The solution for this is:
Power = Energy transferred / Time taken
Energy Transferred in one second ( Power) = mgh/s
= (1.2x10^6)(9.8)(50) = 588000000 J/s
Power = 588000000 W
Or
Power is work done / time
Work done in one second = [ rate of fall of mass]
gh = 1.2* *9.81*50 x 10^6 J/s
= 5.886e+8 W