Energy Newsletter

The four German transmission system operators (50Hertz, Amprion, TenneT, TransnetBW) have warned the Federal Network Agency in an urgent letter of looming capacity shortage situations. Without additional secured generation capacity, load shedding may become necessary. The signal points to structural bottlenecks between electricity supply and growing demand.

Germany's gas storage is at 49.7% capacity, the lowest level for August on record; European gas prices have doubled and are trading at ~€62/MWh. Without faster refilling, a gas supply crisis threatens in winter 2026/27, which intensifies dependence on expensive alternative sources.

Although Germany covered 57% of electricity consumption from renewable energy in H1 2026 and grid fees declined slightly, wholesale electricity prices have remained high and household prices are at ~€0.37/kWh. System costs, grid expansion, and volatile generation prevent the promised energy transition price miracle.

The four transmission system operators and RWE criticize that the government is obscuring massive grid expansion costs through subsidies instead of pricing them transparently into grid fees. The conflict between energy transition ambitions and affordability is dividing government, industry, and parties.

EnBW reports adjusted EBITDA of €2.3 billion in H1 2026 and confirms annual guidance despite geopolitical tensions. The company continues to invest in power grids and wind power and benefits from stable dividend income.