Uniper CEO: We are protected from the latest Middle East energy crisis

Michael Lewis, CEO of the German utility, told analysts that Uniper does not purchase liquefied gas from the Middle East, where the 'U.S. and Israeli attacks against Iran' have caused price spikes in oil and gas.

Lewis, speaking after the group's annual results were published, said that, while higher prices might bring back memories of the energy crisis in Europe 2022, which led to the nationalisation of Uniper, today the company is much more resilient.

Lewis said that the forward price for gas and electricity reflected market expectations of a'short-term conflict' in the Middle East. He added?that whereas 2026 prices showed a clear effect, it was less or non-existent for 2027 & 2028.

Lewis added that the company was much more resilient than in 2022 when the former main supplier, Russia, suddenly stopped supplying.

Lewis said that "Uniper is not currently subject to any direct restrictions on LNG procurement, and there aren't any LNG deliveries planned from the affected area which would pass through the Strait of Hormuz."

Lewis said that the current crisis highlights the importance of diversification. He added that countries like Qatar and the United Arab Emirates remain viable partners in the future for liquefied gas. Reporting by Christoph Steitz, Tom Kaeckenhoff and Ludwig Burger. Editing by Matthias Williams and Matthias Williams.

(source: Reuters)