TAKING THE PULSE: A highly uncertain outlook for electricity prices in Europe has piqued investor interest in impending first-quarter earnings statements by Europe's utilities.

Power prices stagnated early this year, but Germany's shutdown of nuclear reactors later created a minor power shortage and drove the prices higher. The duration of that shutdown is unknown, and market participants are keen to hear any news on just how far into the future power companies will sell electricity to lock in some gains from current pricing levels.

Mergers and acquisitions, changes to regulated pricing rules and new taxes on utilities in several European countries further muddle the outlook.

What's more, analysts are now saying that Europe's economic growth may slow faster than was previously expected as disasters in Japan, unrest in the Middle East and fiscal woes in Europe and the United States weigh on confidence. Slower economic growth likely means slack power demand and slow growth in electricity prices.

COMPANIES TO WATCH:

E.ON AG (EOAN.XE)--May 11, likely at 0600 GMT

MARKET EXPECTATIONS: E.ON, Germany's largest utility by market value, is expected to report lower profits for the January to March quarter compared with the same period in 2010. Poor margins in its wholesale gas and power generation businesses as well as a new nuclear fuel tax in its home market are expected to have hit results.

MAIN FOCUS: Investors are interested in comments by E.ON about its profit targets for 2011 and beyond, amid a drastic shift in nuclear energy policy in Germany following Japan's Fukushima Daiichi reactor accidents. E.ON previously forecast that 2011 operating earnings will decline by up to 16% on the year, but more recently said the forced outages of some of its nuclear power plants during a three-month review of safety at German reactors triggered by the Japan incidents will further hit earnings. So far, however, it has stuck to its guidance, contrasting with competitors EnBW Energie Badenwuerttemberg AG (EBK.XE) and RWE AG (RWE.XE), which lowered 2011 guidance and indicated a review of medium-term profit targets respectively. Comments on the progress of renegotiating long-term gas supply deals with producers such as Gazprom OAO (GAZP.RS) to help improve margins in the wholesale gas business will also be in focus. E.ON may comment on these issues as early as May 5, when it hosts its annual general meeting.

GDF Suez SA (GSZ.FR)--May 2, around 1200 GMT

MARKET EXPECTATIONS: Investors expect GDF Suez to post a low double-digit growth rate in revenue and in earnings before interest, taxation, depreciation and amortization, or Ebitda, driven by power price increases but partially offset by favorable weather conditions that limited natural gas demand. The consolidation of International Power took place in February, so the first-quarter figures are expected to be lower than their anticipated levels for the rest of the year. Nomura expects the additional revenue from International Power to be around EUR1.6 billion for the full year.

MAIN FOCUS: GDF Suez releases only limited first-quarter figures, as the company's annual meeting is taking place the same day. Yet any comment about increased competition in the oil and gas sector and the development of profitability in the global gas business will be welcome. Analysts also want to know GDF Suez's plans for electricity distribution in France, following the government's recent decision to grant EDF an Arenh/NOME wholesale regulated electricity price of EUR40.00 per megawatt hour from July 1 and then of EUR42.00/MWh from January 1 next year. The NOME reform forces state-controlled power operator EDF (EDF.FR) to sell a quarter of its nuclear power output to other distributors as part of a greater liberalisation of the French power market. GDF Suez called for a maximum price of EUR35.00/MWh, claiming distributing power in France wouldn't be profitable above that price.

Iberdrola SA (IBE.MC)--May 5, before 0800 GMT

MARKET EXPECTATIONS: Iberdrola's net profit is likely to be driven by higher power prices in Spain, amid rising natural gas prices and a larger contribution from more expensive wind power generation, as well as solid demand in fast-growing Latin American economies.

MAIN FOCUS: Iberdrola is expected to discuss the rationale of recent deals including the purchase of Brazil's Elektro and a capital increase to turn Qatar Holding into a significant shareholder, as analysts fear earnings-per-share dilution may be a recurrent theme in coming quarters. Iberdrola's management is trying to fend off moves by top shareholder ACS to increase its stake and take control, but ACS has recently sounded a more cautious note--coinciding with Iberdrola's decision to drop one of three lawsuits it had filed against ACS. Any sign of better relations with ACS could be a share price positive.

Enel SpA (ENEL.MI)--May 12, time not yet announced

MARKET EXPECTATIONS: Analysts expect Enel's net profit to rise 1% to EUR1.06 billion due to lower financial charges on a lighter net debt. Ebitda for the period is estimated to drop 3.1% to EUR4.34 billion after 2010 asset disposals.

MAIN FOCUS: With net debt reduction targets reached, investors will focus on the nuclear energy prospects after the Italian government decided on a one-year moratorium following the Japanese atomic crisis. Observers will look for statements on the outlook for Italian electricity prices and forward sales.

CEZ AS (BAACEZ.PR)--May 10, 0600 GMT

MARKET EXPECTATIONS: CEZ is expected to post flat revenue and a 2.5% decrease in operating income as weak electricity prices early in the quarter were offset by increases in both power production and distribution revenues. CEZ is ramping up production at its two nuclear power stations, while the first quarter marks the first significant contribution of wind-generated power production in Romania and the initial generation season at CEZ's newly built photovoltaic power installations in the Czech Republic. But new Czech taxes--valid from January on carbon emission credits and revenue from solar power installations--as well as higher foreign exchange losses, depreciation and financial costs, are expected to lead to net profit declining 18% on the year.

MAIN FOCUS: Analysts are looking for an indication of how much the recent spike in European power prices to nearly EUR60 per megawatt hour for baseload power, caused by Germany's nuclear shutdowns, should lift CEZ's bottom line. The company already said the boost will come only from next year and onward, as the company sells forward almost all of its power production. The company is selling power as far into the future as 2020 to lock in profits from current high prices. Rising global natural gas and crude oil prices won't impact CEZ's profitability, but rather will be a boost as the trend lifts market electricity prices. CEZ enjoys stable, low production costs because domestic coal accounts for about half of fuel costs while nuclear and renewables make up the remainder. Analysts expect CEZ to reiterate its full-year 2011 guidance for net profit of CZK40.1 billion and operating income, or Ebitda, of CZK84.8 billion.

-By Sean Carney, Dow Jones Newswires; +420 222 315 290, sean.carney@dowjones.com

(David Roman in Madrid, Geraldine Amiel in Paris, Jan Hromadko in Frankfurt and Liam Moloney in Rome contributed to this article.)