Energy Newsletter

The four German transmission system operators (50Hertz, Amprion, TenneT, TransnetBW) have written an urgent letter to the Federal Network Agency warning of impending shortage situations and possible load shedding in the coming years. Without additional secured generation capacity, they expect power shortages for winter 2030/31. This signals critical infrastructure risks for industry and supply security.

German household and industrial electricity prices are at an average of 37–40 cents/kWh in 2026, more than 3 times the level in 2000. The combination of energy transition levies, grid charges, and rising gas prices leads to competitive disadvantages and economic disruption. Multiple sources speak of 'structural decline' and 'deindustrialization risks'.

German gas storage is at only 49.7% capacity in August 2026 – a historic low for this time of year. European gas prices have risen from below €30 in early 2026 to €65–70/MWh in early September. Goldman Sachs warns that prices above €100/MWh are needed to secure winter supply. Geopolitical factors (Middle East, Strait of Hormuz) are further intensifying the situation.

In July 2026, the share of renewable energy in electricity generation reached around 71.5%, with Germany covering electricity imports at 0.6%. Despite record values for wind and solar power, new problems are emerging: dark doldrums, storage bottlenecks, and a power grid with 284 GW installed capacity that becomes critical during extreme weather. The market design cannot economically balance fluctuations.

RWE has over 35 GW total capacity (H1 2026: €3.0B EBITDA) and 10.3 GW under construction. EnBW confirms stable earnings (€2.3B H1 2026 EBITDA) and has the EnBW offshore wind farm with 64 turbines (€2.4 billion) active in the North Sea. Both corporations are positioning themselves as European infrastructure players. Despite energy transition profitability, supply security remains the critical challenge.