Energy Newsletter

European gas prices have risen from €30/MWh (Sept 2025) to €81/MWh (Sept 2026); German gas storage stands at its lowest level in 15 years. The Hormuz blockade and interrupted Qatari LNG deliveries are exacerbating the supply crisis. Germany is paying the highest electricity prices globally (€0.387/kWh) and expects an inflationary wave in winter 2026.

Saboteurs have taken 4,200 MW of RWE baseload capacity offline in North Rhine-Westphalia; Amprion switching station Bergheim and 50Hertz infrastructure were attacked with improvised aerial vehicles. Electricity prices surged to €4.50/MWh intraday; grid security remains at risk. Attacks demonstrate critical vulnerability of German energy infrastructure.

Norway ends its buffer role in the European electricity market and prioritizes national stability; pulls back massive power imports to Germany. This withdrawal accelerates price volatility and forces Germany toward overcapacity. Strategic dependence on Scandinavian hydropower imports becomes critical.

Renewable energy reaches 59.1% of electricity generation (H1 2026), yet dark calm scenarios reveal massive storage gaps; negative electricity prices are increasing (oversupply), while natural gas power plants remain the backbone. Debate intensifies: Is energy transition secure without nuclear power/massive storage capacity?

EnBW opens 960-MW He-Dreiht offshore wind farm; plans 400-MW/800-MWh battery storage system at Philippsburg; Vattenfall approves 1,000-MWh BESS at Brunsbüttel site. Major energy corporations are investing heavily in storage and renewables despite market volatility—a signal of structural transformation despite short-term uncertainty.