Uniper SE Germany recorded a net loss of 40 billion euros in the first nine months of 2022 on the background of declining supplies of Russian gas. According to a press release, Uniper had to buy gas on the spot market at higher prices to fulfill its obligations to customers after the reduction in supplies from Russia since June. The costs involved amounted to 10 billion euros.

“This has left a heavy mark on our financial results. Implementing the company’s business stabilization package is our top priority,” Uniper CFO Tiina Tuomela said.

The company has also set aside €31 billion to cover future losses associated with the need to substitute Russian gas as well as from changes in the cost of derivatives.

Uniper SE Germany made a loss of 3.2 billion euros in January-September, compared to a profit of 487 million euros a year earlier.

In September this year, the German government, the management of German Uniper SE and its parent company Fortum agreed on measures to stabilize the business of the energy company, including an injection of 8 billion euros into its capital. Because of the agreement, the government’s stake in Uniper will reach 99%.

A press release from German Uniper SE noted that any further assistance will be provided to the company through additional government measures.

“The German government and Uniper are in the process of finalizing the details of these additional stabilization measures,” the company said.

Uniper shares lost 3.2 percent in trading Thursday. Since the beginning of the year they have fallen by 93%.

Earlier we reported that the dollar is getting cheaper against major currencies.