2022. Up until today, over two terawatt hours (TWh) have been withdrawn. Also on July 11, 2022, Uniper sent a letter to its customers informing them about the current market situation and pointing out the possibility of rising prices,” reads a message from the company.
Moreover, the company fully utilized the existing KfW credit facility in the amount of €2 billion. This is the company's response to the ongoing supply shortfalls of Russian gas.
Uniper has already submitted an application for stabilization measures to the German government on July 8, 2022, which, in particular, takes comprehensive account of the effects of the supply shortfalls on Uniper's financial situation. The package of measures proposed with Uniper's application provides:
• the short-term activation of the options created in the Energy Conservation Act to pass on the increased procurement costs. This would make it possible to compensate for the losses incurred by Uniper as a result of the gas supply cuts.
• an equity component of the federal government that would lead to a relevant stake in Uniper SE.
• an increase in the KfW credit line, which is now fully utilized
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