Uniper SE

• Uniper’s transition to net zero is not aligned with the goals of the Paris Agreement.
• Datteln4 is a major obstacle to coal phaseout by 2030 and risks future asset impairment charges. Also, there are major technical and financial challenges delaying conversion of CCGT to hydrogen.
• With the recent stabilisation package, Uniper may undertake a structural review of its gas business.
• Underlying profitability in fossil fuels looks unsustainable; capex is not aligned with emissions reduction targets.