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.