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UNIPER SE

(UN01)
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Real-time Estimate Tradegate  -  03:41 2022-08-16 am EDT
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QUOTEBOX-Reactions to Germany's move to declare gas alarm stage

06/23/2022 | 08:50am EDT

FRANKFURT, June 23 (Reuters) - Germany on Thursday triggered the "alarm stage" of its emergency gas plan following a drop in Russian supplies, but for now will not permit utilities to pass on soaring costs to consumers.

Following are comments from the government, companies, and industry groups:

ROBERT HABECK, GERMAN ECONOMY MINISTER:

"Even if gas volumes can still be procured on the market and are still being stored: The situation is serious and winter will come. We must not fool ourselves: The cut in gas supplies is an economic attack on us by (Russian President Vladimir) Putin."

"It is obviously Putin's strategy to create insecurity, drive up prices and divide us as a society This is what we are fighting against ... Gas is a scarce commodity from now on. Prices are already high and we have to be prepared for further increases. This will affect industrial production and become a big burden for many consumers. It is an external shock."

ENBW:

"The measures adopted by the government as part of the Gas Emergency Plan are primarily intended to prevent a gas shortage in autumn and winter."

"This step has no impact on the supply of household customers and companies at this time."

"One measure to save gas is the increased use of coal-fired power plants for power generation."

VDMA ENGINEERING ASSOCIATION MANAGING DIRECTOR THILO BRODTMANN

"The danger is real that we are heading towards an under-supply and therefore a rationing regime."

BGA WHOLESALE, FOREIGN TRADE ASSOCIATION PRESIDENT DIRK JANDURA

"For wholesale and foreign trade companies, it is important that the government prepares strategically and carefully for sovereign measures such as shutdowns. The burden of possible gas rationing must be borne jointly by all actors."

UNIPER CEO KLAUS-DIETER MAUBACH

"This is not a solution for this winter if the supply situation remains as it is or continues to worsen over the coming weeks.

"The gas storage levels are a 'thermometer' for Germany's supply security. If this shows that it is not possible to replenish the gas storage facilities by October as required by law, further steps will be immediately and urgently needed."

E.ON, GERMANY'S LARGEST ENERGY FIRM:

"The declaration of the alarm stage does not change the fundamental status quo for the time being. What is decisive is that the Federal Government now creates the necessary framework conditions for the scenario of a significant reduction in gas import volumes in order to ensure the ability of the relevant actors to act and to stabilise the markets and gas supply."

KERSTIN ANDREAE, MANAGING DIRECTOR OF GERMAN ASSOCIATION OF ENERGY AND WATER INDUSTRIES (BDEW)

"It was right to declare the alert level. Currently, the supply is guaranteed, but we must turn our attention to the coming winter ... The German government has called on citizens and industry to save energy today wherever possible. The more gas that is saved today, the more we can use to fill storage facilities."

WOLFGANG GROSSE ENTRUP, HEAD OF CHEMICALS INDUSTRY ASSOCIATION VCI:

"It is a logical step in order to react to the increasingly serious supply situation and to stabilise the markets. This applies equally to natural gas volumes and sky-rocketing prices. The Federal Government is acting responsibly and moving forward step by step. The politically driven reduction of Russian gas supplies poses ever more daunting challenges for society and industry. The associated burdens must be fairly distributed." (Compiled by Christoph Steitz, Vera Eckert, Hans Seidenstuecker; Editing by Jason Neely and Bernadette Baum)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE 0.11% 9.37 Delayed Quote.-23.18%
ENBW ENERGIE BADEN-WÜRTTEMBERG AG -0.49% 101.5 Delayed Quote.34.21%
S&P GSCI NATURAL GAS INDEX 2.10% 415.9098 Real-time Quote.134.42%
UNIPER SE 3.42% 8 Delayed Quote.-81.47%
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Net income 2022 694 M 707 M 707 M
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Yield 2022 0,74%
Capitalization 2 834 M 2 886 M 2 886 M
EV / Sales 2022 0,02x
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Nbr of Employees 11 319
Free-Float 22,0%
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