Energy markets
The central hedging policy of DB Group aims to reduce energy price fluctuations. The development of market prices in 2024, therefore, did not have a full impact on our activities, at least in the short term.
Brent oil
| BrenT CRUDE/ USD/bbl | 2024 | 2023 | Change | |
| Absolute | % | |||
| Average price | 79.9 | 82.2 | –2.3 | –2.8 |
| Highest price | 92.2 | 97.7 | –5.5 | –5.6 |
| Lowest price | 68.7 | 70.1 | –1.4 | –2.0 |
| Year-end price | 74.6 | 77.0 | –2.4 | –3.1 |
Figures are based on information and estimates available as of January 2025.
Source: Refinitiv/LSEG
- In 2024, the oil market tended to move sideways with a slight downward trend. In dollar terms, the oil price was about 3% lower than in the previous year, but still at a comparatively high level. In the Eurozone, the weak euro made the commodity even more expensive.
- The CO₂ price (Fuel Emissions Trading Act) increased to € 45 per ton in 2024.
- In 2024, fuel prices in Germany were only 3.2% below the high values from the previous year.
Electricity and emissions certificates
| 2024 | 2023 | Change | ||
|---|---|---|---|---|
| Absolute | % | |||
| Base load power (following year) (€/MWh) | ||||
| Average price | 88.7 | 137.2 | –48.5 | –35.4 |
| Highest price | 103.8 | 219.3 | –115.5 | –52.7 |
| Lowest price | 67.6 | 86.2 | –18.6 | –21.6 |
| Year-end price | 88.8 | 95.5 | –6.7 | –7.0 |
| Emissions certificates (€/t CO₂) | ||||
| Average price | 66.5 | 85.3 | –18.8 | –22.0 |
| Highest price | 81.3 | 101.3 | –20.0 | –19.7 |
| Lowest price | 51.1 | 66.0 | –14.9 | –22.6 |
| Year-end price | 73.0 | 80.4 | –7.4 | –9.2 |
Figures are based on information and estimates available as of January 2025.
Source: Refinitiv/LSEG
Prices on the futures market for electricity with deliveries in the following year fell further in 2024. The main reasons for the price decline are the fall in gas prices and the return of French nuclear power plants to the electricity market. With the further expansion of renewable energies, their share of gross electricity production increased to an all-time high of about 58% in 2024. Following the halt in natural gas supplies from Russia to Germany, supplies were secured through other imports and the expansion of liquefied natural gas terminals. The gas storage facilities in Germany were well filled in 2024 in accordance with the statutory filling level requirements. Even though electricity prices have fallen significantly, the price level is higher than before the war in Ukraine.