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Search resuls for: "John O'Donnell Christoph Steitz"


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☆ Exclusive: Germany set to assume $230 billion in Uniper derivatives
  + stars: | 2022-12-16 | by ( John O'Donnell Christoph Steitz | John O'Donnell | Christoph Steitz | ) www.reuters.com   time to read: +7 min
Uniper (UN01.DE) has already booked billions of euros of losses on derivatives, exacerbating a crisis as it rushed to plug the gap left after Russia turned off the taps. Like other energy firms, Uniper uses derivatives, such as securing an option to sell gas at a set price in the future, to guard against energy price swings. "In total, we have derivative positions of about 216 billion euros as of September 30 2022," a spokesperson for Uniper said, adding that the riskier part of this was small. According to its accounts, Uniper held around 198 billion euros of receivables from derivative instruments as assets. It is also more than the 131 billion euros Germany's RWE (RWEG.DE) had at the end of June, public data shows.
☆ EXCLUSIVE Energy firms' multi-trillion derivative bets under ECB scrutiny -sources
  + stars: | 2022-11-10 | by ( John O'Donnell Christoph Steitz | John O'Donnell | Christoph Steitz | ) www.reuters.com   time to read: +6 min
But there was also a wider question for the officials: could the energy companies' use of such complex instruments threaten financial stability? So the ECB has widened its scrutiny to examine potential domino effects, including on the banks which it supervises. read moreWhile ECB President Christine Lagarde said the ECB stood ready to provide liquidity to banks, she said it would not do the same for energy firms. "Energy companies pose specific risks not only to financial stability. Reuters GraphicsRating agency Moody's, meanwhile, said that energy companies did not provide enough information about their derivatives.
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