Uniper – More than €8 billion of planned investments in green transformation through 2030, hydrogen included.
Uniper’s exceptionally strong first-half numbers continued its positive performance in the first quarter of 2023. Uniper also set new and ambitious strategic objectives. The Management Board, which became complete, presented the company’s first-half results and new strategy in Düsseldorf. Uniper will be transformed into a greener company much faster than previously planned.
Uniper will support the energy transition of its roughly 1,000 customers—industrial enterprises, municipal utilities, and transmission system operators—by increasingly providing them green and flexible power and gas products.
Uniper’s focus areas for the years ahead are Customers, Green and Flexible Power, Greener Gases, and Optimization. The company can build on its strong customer base, its unique power and gas portfolio, its experience in the construction and operation of assets and infrastructure, and its expertise in global energy trading.
Uniper will support the necessary transformation of the energy industry by offering flexible, balanced, and bespoke forms of energy production. For this purpose the company is adapting its own power plants and assets and investing in flexible, secure power generating units. This includes investments in solar and wind farms, an area in which Uniper aims for significant growth.
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Uniper intends for 80% of its installed generating capacity to be zero-carbon by 2030. It will end coal-fired power generation by 2029 at the lastest.1 Uniper intends for its Scope 1 to 3 emissions to be carbon-neutral by 2040, ten years earlier than previously planned. It plans to achieve group-wide carbon neutrality for its Scope 1 and 2 emissions by 2035.
Uniper intends to gradually decarbonize its gas business by using green gases like hydrogen. In line with market developments, the company aims for 5% to 10% of its portfolio to consist of green gases by 2030. It will also continue to repurpose some of its existing gas storage facilities for hydrogen storage.
Uniper will invest more than €8 billion through 2030 for its green transformation alone. This is triple its average annual investments of the past three years.
Michael Lewis, CEO said:
The crisis last year demonstrated the central role Uniper plays in the energy market.
“We were financially stabilized by the German Federal Government just under eight months ago, and only a short time afterward we achieved the turnaround. We’ve significantly diversified our gas procurement. Our supply obligations to municipal utilities and industrial customers for 2023 and 2024—which we entered into before the Russian supply disruption—are almost fully hedged by forward transactions.”
“Today I can therefore say with certainty that 2022 will not repeat itself for us. Our successful stabilization and financial recovery have again given us latitude for new growth and corporate transformation. What’s important to me above all is that we remain the reliable partner for our customers that we’ve always been in the past, even during last year’s crisis. We also want to become greener faster so that we can offer our customers bespoke energy solutions for their own transformation.”
As of today, the Uniper Management Board is once again fully staffed after Carsten Poppinga succeeded Niek den Hollander as Chief Commercial Officer and head of the trading business. Michael Lewis (CEO), Jutta Dönges (CFO), and Holger Kreetz (COO) had already assumed their roles in the past few months.
Michael Lewis, CEO said:
Our power and gas business is becoming increasingly zero-carbon, and our trading business, thanks to its optimization and procurement capabilities, is our platform for the interplay between markets and commodities.
“Uniper’s expertise as a global trading company was a key reason it was able to manage last year’s energy crisis so well. One of Uniper’s great advantages is that we can already use our balanced portfolio to manage the complexity of the energy market. We have green power, but also flexible, dispatchable power.”
“You can’t have one without the other if you want security of supply. That’s why Uniper will expand both. Industry will continue to need an uninterrupted supply of gas, but with an increasing proportion of green gas. Our power and gas portfolio already makes us very well prepared for a future in which the two sectors will increasingly be integrated.”
Highlights:
- Adjusted EBIT of €3.7 billion and adjusted net income of €2.5 billion substantially above prior-year figures
- Full-year adjusted EBIT and adjusted net income expected to be in medium single-digit billion range
- New strategy: accelerated transformation into a greener company
- Growth in flexible power generation, green gases, wind and solar
- More than €8 billion of planned investments in green transformation through 2030
- Installed power generating capacity to be more than 80% zero-carbon by 2030
- Carbon-neutrality target brought forward from 2050 to 2040
- Carsten Poppinga is new Chief Commercial Officer
- CEO Michael Lewis: “Our financial recovery has again given us latitude for new growth and corporate transformation. We want to be greener faster so that we can offer our customers energy solutions for their own transformation.”
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Uniper accelerates the green transformation and posts exceptionally strong first-half earnings, August 1, 2023
