Uniper refines its full-year 2023 outlook

FILE PHOTO: LNG 2023 energy trade show in Vancouver

(Reuters) -German state-owned utility Uniper on Tuesday refined its outlook for the full year as the company said it benefited from hedging transactions in coal and gas power generation and its gas midstream business.

Uniper said it expects adjusted EBIT in a range of 6 billion euros to 7 billion euros ($6.35 billion to $7.41 billion) and adjusted net income in a range of 4 billion to 5 billion euros for 2023.

For the first nine months of the financial year 2023, Uniper said it expects an adjusted EBIT of 5.484 billion euros and an adjusted net income of 3.741 billion euros.

Uniper in August mapped out plans to move away from fossil fuels with billions of euros in green investments, hailing record earnings in the first half of 2023 as a turnaround following its bailout just a year earlier.

The turnaround was helped by the company hedging its gas supply commitments for the years 2023 and 2024 at lower prices after being forced to replace missing Russian volumes at surging prices on spot markets last year.

Uniper said that the positive effect from hedging obligations resulting after curtailment of its Russian gas supplies continued in the third quarter.

Uniper, once Germany's biggest importer of Russian gas, had to be bailed out by the German state last year after record losses incurred by making expensive gas purchases to replace curtailed Russian exports.

($1 = 0.9446 euros)

(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Leslie Adler and Will Dunham)