German energy giant Uniper, which was bailed out by the government last year, pledged on Tuesday to invest more than $8.8 billion (8 billion euros) in green energy by 2030 as it looks to become a greener energy provider faster than previously planned.
Last year, Germany moved to save its energy companies which had been amassing losses with the lack of contracted Russian gas supply and the high price they had to pay on the spot market to replace lost Russian volumes.
Germany nationalized Uniper in September 2022 as it was looking to prevent a collapse of the German energy and gas suppliers.
In the first half of this year, Uniper booked “extraordinarily strong first-half earnings,” the company said today, benefitting to a great extent from hedging transactions for fossil-fueled power generation and its midstream gas business. Strong operating performance in a favorable market environment – with natural gas prices much lower this year – also helped the energy firm book strong earnings.
“We’ve significantly diversified our gas procurement,” CEO Michael Lewis said in statement, adding that “Today I can therefore say with certainty that 2022 will not repeat itself for us. Our successful stabilization and financial recovery have again given us latitude for new growth and corporate transformation.”
Source: Uniper, OilPrice