May 13, 2019 / 6:49 AM / 9 months ago

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

(Makes clear in 8th paragraph only minority shareholdings in two reactors to go to RWE in asset swap, not PreussenElektra)

FRANKFURT, May 13 (Reuters) - German utility E.ON said on Monday it had sold forward the bulk of its nuclear generation volumes for 2019, nearly two thirds of those for 2020, and just under half of 2021 at prices below the current wholesale market.

* Some 91 percent of its German nuclear power output in 2019 from reactors at the Preussen Elektra unit was sold at 32 euros per megawatt hour (MWh), according to slides prepared for an analyst call on release of its first-quarter financial results.

* Some 61 percent of 2020 volumes were sold at 46 euros, while 45 percent of 2021 output was sold at 45 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 closed at 48.3 euros/MWh on Friday, Refinitiv Eikon data showed. Prices are holding up after sustained rallies on firm fuel and carbon prices in 2018.

* Delivery of wholesale power in 2021 closed at 47.25 euros.

* Sector peer Uniper published hedge rates for its hydro power at in its earnings report last week.

* 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 plants, but retain its other reactors. (Reporting by Vera Eckert, editing by Louise Heavens)

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