* RWE confirms 2009 profit to be unchanged vs 2008
* CEZ still sees EBITDA up 2 pct, sees 2010 similar to 2009
* RWE shares down 0.8 percent, CEZ stock down 0.9 percent
* DJ Stoxx utilities index up 0.6 percent
By Peter Dinkloh and Jan Korselt
FRANKFURT/PRAGUE, Aug 13 (Reuters) - German utility RWE and Czech electricity group CEZ reiterated their expectations for 2009 on Thursday, as both profited from power sold before prices slumped in the recession.
Generators sell most of their output up to three years before it is produced and book earnings once that power is generated, enabling them to benefit from prices that soared to record levels last year, cushioning the current downturn.
RWE, Europe's fifth-largest utility, said it still expected 2009 operating profit and recurrent net income, which is adjusted for extraordinary effects, to be flat year-on-year.
"The world financial crisis will affect our business operations to a relatively small extent this year," it said.
"Since most of the (power) forward sales were made in 2007 and 2008, we are still benefiting from higher wholesale prices seen until the middle of last year."
CEZ confirmed guidance for a 6 percent rise in 2009 net profit to 50.2 billion Czech crowns ($2.75 billion) and a 2 percent rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to 90.3 billion.
Central and eastern Europe's largest listed power company also said its performance in 2010 should be similar to 2009.
Shares in both companies lagged their peers. RWE's stock was down 0.8 percent to 59.05 euros at 1010 GMT, while CEZ was off 0.9 percent to 974.90 crowns. The DJ Stoxx utilities index was up 0.6 percent.
SIGNS OF LIGHT
Utilities throughout Europe have been battling declining demand for power due to the economic crisis. Power prices have dropped from last year's records and a rising euro is depressing earnings from countries such as Britain and Poland.
Prices in Germany, Europe's largest power market and a benchmark for power prices in other countries, have fallen by more than half since the third quarter of 2008 when they hit their highest in at least eight years.
On Wednesday, RWE peer E.ON, the world's largest utility, was one of the first in its sector to say it saw signs that demand for energy was stabilising.
On Thursday, Germany and France both reported a surprise return to economic growth, ending their recessions earlier than many policymakers and economists had expected.
RESULTS
RWE posted an operating profit of 4.1 billion euros ($5.8 billion) for the first six months of 2009, in line with the 4.05 billion average forecast in a Reuters poll.
"Earnings are only so-so as the company benefited from its volatile energy trading unit, while core divisions such as Britain and gas disappointed," said Kepler Capital Markets analyst Ingo Becker. "But as the company did not change its guidance it seems to assume that both the positive and the negative effects will even out in the remainder of the year."
CEZ reported a 4 percent fall in second-quarter net profit to 12.55 billion crowns ($686 million), below a forecast for 13.23 billion after demand for energy fell and as margins were hit. Revenue rose 1.2 percent to 42.3 billion crowns.
"The recession affected demand for electricity in the Czech Republic, mostly in April and May when the year-on-year drop reached 10 percent," CEZ said. "The June figures, however, returned to the previous level of minus 6-7 percent."
It said sales and margins had dropped due to lower spot prices and optimising output to save carbon emissions permits. It said income from the saved permits would be booked at the end of the year.
ESSENTIAL DEAL
RWE is taking over Dutch peer Essent for some 8.2 billion euros after failing to win other assets up for sale in Europe, such as British Energy. The sale will be closed in the third quarter, it reiterated on Thursday.
RWE shares trade at 8.4 times forecast earnings for the next 12 months, less than the 10.9 multiple of 21 multi-utilities, according to Thomson Reuters StarMine, which values analysts estimates according to their track record.
The company's stock has dropped 23 percent in 12 months, less than the 30 percent decline of the DJ Stoxx utilities index but more than the 20 percent slide of the German benchmark index DAX. (Editing by Dan Lalor) ($1 = 5.525 crowns = 0.7079 euro)