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Fortum second-quarter net loss deepens as Uniper drags

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Finnish utility Fortum on Thursday posted a second-quarter net loss of 7.4 billion euros ($7.4 billion)
Photo by RONI REKOMAA/Lehtikuva/AFP via Getty Images

Finnish utility Fortum on Thursday posted a second-quarter net loss of 7.4 billion euros ($7.4 billion), hit by losses at its German subsidiary Uniper, and said it may have to increase liquidity reserves if power prices continue to rise.

Uniper, the highest-profile corporate victim of Europe’s energy crisis so far, is being hit by the cost of trying to replace reduced Russian gas deliveries and earlier this month reported a 12.3 billion euro loss for thefirst six months.

Fortum is also currently assessing the possible implications of a new decree in Russia that restricts investors in so-called “unfriendly countries” from divesting shares in key energy projects, the company said in a statement.

In May, the firm said it will exit Russia and is looking for a buyer for its assets there.

“As we have noted earlier, these processes may take time to conclude, and in the energy sector this has typically meant an approval from the Government Commission in Russia,” Fortum, owned 51% by the Finnish state, said in a statement.

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