Uniper secures $11bn in credit to get through market volatility
German energy group Uniper has secured some €10bn ($11bn) in credit from its Finnish parent Fortum and German development bank KfW to tide itself over amid market volatility, the company said on January 5.
Uniper is obtaining €8bn in credit from Fortum and up to €2bn from KfW. It is drawn an additional €1.8bn of credit facilities from its core banks.
The company said it was taking these steps to "ensure additional liquidity and financial flexibility in future, potentially extreme, market conditions." European gas and power prices have reached unprecedented heights in recent months, owing to a strong rebound in energy demand as economies recover from the coronavirus pandemic and supply constraints.