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 prices, at least not in the short term.

Brent oil

Brent crude (USD/bbl)

2020

2019

Change

absolute

%

Average price

43.2

64.2

21.0

32.7

Highest price

71.8

75.6

Lowest price

16.0

52.5

Year-end price

51.8

66.0

14.2

21.5

Source: Thomson Reuters

The annual average price of oil fell significantly in 2020; the slight appreciation of the euro further strengthened the resulting relieving effect on fuel prices in Europe and Germany. These declined by about 10 % compared to the previous year. As a result, the competitive situation of the railways deteriorated 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

 

2020

2019

Change

absolute

%

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

Average price

40.5

48.1

7.6

15.8

Highest price

50.0

53.5

Lowest price

33.9

41.6

Year-end price

50.0

45.0

+5.0

+11.1

EMISSIONS CERTIFICATES (€/T CO₂)

Average price

24.8

24.9

0.1

0.4

Highest price

33.5

30.0

Lowest price

14.3

18.4

Year-end price

32.7

24.6

+8.1

+32.9

Source: Thomson Reuters

The price effects that emerged in 2020 did not lead to any sig­­nificant burden on results in the operating business.

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