Energy Newsletter

European gas prices have more than doubled from €30/MWh (Sept. 2025) to €81/MWh (Sept. 2026); German gas storage stands at only 53% capacity on September 1st – the lowest level in 15 years. A cold winter could lead to massive supply gaps and price explosions, threatening to existentially burden industry and households.

Multiple coordinated sabotage attacks on critical power infrastructure in North Rhine-Westphalia: 4,200 MW RWE capacity offline, attacks on 50Hertz and Amprion substations. Security risks for power supply are intensifying; the four transmission system operators together carry ~€50 billion net debt and are structurally at risk.

Germany already generates 60.7% of electricity from renewable sources (Q1–Q3 2026); wind is the strongest source. However, large-scale storage is lacking: Westnetz reports 116 GW unfilled storage capacity connection requests and frequent negative electricity prices, indicating structural storage and grid bottlenecks.

EnBW opens 960-MW offshore wind farm (largest in Germany); Vattenfall markets 285 MW battery storage; EnBW builds 400 MW/800 MWh storage at the Philippsburg site (commissioning end of 2027). Major corporations dominate energy transition, while smaller operators are disadvantaged by backup regulations.

Germany pays €0.387/kWh for household electricity (second most expensive after Ireland €0.404/kWh); 1-year electricity price jumped to €122/MWh. Energy prices drive inflation in Southern Europe (Spain 5.0%, Italy 4.2%); Italy delays coal phase-out to 2038 and plans budget exceptions for energy support.