Proactive Investors - Traders based in London working for the former German arm of Gazprom (MCX:GAZP) and failed energy group Uniper (ETR:UN01) bagged millions of pounds in bonuses last year, a report today claimed.
Uniper, which runs seven of the UK’s power stations, and Sefe, the new name for Gazprom’s London-based trading arm, were bailed out by the German government to the tune of €26bn after both had to buy gas as prices soared when Russia cut supplies.
Even so, the now-nationalised Uniper and Sefe still paid out huge bonuses in 2022 to stop staff defecting, according to Reuters.
A source quoted by the wire said mid-level traders at Sefe had received between US$5-7mln each, with 200 getting hundreds of millions of dollars in total.
The company responded that the payments were justified as their staff had ensured the security of supply.
“This keeps Sefe competitive in the human resources market to be able to procure gas and hydrogen for the German market in the future," the company said in e-mailed comments to Reuters.
Uniper also confirmed it had paid bonuses while adding competition for traders in the market was “intense”.
Sefe is now run by the German Economic Ministry while Uniper is handled by the country’s Finance Ministry.
Around 830 staff are employed by Sefe in London, Reuters added, with Uniper employing 1,400 globally in its trading business.
Uniper runs the huge Connah Quat power station, plus Grain, KIllingholme, Cottam, Enfiled, Ratcliffe-on-Soar and Taylor’s Lane.
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