German Gas Giant Uniper Warns The Worst Is Still To Come

 

CNBC: German gas giant Uniper says the worst is still to come after Russia halts flows to Europe 

* “I have said this a number of times now over this year and I’m educating also policymakers. Look, the worst is still to come,” Uniper CEO Klaus-Dieter Maubach told CNBC on Tuesday at Gastech 2022 in Milan. 

* Russia’s state-owned energy giant, Gazprom, on Friday indefinitely halted gas flows to Europe via a major pipeline, stoking fears that parts of the Continent could be forced to ration energy through winter. 

* Uniper, as Germany’s biggest importer of gas, has been hit hard by vastly reduced flows via pipelines from Russia, which have sent prices soaring. 

German energy giant Uniper on Tuesday warned the worst is still to come as concerns over Russian gas supplies to Europe through fall and winter continue to push up prices. 

“I have said this a number of times now over this year and I’m educating also policymakers. Look, the worst is still to come,” Uniper CEO Klaus-Dieter Maubach told CNBC’s Hadley Gamble at Gastech 2022 in Milan. 

“What we see on the wholesale market is 20 times the price that we have seen two years ago — 20 times. That is why I think we need to have really an open discussion with everyone taking responsibility on how to fix that,” he added.  

Read more ....  

Update #1: Germany’s Energy Crisis Deepens as Local Utilities Cry for Help (Bloomberg)  

Update #2: Europe is facing an energy crisis as Russia cuts gas. Here’s why (PBS News Hour) 

WNU Editor: Uniper CEO Klaus-Dieter Maubach's warnings are spot on, and he is hintng that this is not going to be enough .... Germany vows €65bn package to combat energy crisis (BBC).