Business development

Energy markets

The central hedging policy of DB Group aims to minimize energy price fluctuations. Our activities are therefore not exposed to the full impact of changes in market priº102ces, at least not in the short term.

Gasoline and diesel

Brent crude (USD/bbl)

2019

2018

Change

absolute

%

Average price

64.2

71.7

–7.5

–10.5

Highest price

75.6

86.7

–11.1

–12.8

Lowest price

52.5

49.9

+2.6

+5.2

Year-end price

66.0

53.8

+12.2

+22.7

Source: Thomson Reuters

The annual average price of oil declined, but the effect was dampened by the weak euro. In Europe, fuel prices remained at the previous year’s level.

In Germany, after the strong rises in previous years, a slight decline in gasoline and diesel prices overall was recorded. As a result, the competitive situation of the railways deteriorated slightly compared to personal cars and trucks. At the same time, lower fuel prices resulted in cost reductions in land transport at DB Schenker and in the bus business.

Electricity and emissions certificates

Electricity market

2019

2018

Change

absolute

%

BASE LOAD POWER
(FOLLOWING YEAR) (€/MWH)
    
Average price

48.1

44.1

+4.0

+9.1

Highest price

53.5

56.9

–3.4

–6.0

Lowest price

41.6

32.6

+9.0

+27.6

Year-end price

44.9

51.4

–6.5

–12.6

EMISSIONS CERTIFICATES (€/T CO₂)    
Average price

24.8

16.0

+8.8

+55.0

Highest price

29.9

25.8

+4.1

+15.9

Lowest price

18.4

7.6

+10.8

+142

Year-end price

25.0

24.6

+0.4

+1.6

Source: Thomson Reuters

The price effects that emerged in 2019 did not lead to any significant burden on results in the operating business.

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