The energy group Uniper expects better results from autumn thanks to access to the planned gas surcharge from October. “Losses will be significantly lower from the fourth quarter,” CFO Tiina Tuomela said in a conference call with analysts on Wednesday.

Uniper sees 2022 and 2023 as transitional years. For 2024 you can see light at the end of the tunnel.

The ailing energy group Uniper had previously announced that it had made a loss of more than 12 billion euros in the first half of the year. The company announced this on Wednesday in Düsseldorf. Of this, 6.5 billion euros are related to interruptions in gas supplies from Russia. In addition, the total of already known 2.7 billion euros in depreciation is included – including for the Baltic Sea gas pipeline Nord Stream 2.

Uniper only expects an improvement in the coming years. “We expect an improvement in earnings for 2023 and are aiming to leave the loss zone from 2024,” said CFO Tiina Tuomela in a statement on the presentation of the half-year figures.

Uniper also expects a negative result for 2022 as a whole as a result of the significantly reduced Russian gas deliveries. Given the volatile environment, it is not possible to state an adequate range.

As the largest German gas importer, Uniper plays a central role in the gas crisis due to the sharp drop in gas supplies from Russia for weeks. The company now has to buy more expensive gas on the market to fulfill contracts because of the cut in supplies and a heavy reliance on gas from Russia. This led to liquidity problems because Uniper has not yet been able to pass on the price increases.

Uniper supplies more than 100 municipal utilities and industrial companies. A rescue package worth billions was put together to support the group. Among other things, it provides for the federal government to take a 30 percent stake in the Düsseldorf company.