German Uniper Says It’s Facing Insolvency Amid $12 Billion Loss

Giant German utility Uniper has reported first-half 2022 losses of some $12.5 billion amid a mounting energy crisis that has seen natural gas supplies from Russia decline significantly over the past few months.  According to Uniper, the losses were incurred due to the necessity of buying natural gas on the spot market as Russia cut flows to Germany. Uniper said the losses were related to anticipated future gas shortages.  “Uniper has, for months, been playing a crucial role in stabilizing Germany’s gas supply — at the…