Bailed-out Uniper suffered €14bn derivatives markdown in H1

Company cut value of gas forwards contracts due to risk of reduced deliveries from Russia

Gas giant Uniper, which was bailed out by the German government on September 21, marked down commodity contracts by €14.4 billion ($14.2 billion) in the first half of the year, as energy prices soared and Russia’s gas supply squeeze reduced derivatives’ valuation to guesswork.

The hit arose mostly in Q2, after the company cut the value of Russian gas purchase contracts due to the Kremlin’s threat of reduced or halted deliveries. Negative adjustments to derivatives totalled €10.4 billion for the

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