Energy Newsletter

European gas prices have more than doubled from September 2025 (€30/MWh) to September 2026 (€81/MWh). Germany is storing less gas than in previous years and is heading into winter 2026/27 with lower storage levels. The doubling is driving electricity prices up and threatening supply security.

Germany suffers multiple coordinated physical attacks on its power grid: RWE loses 4,200 MW of capacity, Amprion substations are sabotaged, intraday prices spike to €4.50/MWh. Grid operators and RWE management are demanding increased security measures and drone surveillance. The attacks reveal critical vulnerability of energy infrastructure.

German households pay 37-40 cents/kWh (double the G20 average), 1-year electricity futures trade at €122/MWh. Over 50% of the bill goes to taxes, grid charges and levies, not energy costs. Despite 59% renewables in the mix, gas remains the price driver and marginal power plant.

EnBW has commissioned the 960 MW offshore wind farm 'He Dreiht' in the North Sea, with phased commissioning over the coming months. This major project is central to Germany's energy transition and increasing the share of renewables. EnBW and Vattenfall are jointly investing SEK 165 billion for 2026-2030.

Norway ends its long-standing role as a balancing power plant for Germany's electricity fluctuations and withdraws stabilizing hydroelectric imports from the German market. This decoupling reveals structural problems with the energy transition: lack of storage, volatile generation and insufficient European cooperation are exacerbating supply uncertainty.