UPDATE 1-RWE chief says ready to negotiate reactor lives

* Utility ready to talk to government on plant lifespans

* May give sizeable parts of additional profit to public

* Says nuclear is needed and remains core business

(adds details, quotes, context)

FRANKFURT, Oct 27 (Reuters) - RWE (RWEG.DE) is ready to enter into talks with the new government about extending the lives of its nuclear reactors beyond what was laid down in a previous national exit deal, its chief executive said.

Talking to business journalists in Frankfurt, Juergen Grossmann said late on Monday he, like three sector peers which operate Germany's 17 reactors, would be ready to share additional profits from running the plants longer with society at large, as a weekend coalition deal stipulates.

"We are prepared to let society at large participate in the additional value that will be created," said Grossmann, who heads Germany's biggest power producer that operates five nuclear blocks with a total capacity over 6,600 megawatts.

RWE upholds an application to keep the Biblis A power block in Hesse alive beyond 2010 and has alternative ideas if initial scenarios are rejected, Grossmann said.

"We want an unemotional discussion and are happy to find a new government without blinders in the debate," Grossmann said.

RWE's bids to transfer production volumes to Biblis A from RWE's Muehlheim Kaerlich plant have been rejected, but courts are still assessing whether instead, RWE's much younger Emsland reactor could provide unused quotas, which the exit deal allows.

Failing this, RWE might suggest other plants to help Biblis, "that have not been part of the equation as yet," Grossmann said, adding, "We are calm about this."

The revision of the phase-out law that had required all reactors to be shut by 2021 comes after Chancellor Angela Merkel was re-elected to form a new centre-right government.

She has stressed that nuclear is purely a bridging technology to stay in place to help more desirable renewable energies to commercial maturity, and all profits must be shared.

Grossmann reiterated a September statement that in his opinion, between 45 and 55 percent of extra profits might be put into public funds for renewable energies and safety rules.

RWE would have good arguments in the discussions as nuclear was still needed to provide round-the-clock electricity and other countries such as Britain had welcomed forays by German nuclear companies such as RWE and E.ON (EONGn.DE), he said.

(Reporting by Vera Eckert and Frank Siebelt)