Uniper SE Germany has agreed on the final terms of measures to stabilize the energy company’s business with the country’s authorities and its parent Fortum Oyj; they will include additional financial assistance of up to 25 billion euros to cover future expenses, according to the report of Uniper.

The agreed cash will be used to partially restore the company’s equity capital, which will suffer losses in 2022, 2023 and 2024, the statement said. This includes future losses related to the need to substitute Russian gas.

The deal still provides for an injection of €8 billion into Uniper’s capital, but it would not be enough to stabilize the energy company’s business.

The statement of German Uniper SE says that its management has submitted the main package of measures to shareholders, who will have to vote on it at an extraordinary meeting on December 19.

Also, the package of measures should be approved by regulators in several jurisdictions, the company said.

Uniper SE Germany in early November, reported a net loss of 40 billion euros in the first nine months of 2022 due to a reduction of Russian gas supplies. As noted in a press release, by Uniper, the company had to buy gas on the spot market at higher prices to meet obligations to customers after the reduction in supplies from Russia since June. The costs amounted to 10 billion euros. Shares of Uniper have fallen by 6.4% during trading.

Earlier we reported that the quarterly GDP growth estimate for the Eurozone q3 2022 was confirmed at 0.2%, as expected.