FRANKFURTDUESSELDORF, Feb 28 Reuters Bailedout German utility Uniper expects a significant fall in profit this year, it said on Wednesday, blaming lower wholesale energy prices that have also clouded the outlook for rivals across Europe.

The company forecasts adjusted net profit of between 0.7 billion and 1.1 billion euros 758 million to 1.2 billion this year. Last year it made a record 4.43 billion euros, helped by oneoff gains.

The outlook reflects a normalisation of wholesale power and gas prices that had risen sharply when Europe severed most energy ties with Russia.

RWE and France39;s EDF have also warned of lower 2024 profit in recent weeks.

Uniper was rescued by the German government at the height of Europe39;s energy crisis in 2022, resulting in a 13.5 billion euro bailout, after Moscow39;s halt to gas supplies via the Nord Stream pipeline forced the company to buy replacement volumes at skyhigh prices.

The company said on Wednesday that the disposal of its North American power business part of asset sales demanded by Brussels in return for approving the bailout had been initiated and was at an advanced stage.

Uniper finished 2023 with exceptionally good results. That gives us financial flexibility to systematically implement our strategy, said finance chief Jutta Doenges, referring to the group39;s 8 billion euro plan to expand its renewables portfolio and cut CO2 emissions.

Sources this month told Reuters that the German Government, which owns more…