Uniper UN01.DE expects more than 2 billion euros ($2.2 billion) in profit after hedging its gas supply commitments through 2024, adding there would be no more additional costs related to the replacement of Russian volumes.

The news marks a major turning point for Uniper, which was nationalised last year by Berlin after key supplier Russia suspended gas deliveries and nearly led to the German gas trader’s collapse.

The company said it nearly hedged all its associated gas supply obligations to municipal and industrial customers through 2024 via forward contracts, adding no further equity increases by the government were necessary.

“Uniper has solid ground under its feet again. Despite this very positive development for Uniper, however, we remain cautious,” Chief Financial Officer Jutta Doenges said in a statement.

Shares in Uniper were up 2.9%.

The company, scheduled to hold its annual general meeting on Wednesday, said it would coordinate with the government about how to use the profits, confirming its full-year outlook that foresees positive operating earnings and net profit in 2023.
Source: Reuters (Reporting by Christoph Steitz and Riham Alkousaa)