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RWE says higher power prices no reason for cheer yet

Reuters - UK Focus

FRANKFURT, Nov 14 (Reuters) - Thermal plant operator RWE (Amsterdam: RW6.AS - news) on Monday said a recovery in wholesale power prices is beneficial for its central European generation margins but is too early to see a sustained effect.

Chief Financial Officer Markus Krebber told journalists in a conference call that both coal prices, which have reached 2-year highs, and short-term problems in the French nuclear power industry have improved the profitability of production at RWE (LSE: 0FUZ.L - news) .

"But isolated problems in France do not mean that this will fully spill over to Germany," he said, adding that the problems with nuclear supply tightness must be resolved inside France.

Both countries' power markets are interconnected.

Krebber also said that while gas-to-power margins have risen from negative to slightly positive levels, it would be too soon to consider reactivating idle gas turbines. (Reporting by Vera Eckert; Editing by Christoph Steitz)