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    UN01   DE000UNSE018

UNIPER SE

(UN01)
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Real-time Estimate Tradegate  -  03:59 2022-08-08 pm EDT
7.265 EUR   +4.76%
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EUROPE POWER-Curve contracts rally as gas crunch looms; spot up on tight supply

07/04/2022 | 11:17am EDT

FRANKFURT, July 4 (Reuters) - European power curve prices soared on Monday as uncertainty about gas supplies out of Russia dominated the market in the wake of last week's call for state help by major German utility Uniper.

Governments have to prepare to help more companies squeezed between expensive spot gas and under-supply from inexpensive long-term contracts that are not being met by Russia amid east-west confrontations over war in Ukraine and sanctions.

German year-ahead baseload power was at 322.50 euros per megawatt hour (MWh) at 1505 GMT, up 9.9% but below an earlier contract high of 328 euros, while the equivalent French contract was at 390.80 euros, up 7.2% but below an earlier record of 393 euros.

Several German and French monthly and quarterly contracts stood at record highs.

Uniper said gas receipts remain at 40% of normal levels while the wider market is factoring in possible long-term disruptions after maintenance on the Nord Stream 1 pipeline is completed following a routine closure over July 11-21.

Germany's energy regulator warned in a Monday media interview that 15 billion euros of credit lines provided by the government to buy gas for storage facilities may not be enough to plug gaps.

On Saturday the regulator listed priority areas for power access that would have to be protected if there were severe gas shortfalls.

Daily flows of Russian gas to Europe via the Nord Stream 1 pipeline and through Ukraine were steady.

European CO2 allowances for December 2022 expiry were 1% down at 84.77 euros a tonne.

Spot power was higher on tight supply and rising demand.

French utility EDF lost about 1 gigawatt (GW) of nuclear power capacity until 1500 CET on Monday because of a strike at its Saint Alban 1 reactor, which boosted some hourly prices on the EPEX SPOT bourse to above 400 euros.

French nuclear availability had dropped by 1.4 percentage points from its level on Friday to stand at 47.9% of capacity.

Germany's day ahead baseload power contract was up 1.3% at 321 euros/MWh and the equivalent French contract was up 3.9% at 375 euros.

($1 = 0.9570 euros) (Reporting by Vera Eckert Editing by Arun Koyyur and David Goodman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE -0.25% 11.91 Real-time Quote.20.89%
UNIPER SE 5.34% 7.305 Delayed Quote.-83.41%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.01% 61.125 Delayed Quote.-18.87%
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Financials
Sales 2022 140 B 143 B 143 B
Net income 2022 694 M 709 M 709 M
Net Debt 2022 205 M 210 M 210 M
P/E ratio 2022 3,85x
Yield 2022 0,78%
Capitalization 2 673 M 2 732 M 2 732 M
EV / Sales 2022 0,02x
EV / Sales 2023 0,01x
Nbr of Employees 11 319
Free-Float 22,0%
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 7,31 €
Average target price 21,84 €
Spread / Average Target 199%
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Managers and Directors
Klaus-Dieter Maubach Chief Executive Officer
Tiina Marjukka Tuomela Chief Financial Officer
Markus Heikki Erdem Rauramo Chairman-Supervisory Board
David Bryson Chief Operating Officer
Patrick Wolff Chief Compliance Officer & General Counsel
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