Uniper's gas inventories decimated first-quarter profit

This year’s first three months took a toll on the German utility, hit especially hard by impairments on both Nord Stream 2 and Unipro, while more natural gas on store has Uniper maintaining annual guidance.

Photo: Dado Ruvic/REUTERS / X02714

Businesses involved with natural gas were likely more pleased with themselves in late 2021 than during the first quarter of 2022 – especially those with ties to Russia. German power company Uniper describes this year’s Q1 as ”weak”, which might come as the greatest surprise.

Unier reports a significant advance in sales at the close of the first quarter, showing revenue tripling to EUR 68.7bn against EUR 21.1bn year-over-year.

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