By Giulia Petroni

Germany's Uniper said on Tuesday that it expects to book pretax gains of more than 2 billion euros ($2.16 billion) from the procurement of replacement gas volumes following Russia's curtailments.

The gas trader said it doesn't expect additional costs from the procurement of replacement gas volumes for the 2023-24 period and that further equity increases by the government won't be necessary.

"Uniper has effectively hedged its gas supply obligations in this regard for this period through, among other instruments, futures contracts," it said.

The use of the aformentioned profits, which are based on preliminary figures, is set to be coordinated with the German government in line with EU state-aid requirements.

Uniper confirmed its outlook for the full year, saying it continues to foresee a strong earnings recovery compared to the previous year, with positive adjusted net income and adjusted earnings before interest and taxes.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 23, 2023 11:07 ET (15:07 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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