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Uniper sells 2023, 2024 German and Nordic power output

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Illustration shows Uniper logo

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

It sold 95% of its German hydropower output for 2023 at an average price of 50 euros ($52.52) per megawatt hour (MWh) and 85% of the output for 2024 at an average of 58 euros/MWh, it said in a slide presentation alongside its first quarter results.

The German wholesale price for round-the-clock power from all generation sources, a European benchmark, closed at 200 euros for 2023 on Monday, and at 164 euros for 2024, Refinitiv Eikon data showed.

Uniper, which is majority owned by Finland's Fortum, had achieved an average price of 52 euros for German output in 2022 as of end-March.

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.[EL/DE]

Uniper also operates coal, gas-fired, nuclear and wind and solar power plants in the two and other European countries but details of forward sales of power from those were not provided.

Regarding Nordic region prices, Uniper said it sold 50% of Nordic nuclear and hydropower for 2023 and 25% of 2024 Nordic output in these product categories at averages of 31 euros and 30 euros respectively, having achieved 26 euros for 75% of Nordic output in the current year.

Uniper noted a widening spread between Nordic and German power prices.

($1 = 0.9521 euros)

(Reporting by Vera Eckert, editing by Kirsten Donovan)

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