Forward curves for gas and power imply that markets are currently that the conflict in the Middle East - where the United States and Israel have initiated a war on Iran - will be short-lived, Uniper CEO Michael Lewis told journalists on Wednesday after presenting the company's full-year results.
Lewis said forward prices for 2026 show a pronounced upward trajectory for both gas and power, while the price effects for 2027 and 2028 were either much smaller or absent. That pattern, he said, corresponds with what the market appears to be signalling: a near-term price shock but no expectation of a prolonged disruption to supplies.
The chief executive reiterated that Uniper is experiencing a short-term rise in gas and power rates but that there is no measurable price impact extending into 2027 and 2028. He interpreted that as evidence that market participants do not currently anticipate a long-term conflict in Iran.
On supply logistics and procurement, Lewis said Uniper is not subject to any direct restrictions on liquefied natural gas (LNG) procurement. He further noted the company has no planned LNG deliveries originating from the Middle East that would transit the Strait of Hormuz.
Regarding commercial ties in the region, Lewis confirmed Uniper does not hold supply contracts with Qatar at present. Nonetheless, he left open the possibility of future collaboration with Middle East suppliers, saying the company's LNG portfolio may include suppliers from the Middle East going forward. He also mentioned potential partnership prospects with both Qatar and the United Arab Emirates despite current events.
Uniper's chief financial officer told attendees the company was seeing very little impact on margining at the moment.
Separately, Lewis addressed Uniper's operations in Sweden, stating plainly that the company does not want to sell its Swedish activities and that it is not going to sell them.
The comments link near-term commodity price movements to current geopolitical events while underscoring Uniper's current procurement flexibility and its intention to retain specific national operations.