EXCLUSIVE-UPDATE 2-E.ON sells German grid to TenneT -sources

* Agrees to sell German high-voltage power grid -sources

* To sell grid for 1 bln euros ($1.5 bln) -sources

* Power grid sale to become effective Jan. 1 -sources

* E.ON (EONGn.DE) shares up 3.2 pct

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By Peter Dinkloh and Tom Kaeckenhoff

FRANKFURT/DUSSELDORF, Nov 9 (Reuters) - E.ON, the world's largest utility, has sold its German long-distance power grid to Dutch TenneT for 1 billion euros, sources said, as it moves away from regulated markets in search of bigger but riskier profits.

The company agreed to sell 10,700 kilometres of high-voltage power lines to Dutch state-owned grid operator TenneT with effect from Jan. 1, two people familiar with the situation said on Monday.