Tuesday, August 23, 2016

E.On power station daughter: For systemically important Uniper holding his gas power plants – WirtschaftsWoche

system Relevant calls Schäfer its power plants. A term that came up during the financial crisis for those banks that were actually bankrupt, but still not tightly made, for fear of their closure could destabilize the entire financial system. The state held the ailing institutions on rescue fund with billions afloat. From a similar situation Uniper will benefit. Around 70 percent of the power plants are systemically important, it is at Uniper. And that means you will not shut out of concern for the safety of the power supply when wind turbines and solar panels do not produce enough power. Uniper they need in reserve ready hold and receives a remuneration.

It is financed through the electricity bill of consumers. Earlier this year, demanded Uniper in an action before the district court in Bayreuth more money means the holding of its gas-fired power plant in Irsching in southern Germany. The compensation is not appropriate, argued Uniper. Industry sources admit the action a good chance. The judgment would be groundbreaking for further conventional power plants that need to be operated as a further.

So Uniper could its power plants afloat until it when in close seven years, the last nuclear reactors are shut down, actually might be needed again, power should be just after that.

EUR 15.5 billion or four billion: Before the planned IPO of E. On elimination Uniper there is confusion about the possible market value. And E.On acknowledges “where appropriate correction needed” a.

This is a story with a good many ifs. Really can not believe E.On manifestly itself. In order to convince investors of Uniper, Schaefer intends to pay out around 200 million euros dividend this year. With an estimated market capitalization of analysts between 2.6 billion euros (German Bank) and 2.8 billion euros (Metzler Bank) would be an impressive return of seven percent. E.On shareholders will receive one share Uniper for their custody for ten shares in the parent company. On the first trading Uniper will probably start as Daxwert, then do not remain in the stock market index is too small. Uniper hopes medium to land on the MDAX.

Uniper can a dividend not really afford

A dividend Uniper can not really afford. E.On has given his daughter debt of 4.7 billion euros on the way to independence. There you are in for a major rebuild: Schäfer will take drastic austerity measures, reduce many of the currently 14 000 jobs and sell investments worth at least two billion euros by the end of 2017th If it finds for this not willing to pay prospective, threaten new depreciation.


The E.On subsidiary Uniper plans to cut many jobs in order to be competitive. Redundancies are to be avoided, but are not completely ruled out.

Save will shepherd also in investments. By 2018, these are expected to fall from currently around one billion euros to 600 million euros. “That’s level of maintenance for existing power plants,” said analyst Guido Hoymann by Bankhaus Metzler in Frankfurt. “Capacity growth then no longer takes place.”

Where does it even come from? By 2050, the proportion of energy generated from renewable sources in Germany from the current 30 to increase to 80 percent. so there is no room for the business of Uniper in its current form. Previously, the group could, however, also focus on new energy. And so the former parent E.On compete. Money for it would Uniper but probably only when it cashed the promised dividend of around 200 million euros a year again.


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