Energy Newsletter

The four German transmission system operators (50Hertz, Amprion, TenneT, TransnetBW) have sent a letter of alarm to the Bundesnetzagentur warning of power shortage situations in winter 2030/31 without additional secured generation capacity. The problem: Dark doldrums require 40 GW of additional secured capacity, which are currently not planned. This jeopardizes Germany's supply security and could lead to load shedding.

German gas storage is filled at only 49.7% at the lowest level for this time of year, while 75% is normally expected. European gas prices have risen 117% since the start of 2026 and reached €76/MWh, driven by missing Russian deliveries and disruptions in the Middle East. German households must expect price increases of 10-20% for the winter.

RWE reports H1 2026 Adjusted EBITDA of €3.01B (+40% YoY) with 10.3 GW capacity under construction and confirms FY2026 guidance of €5.75–€6.35B. The energy company positions itself as a European infrastructure champion in renewable energies and benefits from government investments in the energy transition. At the same time, RWE is entangled in regulatory discussions about market concentration.

Germany achieved a record 70-71.5% renewable energy share of electricity generation in July 2026 and reduced electricity imports from 10.1% (Aug 2025) to 0.6% (Aug 2026). Despite expansion of wind and solar capacity, electricity price expectations remain high at ~€100/MWh, as system costs and grid expansion have not yet delivered the planned savings from the energy transition.

EnBW sells its contracting business (200 facilities) to RheinEnergie and reports stable H1 2026 EBITDA of €2.3B, while RWE increases its stake in transmission system operator Amprion from 20% to 55%. Green electricity providers and competitors are calling for the Bundesnetzagentur to review market concentration, as critical infrastructure is coming under the control of a few major energy companies.