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The divestment aligns with conditions set by the EU Commission under state aid law. Uniper has finalised the sale of its North American portfolio, which included power purchase agreements (PPAs), sales contracts and energy management deals across key regional power markets. These markets comprise ERCOT [the Electric Reliability Council of Texas], covering the north, south, west and Houston regions of the Texas power grid, WEST, which consists of the Western Electricity Coordinating Council and the California Independent System Operator, and CENTRAL, spanning the Midcontinent Independent System Operator and the Southwest Power Pool. Executed through multiple transactions with counterparties, the divestment aligns with EU Commission conditions under state aid law. It is among the structural remedies mandated by the EU [European Union] Commission following its approval of a stabilisation package for Uniper on 20 December 2022. The remedies required Uniper to divest assets in Russia, the EU, the Middle East and North America, with a deadline for completion by the end of 2026. Until the end of 2026, Uniper may only make acquisitions that are essential to maintain the company’s viability or to support the decarbonisation of its business. These acquisitions will require approval from the EU Commission. The company aims to become completely carbon-neutral by 2040 and for 80% zero-carbon power generating capacity by the early 2030s. To achieve its carbon-neutral goals, Uniper is transforming its power plants and investing in flexible, dispatchable power-generating units. The company operates hydropower plants in Europe and is expanding its solar and wind power operations to support a sustainable future. Uniper is also expanding its gas portfolio to include green gases such as hydrogen and biomethane, with plans to transition to these gases over the long term. The company recently sold its 428MW Gönyu gas-fired power plant in Hungary to Veolia, a French utility company, in January 2024. The transaction involved transferring 100% of the shares in Uniper Hungary Energetikai, which owns and operates the plant, to Veolia Invest Hungary, an affiliate of Veolia. |
