A company asking for a new credit line five weeks after securing 15 billion euro rescue tends to signal bad news. Uniper may be the exception. The German utility on Monday requested 4 billion euros from KfW after exhausting a 9 billion euro liquidity facility from the German state lender.
, forcing it to buy alternative supplies at spot prices. Gas futures which were trading at a little over 60 euros per megawatt-hour in January, before Russia invaded Ukraine, had jumped to 160 euros by the time of Uniper’s bailout in late July. They hit 340 euros last week.
Two factors work in the company’s favour. With Germany on track to reach its goals for winter gas storage, the pressure on prices may ease. Meanwhile, the agreed bailout has not yet been fully implemented. Uniper should soon be able to claim a significant chunk of the German government’s , designed to compensate energy providers for 90% of their higher gas costs. In that case, the company’s latest cash infusion would be the last. Capital Calls - More concise insights on global finance:
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