Uniper has sold 75% of its German hydropower output for 2025 at an average price of 123 euros ($134.46) per megawatt hour (MWh) and 15% of the output in 2026 at an average of 87 euros/MWh, the presentation slides said.
By comparison, the wholesale benchmark price for round-the-clock German power from all generation sources in 2025 closed at 95.7 euros on Wednesday, and at 88.3 euros for 2026, LSEG data showed.
The discrepancies come from differently-priced fuel elements in the overall wholesale levels.
Those levels also reflect fossil-generated power and renewable sources that are subject to national support schemes and hard-to-predict weather patterns.
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 has so far sold 95% of its 2024 German output at 45 euros after achieving an average price of 34 euros for sales of its 2023 output, it said.
The company also operates coal, gas-fired, and nuclear plants elsewhere in Europe as well as wind and solar power generation units that were not reflected.
Regarding Nordic prices, Uniper said it sold 55% of nuclear and hydropower in the region for 2025 and 30% of output for 2026 at average prices of 39 euros and 37 euros, respectively, having achieved 47 euros for 80% of 2024 output, and 41 euros in 2023.
