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Uniper Q1 Electricity Output Down YOY; Operations Resilient to Geopolitical Tensions

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German energy company Uniper Tuesday reported a 20% decline in Q1 electricity generation to 11.78 terawatt-hours, compared with 14.75 TWh a year earlier, as output from all energy sources dropped.

Hydro energy sources produced 3.33 TWh of electricity, a drop from the previous year's 3.46 TWh, as declines in German output due to below-average precipitation levels more than offset increases in Sweden. The volumes are based on the company's accounting view.

Power output from gas plants dropped year over year to 5.12 TWh from 6.36 TWh, due to lower generation across Germany, the UK, and Netherlands.

Nuclear output decreased to 1.78 TWh from 2.92 TWh, driven by the outage of Oskarshamn 3, according to the report.

Production from hard coal plants eased to 1.55 TWh from 2.01 TWh, largely due to decommissioning and disposals of assets in the UK and Germany, the company said

Uniper also reported a 2% year-over-year drop in gas storage levels to 35% at the end of Q1, although volumes remained sufficient to meet demand.

"Despite the ongoing geopolitical tensions caused by Russia's war against Ukraine, there was no gas shortage in Q1, thanks to adequate gas storage levels, mild temperatures and stable liquefied natural gas imports," the company said.

Uniper also noted that its operations were not impacted by the conflict in the Middle East, as it did not import LNG from the region during the period.

"Uniper's diversified gas and LNG procurement portfolio is well positioned against geopolitical risks and resulting market volatilities," the company said.

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