According to insiders, the energy group Uniper, which is supported by state aid, plans to sue the Russian state-owned company Gazprom for missing gas deliveries. It is about a claim for damages in the billions. This news is immediately noticeable on the stock market.
According to insiders, the ailing energy company Uniper is considering filing a claim for damages against its long-standing Russian supplier Gazprom before an arbitration court in Stockholm. Two people familiar with the matter said it was about billions in compensation for Gazprom's failure to deliver gas.
Uniper explained that gas importers who assert compensation claims must examine any claims for damages against the supplier. "Of course, Uniper will also examine such claims for damages against Gazprom and try to enforce them if there is a strong chance of success." The hope of compensation payments gives the ailing gas importer a boost on the stock exchange. In late trading in Frankfurt, Uniper shares were around one percent above their Xetra closing price.
Gazprom initially reduced its gas supplies to Germany through the Nord Stream 1 Baltic Sea pipeline, citing deficiencies, and has since stopped them altogether. The Federal Government considers the justification to be advanced and politically motivated. Uniper has to buy gas on the expensive spot market to fulfill its own agreements. In the first half of the year, the utility made a loss of 12.3 billion euros.
The federal government supports the largest German gas importer with billions in aid. However, the ailing group has not yet planned any comprehensive austerity measures. "As of today, there is no job cuts program or a group-wide austerity program," said a spokesman for "Wirtschaftswoche". However, "an energy saving concept for all locations is in preparation". In addition to Uniper, VNG, a subsidiary of the energy supplier EnBW, has now also applied for state aid.
Uniper had already announced that it was examining legal action against its former main supplier and also mentioned possible arbitration proceedings. However, such procedures usually take several years.
