BERLIN, July 30, 2026, 11:10 CEST — Following its recent LNG agreement in Canada, Uniper has cut Ksi Lisims’ gap for a final investment decision to between 1 and 2 million tonnes per annum.
- Uniper’s annual deal for 2 million tonnes increases disclosed Ksi Lisims agreements to a total of 7 million tonnes.
- This represents 58% of available capacity, with 1–2 million tonnes remaining before reaching the declared investment threshold.
- Uniper’s volume, measured on an energy-equivalent basis, accounts for 28% of Germany’s projected LNG terminal imports in 2025.
Shares of Uniper SE ETR:UN0 rose 1.3%, reaching €41.60 at 09:52 CEST. Xetra’s main session was still ongoing at that time. The stock advanced after Wednesday’s confirmed Canadian liquefied natural gas deal.
Uniper is set to purchase 2 million tonnes per year (mtpa) beginning in 2032, under a contract that can last as long as 20 years. The annual supply will account for roughly 30 terawatt-hours (TWh).
The key figure is 7 mtpa—Ksi Lisims has reported offtake agreements reaching this volume following Uniper. This accounts for 58% of the 12 mtpa capacity targeted for the facility.
Western LNG sought an extra 3–4 mtpa in May ahead of reaching a final investment decision (FID). At that time, 5 mtpa was already assigned to the project. With Uniper, the shortfall is now reduced to 1–2 mtpa.
Offtake agreement as a step toward FID
| Stage | Volume | Share of 12 mtpa capacity | Gap to stated FID target |
|---|---|---|---|
| Book announced May 27 | 5.0 mtpa | 41.7% | 3–4 mtpa |
| Uniper included | 2.0 mtpa | 16.7% | — |
| Total in place | 7.0 mtpa | 58.3% | 1–2 mtpa |
| FID threshold stated | 8.0–9.0 mtpa | 66.7%–75.0% | None |
Percentages reflect volumes that have been made public. SEFE’s 1 mtpa is considered provisional.
The purchasers play a significant role as well. Shell LON:SHEL and TotalEnergies EPA:TTE have each secured sale-and-purchase agreements (SPAs) for 2 mtpa. Both agreements have a 20-year duration. The agreement with TotalEnergies is still pending a final investment decision.
SEFE’s 1 mtpa is still under a Heads of Agreement, with a final SPA yet to be settled. In contrast, Uniper’s binding SPA lifts fully contracted volumes to 6 mtpa.
Ksi Lisims client roster
| Buyer | Annual volume | Term | Current status | Plant share |
|---|---|---|---|---|
| Shell | 2.0 mtpa | 20 years | SPA | 16.7% |
| TotalEnergies | 2.0 mtpa | 20 years | SPA; FID required | 16.7% |
| SEFE | 1.0 mtpa | Up to 20 years | Initial agreement; SPA not finalized | 8.3% |
| Uniper | 2.0 mtpa | Up to 20 years | Firm SPA; supplies from 2032 | 16.7% |
| Total arrangements | 7.0 mtpa | — | 6.0 mtpa in SPAs | 58.3% |
The book merges executed or binding SPAs alongside SEFE’s initial agreement.
Germany stands out with a notably large diversification case. In 2025, its LNG terminals received 106 TWh of imports, with around 96% supplied by the United States.
Uniper’s 30 TWh accounts for 28% of the yearly total. Combined with SEFE, the figure rises to approximately 45 TWh, or 42%. The latter number is still provisional.
Uniper CEO Michael Lewis described diversification as “a strategic necessity.” Economy Minister Katherina Reiche stated the deal upholds “security of supply and strategic independence.” Canada
Comparison of German gas volumes
| Annual volume comparison | Estimated TWh | Share of 2025 LNG imports | Share of 2025 German gas demand |
|---|---|---|---|
| Uniper’s Ksi Lisims agreement | 30.0 | 28.3% | 3.5% |
| Combined Uniper and SEFE, draft | 45.0 | 42.5% | 5.2% |
| German LNG terminal imports, total | 106.0 | 100.0% | 12.3% |
| German LNG from U.S. | 101.8 | 96.0% | 11.8% |
| Overall German gas demand | 864.0 | — | 100.0% |
The German government’s 30 TWh equivalent for 2 mtpa forms the basis for these calculations. Germany recorded 864 TWh in gas consumption for 2025. Actual cargo arrivals may vary from projections.
The figures represent volume equivalents rather than delivery projections. Both German agreements apply free-on-board conditions. Buyers determine vessels and destinations post-loading. Uniper is able to supply Germany, the UK, Sweden, and the Netherlands.
The agreement aids Canada’s broader shift in trade focus. Officials in Ottawa project that non-U.S. gas exports may rise to 55% by the early to mid-2030s, compared with less than 0.01% in 2024. The 55% estimate is an initial figure.
The stakes have increased amid U.S. tariff threats. The United States intends to impose 50% tariffs on almost $20 billion worth of Canadian products starting August 19. These actions do not apply to energy.
Investors should be wary of the stock’s move. As of 09:52 CEST, just 175 shares had changed hands. Google Finance listed an average volume of 3,590 shares. The morning activity equated to 4.9% of that typical figure.
Uniper versus market peers
| Metric | July 30 reading | Reference point |
|---|---|---|
| Share price | €41.60 | €41.05 last close |
| Daily change | +1.34% | €0.55 higher |
| Intraday range | €41.00–€41.80 | €0.80 difference |
| Volume at 09:52 CEST | 175 shares | 3,590 typical volume |
| Market value | €17.33 billion | — |
| 52-week range | €27.30–€56.20 | Trading 26% under peak |
Market data are shown on a delay and correspond to the time mark displayed by Google Finance.
Ksi Lisims intends to deploy two floating units, together offering a total capacity of 12 mtpa. The liquefaction process would utilize hydroelectric power. Ottawa values the project at C$30 billion and projects a C$15 billion boost to GDP, according to government figures.
Western LNG CEO Davis Thames stated in May that the project could be “ready to go to construction by the end of the year.” The projection depended on certain conditions. Arrangements for financing were still in progress. Reuters
Risks: Ksi Lisims has yet to reach FID or secure complete funding. SEFE’s allocation remains a non-binding SPA. The 750-kilometre supply pipeline confronts objections from various Indigenous communities. Cargoes headed to Europe must undertake longer shipping routes and incur Panama Canal expenses.
According to revealed contract figures, an additional 1–2 mtpa is expected to serve as the upcoming catalyst. Financing arrangements and a final investment decision are required after that. Uniper’s offtake is scheduled to commence in 2032, reducing its immediate impact on earnings.
