Uniper has sold 70% of its German hydroelectric output for 2025 at an average price of 128 euros ($138.56) per megawatt hour (MWh) and 5% of the output in 2026 at an average of 113 euros/MWh, it said as it released its 2023 financial report.
By comparison, the wholesale benchmark price for round-the-clock German power from all generation sources in 2025 closed at 73 euros on Monday, and 2026 at 66.3 euros , LSEG data showed.
The discrepancies come from lower-priced fuel elements in the overall wholesale level. That includes gas-generated power, and hydropower market conditions that are subject to national support schemes and hard to predict weather patterns.
Uniper has sold 80% of its 2024 output at 20 euros after achieving an average price of 34 euros for sales in 2023.
Producers use hedging to reduce the impact of price volatility and to lock in forward production prices considered favourable at a certain point in time.
The wholesale market uses the rates to track price trends and assess a utility's physical asset position.
Uniper also operates coal, gas-fired, and nuclear plants as well as wind and solar power generation that was not reflected.
Regarding Nordic region prices, Uniper said it sold 30% of nuclear and hydropower in the region for 2025 and 5% of that output for 2026 at averages of 42 euros and 47 euros respectively, having achieved 44 euros for 65% of 2024 Nordic region output and 41 euros in 2023.
