Uniper taps storage reserves amid Nord Stream shutdown
Uniper has started using its underground gas storage reserves to cover gaps in supply caused by Nord Stream's 10-day maintenance shutdown, Reuters reported July 15, citing German weekly news publication FOCUS Online.
The 55bn m3/yr Nord Stream pipeline was taken offline on July 11, meaning Uniper has currently used around four to five days of its overall gas storage capacity.
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Germany's Bundesnetzagentur (Federal Network Agency) for energy, utilities and infrastructure confirmed a slight fall in gas storage volumes yesterday, at 64.5% compared to 64.6% day/day.
"At present, gas is being withdrawn from storage partly as a result of market conditions," the agency said in its situation report, which warned this could reduce Germany's ability to deal with a potential gas storage.
Meanwhile Uniper's financial predicament continues to rumble on with no sign of a solution to the obstacles hindering its potential German state bailout. Reuters reported July 15 that a Finnish government ministry left talks in Berlin with the impression there was "no real time frame" for a final agreement.
Uniper is 69.9% owned by Finnish state-owned energy company Fortum. The company's CEO Klaus-Dieter Maubach has said potential financial support from the German government could include guarantees or an equity stake.