Earnings of German Uniper company at the Global Commodities
segment declined significantly relative to the prior-year period
due to the lower gas supplies from Russia, Trend reports citing the company.
“Following very good earnings in the prior-year period, the
decline is mainly attributable to the gas business, which is being
adversely affected by reduced gas deliveries from Russia. To
fulfill its customer contracts, Uniper has been forced to buy gas
on spot market at high prices. The non-recurrence of extraordinary
optimization income due to extremely cold weather in the prior-year
period adversely affected the international portfolio in the first
six months of this year,” Uniper said in its latest report.
Earnings at the European Generation segment were likewise
significantly below the prior-year period.
“As in the prior year, this is particularly attributable to an
increase in the fair value measurement of provisions for carbon
allowances, which are offset by hedges that will not be settled
until the fourth quarter of 2022. In addition, the Nordic
hydropower business recorded significantly lower earnings owing to
price discrepancies between Sweden's so-called system prices and
the delivery prices in the relevant price zones. Lower income from
the U.K. capacity market, higher delivery, and procurement costs
for hard coal as part of Uniper's transitional strategy to
diversify its coal procurement, and the disposal of Schkopau power
station in the fall of 2021 likewise adversely affected adjusted
EBIT,” reads the report.
Uniper notes that earnings at the Russian Power Generation
segment were significantly above the prior-year level. The
recommissioning of unit 3 at Beryozovskaya power station in May
2021 and the associated income from the capacity mechanism along
with higher sales volume and prices in the Siberian price zone were
the main reasons. The expiration of long-term capacity payments for
two generating units at Surgutskaya power station was an adverse
Follow us on Twitter @AzerNewsAz
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.