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MarketScreener Homepage  >  Equities  >  Xetra  >  E.ON SE    EOAN   DE000ENAG999

E.ON SE

(EOAN)
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E.ON sells German nuclear power ahead at above-market prices

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08/12/2020 | 03:26am EDT

German utility E.ON said on Wednesday it has sold forward 73% of its 2021 nuclear power generation and 46% of its 2022 output at prices above the current wholesale market, raising earnings prospects from that segment.

The company has to date also sold some 91% of output in the current year from reactors at its Preussen Elektra unit, it showed in presentation slides on reporting second-quarter financial results.

Production in 2020 was sold at 46 euros ($53.93) per megawatt hour (MWh) after 2019's locked-in price had been 33 euros.

Hedge rates of forward production volumes are tracked by wholesale market traders and analysts to assess volumes tied up with counterparties and the value of future production.

As for achieved prices in the forward sales, both 2021 and 2022 were locked in at 45 euros, the E.ON slides showed.

By comparison, over-the-counter prices for German round-the-clock power from all conventional energy sources to be delivered in 2021 traded at 39.9 euros/MWh on Wednesday morning, according to Refinitiv Eikon data.

Baseload delivery for 2022 was untraded, having closed at 44.2 euros.

Power curve prices slumped to two-year lows during the lockdown in March and April as the coronavirus crisis sapped demand.

However, the 2021 benchmark position currently stands some 15% above the year-lows in late March as hopes of an economic recovery boosted prospects.

E.ON retained its Brokdorf, Grohnde and Isar 2 reactors after an asset swap deal in which it transferred minority interests held by Preussen Elektra in the RWE-operated Emsland and Gundremmingen C plants

Rival Uniper on Tuesday also published some nuclear and hydropower hedging results as part of its earnings report.

(Reporting by Vera Eckert, Editing by Sherry Jacob-Phillips)


Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE -1.27% 8.846 Delayed Quote.-7.12%
RWE AG -1.94% 31.39 Delayed Quote.14.77%
UNIPER SE -0.70% 25.4 Delayed Quote.-13.93%
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Financials
Sales 2020 64 137 M 74 895 M 74 895 M
Net income 2020 1 195 M 1 396 M 1 396 M
Net Debt 2020 34 543 M 40 337 M 40 337 M
P/E ratio 2020 16,3x
Yield 2020 5,35%
Capitalization 23 065 M 26 895 M 26 934 M
EV / Sales 2020 0,90x
EV / Sales 2021 0,88x
Nbr of Employees 80 366
Free-Float 83,7%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 11,07 €
Last Close Price 8,85 €
Spread / Highest target 45,8%
Spread / Average Target 25,1%
Spread / Lowest Target -2,78%
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NameTitle
Johannes Teyssen Chairman-Management Board
Karl-Ludwig Kley Chairman-Supervisory Board
Karsten Wildberger Chief Operating Officer-Commercial
Marc Spieker Chief Financial Officer
Teresa Marie Jäschke Head-Digitization, IT, HR & Diversity
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