FRANKFURT/DUESSELDORF (Aug 8): Uniper boosted provisions on Thursday, putting it on track to repay about US$3.8 billion of state aid received during Europe's energy crisis, in the latest sign that re-privatisation of the Germany's largest gas importer could begin next year.

Bailed out by Berlin in 2022, Uniper said it had raised its provisions to €3.4 billion from €2.2 billion after operating improvements and a recent arbitration ruling win against former supplier Gazprom.

Under current calculations, that would lead to a payment of around €3.5 billion to Berlin early next year, the company said, adding this could still change depending on 2024 results.

Provisions could still increase going forward, Uniper said, as the company is reviewing legal options, including possibly seizing payments from European Gazprom customers which it has been allowed to do under the arbitration ruling.

The news comes a week after the German utility raised its earnings guidance for this year, boosted by a better than expected performance in the first half.

"2024 is the year of shifting gears," chief executive Michael Lewis told analysts, adding the group had undertaken a major turnaround after nearly collapsing two years ago.

Berlin, which owns 99.12% in Uniper, is currently preparing the sale of a minority stake likely in the spring of 2025, people familiar with the matter said, in what could be followed by further share sales.

"We've made decisive progress towards capital-market viability in recent months. We've now fulfilled all the requirements within our purview and are working continuously to implement our strategy," finance chief Jutta Doenges said.

Thinly-traded shares in the firm were down 4.4% at 1144 GMT.

Uniper has been caught in a legal tussle with gas supplier Gazprom ever since the Russian firm first lowered and later suspended supply, forcing the German government to rescue Uniper via a €13.5 billion lifeline in what became the energy crisis' most high-profile nationalisation.

Uniper said on Thursday a complaint it had filed against a Russian court decision - requiring the German utility to pay more than €14 billion in damages - had failed, adding Gazprom was legally entitled to seize Uniper assets in and possibly even outside Russia.

Uniper, which owns a majority stake in Russia's Unipro that has been fully written down, said it would defend itself against any attempts by Gazprom to enforce its claim.

It did not spell out any potential financial implications or which assets could be at risk, but indicated there was a chance of asset seizures in regions that are on friendly terms with Moscow.

"We are active in 40 countries, they all have their own relationship with Russia," Lewis told reporters.

  - Reuters