Connah’s Quay power station owner Uniper posts €40bn loss

German owner of Connah’s Quay power station has posted a record €40bn loss following Russian gas cuts.

The loss is among the biggest in German corporate history, “reflecting expected future losses in the wake of Russia’s move to stop its supplies.” Reports Reuters.

In the UK, Uniper owns and operates seven power stations including the gas-fired generator on the south bank of the River Dee in Connah’s Quay.

Uniper reported a €40.4bn net loss in the first nine months of the year, up from a €4.7bn loss recorded in the same period last year.

Revenues of €213bn were almost triple the €78bn in the same period last year.

The soaring price of gas driven by the Russian invasion of Ukraine and sanctions by western nations, has plunged Uniper into crisis and prompted the German government to nationalise the company.

Uniper has been forced to buy gas at prices well beyond what it paid Russia under long-term contracts.

Uniper CFO Tiina Tuomela said: “To ensure customers’ supply security, Uniper has for some time been procuring gas at significantly higher prices and, as is well known, has thus recorded considerable losses because the replacement costs of procuring new gas aren’t being passed through to consumers.”

“Our half-year numbers already indicated that this has left massive scars in our financial results.”

“Implementing the stabilization package therefore has the highest priority.”

Uniper is based in Düsseldorf and is one of Germany’s largest publicly listed energy supply companies.

It has around 11,000 employees and operates in more than 40 countries.