...May 16, 2022 (Editor's Note: On May 17, 2022, we republished this article, previously published May 16, 2022, to include sections that were omitted due to a technical issue. The corrected version follows.) - Uniper procures more than 50% of its gas from long-term contracts with Gazprom, and its above-average exposure to Russia is weakening its business profile, especially since Russia's recent decree forcing purchasers to pay in rubles shows that the trading relationship is subject to unilateral changes. - In addition, Uniper's Russia-based power generation subsidiary Unipro is currently subject to capital control mechanisms that could prevent Uniper from repatriating cash from Russia. - We believe structural changes to the market in the medium to long term imply more volatile gas prices; pressure on operating margins; increased working capital requirements; and, weaker demand. We also expect net margin collateral requirements, already at 4.5 billion as of March 30, 2022, versus 290 million...
