Uniper net debt increases to $2.08 bln

German utility provider, Uniper, reported on Tuesday a significant increase in the economic net debt of $2.08 billion (€1,984 million) compared with €324 million euros at the end of December.

The utility said that the main reason was due to a negative operating cash flow in conjunction with measures to improve liquidity in the gas and emissions-rights businesses in late 2021 to meet temporary liquidity needs. 

The utility also reported a net loss of roughly €3.1 billion mainly influenced by impairments on Nord Stream 2 loan and Unipro as well as by interim gas storage optimization.

“We deliberately decided to shift earnings in order to seize market opportunities and create additional value. By withdrawing less gas from our storage facilities, we’re also enhancing the security of Germany’s energy supply,” said Uniper CFO Tiina Tuomela in a statement.

“Because this is an earnings shift and not a shortfall and based on our assumptions regarding our further business performance, we can affirm our earnings forecast for the current financial year,” added Tuomela.