Energy

Uniper sells ahead 2022, 2023 German and Nordic power output

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The logo of German energy utility company Uniper SE pictured at the company's headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo Schmuelgen

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FRANKFURT, Nov 5 (Reuters) - German utility Uniper (UN01.DE) has sold large volumes of its future German hydropower output at below-market prices, slides for an analyst call showed on Friday.

The company sold 90% of its German hydropower output for 2022 at an average price of 49 euros ($56.61) per megawatt hour (MWh), and 95% of the output for 2023 at an average of 51 euros/MWh, Uniper said as part of its January-September results, which were lifted by gas demand and price effects. read more

The German wholesale price for round-the-clock power from all generation sources, a European benchmark, closed at 114 euros for 2022 on Thursday, and at 85.6 euros for 2023 , Refinitiv Eikon data showed.

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Uniper, which is majority owned by Finland's Fortum (FORTUM.HE), has achieved an average price of 41 euros for German output between January and September this year, while selling front months in the year-to-date at 46 euros.

Hedging 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.

Uniper also operates German coal, gas-fired and renewable power plants, but details of forward sales of those were not provided.

Regarding Nordic region prices, Uniper said it sold 85% of Nordic nuclear and hydropower for 2022 and 55% of 2023 Nordic output at averages of 22 euros and 21 euros respectively, having achieved 29 euros for Nordic output in January to September, and 25 euros for front months in the year-to-date.

($1 = 0.8655 euros)

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Reporting by Vera Eckert; Editing by Shounak Dasgupta

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