German Federal Government concludes Uniper agreement

Today, the German Federal Government and energy company Uniper have concluded a framework agreement to concretize the measures to stabilise Uniper agreed between the Federal Government, Uniper, and Fortum on 21 September 2022.

Illustration only / Courtesy of Uniper

Under the agreement, German’s Federal Ministry of Finance will be responsible for Uniper shareholding in the future.

The framework agreement also defines the rights of the Federal Government for the period of its shareholding and imposes certain reporting and information obligations on Uniper.

Uniper also agreed not to distribute any dividends without the approval of the Federal Government until the stabilisation has been terminated.

According to Uniper, the agreement forms the basis for the state stabilisation of Uniper in the form of a capital increase of €8 billion and for the creation of authorised capital of €25 billion.

The Extraordinary General Meeting regarding the increase and the creation of the capital will be held today as well, and according to Uniper, the increase is to be carried out immediately after the EU Commission has granted its approval under state aid law.

Uniper CEO Klaus-Dieter Maubach said: “With the signing of the framework agreement, another important milestone for the stabilisation of Uniper has been reached. I am confident that the Extraordinary General Meeting will approve the capital measures today. We expect the EU Commission’s approval under state aid law in the coming days. By stabilising the company, the Federal Government recognises the central role that Uniper plays for the security of supply in Germany and Europe. Together with the Federal Government, Uniper will contribute to the sustainable development of our energy system.”

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Today, Uniper has also signed an agreement with Fortum under which the latter can make an initial offer should Uniper decide to sell the two Swedish hydropower or nuclear businesses, or parts thereof. However, the deal is limited in time until the end of 2026, and Uniper said there are currently no intentions to sell.

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