Uniper Puts OPAL Pipeline Stake on the Block to Meet EU Bailout Terms
EU conditions tied to Uniper's 2022 state rescue require pipeline and helium divestitures before Berlin can pursue its planned privatization of the energy giant.
By late August (2026-08-24), Germany's Uniper had filled 70% of its contracted gas storage capacity even as it pressed ahead with asset disposals required under the European Commission's approval of its 2022 government rescue. Chief among those obligations is the sale of its 20% stake in the OPAL gas pipeline, a formal process launched on Monday (2026-05-18).6,2
The OPAL line runs from the Baltic Sea coast at Lubmin in northeastern Germany to the Czech border at Brandov. Uniper holds its fractional interest through Lubmin-Brandov Assets GmbH & Co. KG; the transaction puts 100% of that entity's shares on the market. GASCADE Gastransport GmbH holds the remaining 80% of the pipeline and will continue operating it regardless of who acquires the Uniper slice.2
The divestiture was mandated, not chosen. The European Commission's state aid approval decision of December 20, 2022 attached the pipeline sale as a condition of allowing Berlin to rescue the company after its Russian gas supply collapsed. Separately, Uniper has also initiated a formal sale of its helium business, covering supply and storage agreements and a fleet of ISO containers.2,1
One day after the pipeline announcement, on Tuesday (2026-05-19), the German government published a notice in the Financial Times confirming it had launched a formal privatization process for Uniper itself. Berlin is considering either an outright sale or an initial public offering of the 99% stake it holds in the company. Clearing the Brussels-mandated disposals is part of making that exit viable.3
Uniper's finances have recovered sharply since the crisis year. For 2025 the company reported EUR 544 million in adjusted net income, reversing an adjusted net loss of EUR 7.4 billion in 2022. The recovery has quickened in 2026: first-quarter adjusted net profit came in at EUR 231 million, against a EUR 143 million loss in the same period of 2025, and first-half 2026 adjusted net income reached EUR 388 million, more than double the EUR 135 million recorded in the first half of 2025.4,5
Yet not all the numbers point the same way. Full-year 2025 adjusted EBITDA landed at EUR 1.1 billion, more than halved from EUR 2.61 billion in 2024. Sales revenue fell to EUR 60.96 billion from EUR 69.64 billion. Electricity sales dropped to 127.3 billion kilowatt hours from 146.6 billion kWh over the same period.4
Shareholders approved a EUR 300 million dividend, equivalent to EUR 0.72 per share, for 2025 at the annual general meeting — the first payout since the rescue. Chief executive Michael Lewis said the payment was "an important step in further strengthening Uniper's attractiveness in the capital markets." Uniper guided full-year 2026 adjusted EBITDA at EUR 1-1.3 billion and adjusted net income at EUR 350-600 million.4
ICE Endex TTF front-month gas gained 4.33% to EUR 82.95/MWh in the September 14 (2026-09-14) session. German baseload power rose 5.75% to EUR 172.45/MWh in the same session, reflecting tighter near-term European supply expectations. Neither move has a direct bearing on the OPAL transaction: as a regulated pipeline, the stake offers any buyer a fixed infrastructure return rather than exposure to spot gas prices.
No buyer or timetable has been disclosed. The valuation Uniper achieves for LBA KG, and who ultimately bids, will be watched by infrastructure investors assessing how the market prices regulated European energy assets under current supply conditions.2