Uniper doesn’t know how much it will make in 2023 because gas prices are still going up and down.

Reuters reports from Frankfurt. Gas trader Uniper, which was bailed out, said Friday that it expects to turn a profit again in 2023 after making a record loss last year. But it warned that any changes in gas prices would be felt directly as it continues to replace Russian volumes.

Uniper was the biggest victim of Europe’s energy crisis and was taken over by the government. The company said that falling gas prices cut its losses and derivative positions, which fell by almost two-thirds between September and December.

“We must be aware that in the coming quarters, too, a big part of Uniper’s earnings will depend on how much it costs to buy replacement gas,” said Tiina Tuomela, who is leaving her position as head of finance.

“In turn, these costs depend a lot on how much gas costs.”