Latest News

German Uniper invests $5.8 billion in a strategy overhaul through 2030

Uniper said it will invest $5.8 billion in renewable energy and gas-fired plants through 2030. The German utility updated its strategy on Thursday to reflect more realistic expectations for the green energy market.

Last year, the state-owned company announced that it would reduce an initial investment plan of 8 billion euros for its transformation by 2030. It cited falling returns from renewable projects and a delayed development of hydrogen markets.

Investors have pressed several European utilities including the larger German counterpart RWE to review their capital budgets and cut spending plans.

Uniper CEO Michael Lewis stated that the regulatory and geopolitical climate is challenging. He cited delays in German government plans for new gas-fired energy plants, as well as a slow ramp-up of hydrogen.

We have therefore decided to focus our portfolio even more through 2030 on activities and project that generate reliable revenue streams.

The group stated that the majority of the 5 billion euro will be used to expand Uniper's portfolio of renewable and gas-fired energy plants. It also plans to reach 15-20 gigawatts in generation capacity by 2030.

Uniper stated that at least half of this capacity will be renewable. This includes solar, wind, and hydro power, as well as nuclear and gas-fired plants, which can run carbon neutral in the future.

The company said that it also plans to increase its portfolio of liquefied gas to 250-300 Terawatt Hours per year in the medium term.

(source: Reuters)