German energy giant posts record losses

17.08.2022,17:28


August, Fineko/abc.az. Last month, Uniper SE, which is on the brink of bankruptcy with a €17bn bailout package and which plays a critical role in Germany's power grid, posted record losses.

ABC.AZ reports citing foreign media that Uniper’s losses topped 12 billion euros, which makes it the largest company in German history to suffer losses, revealing the scale of the crisis facing the European energy market.

The firm noted that Uniper's losses in terms of IFRS (International Financial Reporting Standards) amount to €6.5 billion due to future gas shortages, €2.7 billion due to problems with Nord Stream 2, and the rest partly due to rising world commodity prices.