Markets News

Uniper sells some German, Nordic power ahead at above-market prices

FRANKFURT, Nov 10 (Reuters) - German utility Uniper has sold large volumes of its future German hydropower output as well as Nordic nuclear and hydropower at above-market prices, slides for an analyst call showed on Tuesday.

Alongside its third-quarter results, the company disclosed it had sold 95% of its German hydropower output for 2021 and 80% for 2022 at average prices of 46 euros ($54.38) and 48 euros per megawatt hour (MWh) respectively.

It has also sold 85% of Nordic nuclear and hydropower for 2021 and 55% of 2022 Nordic output at averages of 28 euros and 24 euros respectively, it said in presentation slides.

Hedge rates of forward production volumes are tracked in the wholesale electricity market as an indication of earnings, to assess future volumes tied up with counterparties, and the value of forward production.

The German wholesale price for round-the-clock power from all generation sources, which serves as a European benchmark, closed at 39.3 euros for 2021 on Monday, and at 42.9 euros for 2022, Refinitiv Eikon data showed.

Uniper, which is majority owned by Finland’s Fortum , achieved an average price of 45 euros for German output and 29 euros for Nordic output in 2020 to date in these product categories, of which it has sold 100% and 90% respectively.

It also operates coal, gas-fired and some renewable power plants but details of forward sales of power from those were not given. ($1 = 0.8459 euros) (Reporting by Vera Eckert Editing by Michelle Adair)