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Uniper Starts Using Winter Gas With Urgent Bailout Needed

  • Company has started withdrawing fuel from storage sites
  • Uniper could become insolvent “within days”: supervisory board
Uniper is Germany’s top buyer of Russian gas.

Uniper is Germany’s top buyer of Russian gas.

Photographer: Krisztian Bocsi/Bloomberg
Updated on

Germany’s Uniper SE has started using gas it was storing for the winter after Russia cut deliveries to Europe, increasing pressure on Berlin as the German energy giant needs to be rescued “in a few days.”

The country’s top buyer of Russian gas started withdrawing fuel from storage sites to supply its customers, the company said in a statement to Bloomberg on Friday. The drawdowns, which began on Monday, will also help the company to save some cash as it has been forced to pay up for gas in the spot market. Uniper needs urgent help, risking insolvency within days, said Harald Seegatz, chairman of the Uniper Works Council and deputy chairman of the supervisory board.