August 7, 2019 / 7:17 AM / 3 months ago

E.ON sold German nuclear power forward at below-market levels

FRANKFURT, Aug 7 (Reuters) - German utility E.ON said on Wednesday it had sold forward the bulk of its nuclear generation volumes for 2019, two thirds of those for 2020 and a third of 2021 at prices below the current wholesale market.

* Some 91% of its German nuclear power output in 2019 from reactors at the Preussen Elektra unit was sold at 31 euros ($34.71) per megawatt hour (MWh), according to slides prepared for an analyst call on its first-half financial results.

* Some 62% of 2020 output was sold at 46 euros, while 36% of 2021 output was sold at 46 euros, the slides showed.

* The hedge rates of forward production volumes are tracked by traders and analysts.

* The German wholesale price for round-the-clock power delivered in 2020 last traded at 50.1 euros/MWh, Refinitiv Eikon data showed. It is not far off nine-month highs hit in late July, when they were driven by carbon price gains and a summer heatwave.

* E.ON in a pending sector asset swap deal will transfer minority interests currently held by Preussen Elektra in the RWE-operated Emsland and Gundremmingen C plants, but retain its Brokdorf, Grohnde and Isar 2 reactors. ($1 = 0.8930 euros) (Reporting by Vera Eckert, editing by Louise Heavens)

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