The story
Founded by E.ON in 2016, in Düsseldorf.1
The split of the majority of E.ON's 'upstream' electricity generation business from its 'downstream' retail and distribution business was first announced in April 2015. The company became active on 1 January 2016, with 14,000 employees and is expecting an operating profit (EBITDA) of €4 billion. Arranged below Uniper SE were the Uniper Beteiligungs GmbH and the Uniper Holding GmbH, the latter functioning as holding company for the operative companies such as the Uniper Kraftwerke GmbH. The only nuclear plants in Uniper are Swedish, because German government rules aim to stop companies avoiding nuclear clean-up costs.
In June 2016, the shareholders' meetings of E.ON SE and Uniper SE decided to spin off Uniper from E.ON. It took place through a retrospective transfer of Uniper's business to 195 million new shares created by an increase in noncash capital as of January 1, 2016. It was intended to deconsolidate Uniper from E.ON in the first half of 2017. E.ON sold a 53% stake in the business through a listing on the Frankfurt Stock Exchange on 12 September 2016.
In November 2017, Uniper completed the sale of its stake in the Russian gas field Yuzhno-Russkoye. The Uniper share of 25% was sold for €1.749 billion, plus the transferred liquid funds to the Austrian OMV Group.
In September 2017, Finnish power company Fortum announced it would buy E.ON's remaining 47% stake in Uniper and make a bid for the other 53% held by other shareholders, valuing Uniper at €8 billion. A takeover bid was submitted on 7 November 2017. E.ON accepted the offer on 8 January 2018. Fortum acquired, in total, a 47.35% stake. The deal was completed on 26 June 2018, after approval by various authorities. As of August 18, 2020, Fortum held a 75.01% stake in Uniper.
On 4 July 2019, Uniper and EPH ("Energetický a průmyslový holding a.s.") signed the agreements for the sale of Uniper's activities in France. The scope of transaction includes Uniper's French sales business, two gas-fired power plants in Saint-Avold (Lorraine), two coal-fired power plants in Saint-Avold and Gardanne (Provence), the biomass power plant "Provence 4 Biomasse" in Gardanne and wind and solar power plants.
In 2025, Uniper sold its power plant in Gönyű, Hungary to Veolia.
In October 2026, Apollo made a non binding offer to privatize Uniper, which valued the company at ~$11.2 billion. Germany's finance ministry was looking to sell ~74% of its stake in the company.
Bail out
Russia's war in Ukraine highlighted the dilemma that Germany faces regarding Russian assets held by German companies, and severely disrupted the company's operations. Uniper announced on 28 April 2022 that it would pay for Russian gas in rubles, in a move that the BBC described as "giving in to Russian demands and helping to undercut EU sanctions on Russia".
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In July 2022, the German government and Fortum agreed to bailout Uniper a €15 billion rescue deal after being severely affected by reduced supplies and high prices following the energy standoff with Russia. Germany agreed to pay €267 million for a stake in the ownership of Uniper, while also offering the firm up to €7.7 billion in financing. Under the bailout, a record in German corporate history, the government will take a 30% stake in Uniper, reducing the ownership of Fortum to 56%.
In 2022 Uniper filed a lawsuit against Russia’s Gazprom, claiming €11.6 billion for damages following shortfalls and breach in gas supply under their long term contract.
Nationalisation
On 20 September 2022, Bloomberg News reported that the German government intended to nationalize the company, purchasing the remainder of Fortum's stake and becoming Uniper's sole owner. News of the transaction caused Uniper shares to decline and a sharp spike in Fortum's share price, resulting in a halt in trading of the latter. Finland's Minister of Ownership Steering Tytti Tuppurainen stated that Finland would not accept the nationalisation of Uniper without a level of compensation being paid. The German government's intention to nationalize the company was formalized the next day. Germany will spend $8 billion to acquire a 99% stake in the company. Uniper published a €40b loss for the first 3 quarters of 2022. The nationalisation was completed in late December 2022.
It was reported in October 2022 that Uniper was "shutting half the office space in its headquarters and lowering temperatures in areas remaining open to save gas" as it struggled to stay afloat ahead of its impending nationalisation.
Russian business
In April 2023 Russia seized the assets of Uniper Russia, including Uniper's 83.73% stake in Unipro which had already been revalued down to €1.
On 7 June 2024, an arbitration tribunal in Stockholm awarded Uniper over 13 billion euros in damages for gas not supplied by Russia's Gazprom since 2022, also allowing Uniper to terminate long-term contracts with Gazprom. The German government had nationalized Uniper in late 2022 after Russia cut gas supplies, leading Uniper to incur significant costs by purchasing gas at higher market prices.
From Wikipedia’s article on Uniper, shared under CC BY-SA 4.0.4