Energy markets
The central hedging policy of DB Group aims to reduce energy price fluctuations. Our activities were therefore not exposed to the full impact of changes in market prices in 2023, at least not in the short term.
Brent oil
Brent crude / USD/bbl | 2023 | 2022 | Change | |
absolute | % | |||
Average price | 82.2 | 99.0 | –16.8 | –17.0 |
Highest price | 97.7 | 139.1 | –41.4 | –29.8 |
Lowest price | 70.1 | 75.1 | –5.0 | –6.7 |
Year-end price | 77.0 | 85.9 | –8.9 | –10.4 |
Figures are based on information and estimates available as of January 2024.
Source: Refinitiv
- Oil prices have been falling steadily since summer 2022. Overall, the price of oil in 2023 was about 17% below the previous year’s figure in dollar terms, although it remained at a comparatively high level. The weak euro reinforced this trend in the Eurozone.
- The CO₂ price was kept at a constant level in 2023 as part of the third package of relief measures.
- Fuel prices in Germany in 2023 were only 5.6% below the previous year’s highs.
Electricity and emissions certificates
2023 | 2022 | Change | ||
absolute | % | |||
Base load power (following year) (€/MWh) | ||||
Average price | 137.2 | 298.3 | –161.1 | –54.0 |
Highest price | 219.3 | 1,050 | –830.7 | –79.1 |
Lowest price | 86.2 | 108.8 | –22.6 | –20.8 |
Year-end price | 95.5 | 215.0 | –119.5 | –55.6 |
Emissions certificates (€/t CO₂) |
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|
|
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Average price | 85.3 | 81.2 | +4.1 | +5.0 |
Highest price | 101.3 | 99.2 | +2.1 | +2.1 |
Lowest price | 66.0 | 55.0 | +11.0 | +20.0 |
Year-end price | 80.4 | 84.0 | –3.6 | –4.3 |
Figures are based on information and estimates available as of January 2024.
Source: Refinitiv
Prices on the futures market for electricity with deliveries for the following year halved in 2023 compared to the previous year. The reasons for the sharp fall in prices have been the significant fall in gas prices, the gradual return of French nuclear power plants to the electricity market and the major expansion of renewable energies. After the drastic reduction in deliveries of natural gas from Russia, the supply was secured by means of other imports and the expansion of liquefied natural gas terminals. Gas storage levels in Germany were brought to a record level. Even though electricity prices fell significantly compared to the previous year, the price level is higher than before the war in Ukraine. In DB Group’s operating business, the activities undertaken to secure prices are stabilizing the effects on profit caused by energy price fluctuations.
