Uniper (UN01.DE) has fully drawn down a 9 billion euro ($9 billion) credit line from state lender KfW (KFW.UL) and requested a further 4 billion euros after the German utility's need for fresh liquidity has been exacerbated by soaring gas and power prices.
The highest-profile corporate victim of Europe's energy crisis so far has been pummelled by reduced gas flows from Russia, its main supplier, forcing it to buy replacement volumes at much higher prices elsewhere.
In addition, Uniper has been squeezed by higher margining requirements - essentially security payments to safeguard power sales - in light of a sixfold increase in gas prices and a more recent doubling of electricity costs.
"We are working at full speed with the German government on a permanent solution to this emergency, otherwise Uniper will no longer be able to fulfil its system-critical function for Germany and Europe," said Chief Executive Klaus-Dieter Maubach.
Sources told Reuters last week that KfW was prepared to provide Uniper with more credit than previously agreed in last month's 15 billion euro bailout deal.
