The German Federal Government and Uniper have concluded a framework agreement to concretize the measures to stabilize Uniper agreed between the Federal Government, Uniper and Fortum on 21 September 2022, according to the company's release.
The agreement forms the basis for the state stabilization of Uniper in the form of a capital increase of EUR 8bn and for the creation of authorized capital of EUR 25bn.
The General Meeting is to approve the capital increase and the Authorized Capital at the Extraordinary General Meeting to be held today. The state aid approval by the EU Commission is expected in the near future and represents the main outstanding condition for the implementation of the stabilization measures.
The Federal Ministry of Finance will be responsible for the Uniper shareholding in the future.
The common goal of the Federal Government and Uniper is not only to ensure security of supply, but also to help establish a sustainable energy supply in Germany and thus also give the company and its employees a perspective for the future.
The framework agreement defines consultation and approval rights of the Federal Government for the period of its shareholding and imposes certain reporting and information obligations on Uniper. The framework agreement further provides that section 29(1a) of the EnSiG, which was adopted by the Bundestag at the end of last week, shall apply to the remuneration of Uniper SE’s Board of Management and Supervisory Board. The company will also not distribute any dividends – without the approval of the Federal Government – until the stabilization has been terminated.
Uniper also signed an agreement with Fortum, under which Fortum’s right, limited in time until the end of 2026, to make an initial offer should Uniper decide to sell the Swedish hydropower or nuclear businesses – or parts thereof – was concretized. There are currently no intentions to sell on the part of Uniper.
Düsseldorf-based Uniper is an international energy company with activities in more than 40 countries. With around 7,000 employees, it makes an important contribution to security of supply in Europe. Uniper’s core businesses are power generation in Europe, global energy trading, and a broad gas portfolio. Uniper procures gas – including liquefied natural gas (LNG) – and other energy sources on global markets. The company owns and operates gas storage facilities with a capacity of more than 7 billion cubic meters. Uniper plans for its 22.5 GW of installed power-generating capacity in Europe to be carbon-neutral by 2035. The company already ranks among Europe’s largest operators of hydroelectric plants and intends to further expand solar and wind energy, which are essential for a more sustainable and autonomous future.