Uniper posted strong financial results for 2024, with an adjusted EBITDA of €2,612 million. While this was significantly below the exceptional prior-year earnings of €7,164 million, the company remains financially stable. However, hydropower operations, particularly in Sweden and Germany, faced challenges due to lower realized prices and unexpected costs from dam remediation.
Uniper’s Green Generation segment, which includes hydropower, recorded an adjusted EBITDA of €498 million, a slight increase from the prior year’s €476 million. The Swedish nuclear energy business contributed positively to these results, benefiting from higher electricity output and successful hedging transactions. However, the hydropower sector struggled:
- Swedish hydropower earnings declined due to lower realized market prices.
- German hydropower saw a slight earnings drop, mainly due to provisions for dam remediation costs following flooding.
- Margins at run-of-river and pumped-storage plants helped offset some of these losses.
Despite these challenges, Uniper continues to invest in hydropower as part of its green transformation strategy. In 2024, the company allocated approximately €200 million to green initiatives, including the revitalization of the Happurg pumped storage hydropower plant.
Uniper also announced plans to invest around €140 million in five new solar projects across Germany, the UK, and Hungary, with a total capacity exceeding 230 megawatts. These projects aim to enhance Uniper’s renewable portfolio alongside its existing hydropower assets.
Uniper expects lower earnings in 2025, with adjusted EBITDA projected between €0.9 and €1.3 billion. This decline is attributed to lower commodity prices and the absence of profitable hedging transactions from previous years. The company also anticipates further reductions in direct carbon emissions, partially due to lower coal and gas-fired power generation.
