DÜSSELDORF (dpa-AFX) - Following a near-bankruptcy in the energy crisis year 2022 and a record profit in 2023, the energy group Uniper sees a return to normality. "2024 will now be the year of new beginnings," said Uniper CEO Michael Lewis in Düsseldorf on Wednesday. "Uniper is not only back, it is more resilient, financially stronger and more focused than before." Resilient means resistant.

The Group, which was nationalized in the wake of the energy crisis, confirmed the key figures for 2023 published two weeks ago, according to which good business with power generation and gas trading had brought Uniper an adjusted net profit of over 4.4 billion euros (2022: minus 7.4 billion). The Group reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 7.2 billion on Wednesday.

Due to falling raw material prices, the Group anticipates a significantly lower profit for 2024. Adjusted EBITDA is expected to be in the range of 1.5 to 2 billion euros. Adjusted net profit is expected to be between 0.7 and 1.1 billion euros. "The profit situation of 2023 will normalize significantly this year," said Lewis.

Lewis reaffirmed the new strategy presented last year. Among other things, it provides for a shift in electricity generation towards renewables. The current share of green production of 20 percent is to be increased to 80 percent by 2030. "We want to have phased out coal by 2029," said Lewis. The natural gas supply portfolio of currently more than 200 terawatt hours is to be gradually converted into a green portfolio. "Our long-term goal is to be completely climate-neutral by 2040," emphasized Lewis.

Uniper is Germany's largest gas trader. It supplies more than 1,000 municipal utilities and large industrial companies. In Germany and four other European countries, the company also operates many power plants that generate electricity from gas, coal, hydropower, nuclear power and oil. Investments in further renewable energies and hydrogen-capable gas-fired power plants are planned. Uniper is also Germany's largest natural gas storage operator. Uniper also intends to invest in hydrogen storage. Uniper does not supply private customers, except for district heating.

Uniper got into difficulties in 2022 after Russia first reduced and then stopped its gas supplies following the attack on Ukraine. The replacement purchases cost billions. To prevent Uniper from collapsing, Germany paid subsidies of around 13.5 billion euros and became the majority shareholder with over 99 percent. The federal government is obliged to reduce its stake to a maximum of 25 percent plus one share by 2028 at the latest. The aid was approved by the EU Commission subject to conditions. Uniper is obliged to repay the excess amount to the federal government once it reaches a certain equity ratio.

Uniper expects such a repayment to be due at the beginning of 2025. The company has already set aside a provision of €2.2 billion for this in 2023. "It is appropriate and fair for Uniper to compensate German taxpayers for their commitment to stabilizing Uniper in 2022," said Lewis./tob/DP/jha