UPDATE 1-RWE 9-mth profit slightly short of expectations

* RWE 9-mth oper profit 5.5 bln eur, poll avg 5.57 bln eur

* RWE 9-mth net profit 2.79 bln eur, poll avg 2.88 bln eur

* RWE 9-mth recurrent net 2.87 bln eur, poll avg 2.9 bln

* Reiterates 2009 profit expectations

(Adds background, details)

FRANKFURT, Nov 12 (Reuters) - Germany's RWE (RWEG.DE), Europe's fifth-largest utility, on Thursday reported nine-month earnings that fell short of expectations. "Declining oil prices and a disappointing UK earnings situation took their toll," the Essen-based company said on Thursday.

RWE shares trade at 8.5 times estimated earnings per share over the next 12 months, a 28 percent discount to peers, according to StarMine, which weights analysts' estimates according to their track record.

The shares have dropped 9.4 percent in the last 12 months, less than the DJ Stoxx utilities index, which has declined 14 percent over the period. (Writing by Peter Dinkloh)