Energy markets
The central hedging policy of DB Group aims to reduce energy price fluctuations. The development of market prices in 2025, therefore, did not have a full impact on our activities, at least in the short term.
Brent oil
| Brent crude / USD / bbl | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Average price | 68.2 | 79.9 | –11.7 | –14.6 |
| Highest price | 82.6 | 92.2 | –9.6 | –10.4 |
| Lowest price | 58.4 | 68.7 | –10.3 | –15.0 |
| Year-end price | 60.9 | 74.6 | –13.7 | –18.4 |
Figures are based on information and estimates available as of January 2026.
Source: Refinitiv / LSEG
- Oil prices fell significantly in 2025. The euro gained in strength over the course of the year, which additionally favored the purchase of raw materials in the eurozone.
- The CO₂ price according to Fuel Emissions Trading Act (Brennstoffemissionshandelsgesetz; BEHG) rose from € 45 to € 55 per ton in 2025.
Electricity and emissions certificates
| 2025 | 2024 | Change | ||
|---|---|---|---|---|
| absolute | % | |||
| Base load power (following year) (€ / MWh) | ||||
| Average price | 87.4 | 88.7 | –1.3 | –1.5 |
| Highest price | 103.2 | 103.8 | –0.6 | –0.6 |
| Lowest price | 76.8 | 67.6 | +9.2 | +13.6 |
| Year-end price | 83.1 | 88.8 | –5.7 | –6.4 |
| Emissions certificates (€ / t CO₂) | ||||
| Average price | 74.9 | 66.5 | +8.4 | +12.6 |
| Highest price | 88.9 | 81.3 | +7.6 | +9.3 |
| Lowest price | 60.1 | 51.1 | +9.0 | +17.6 |
| Year-end price | 87.4 | 73.0 | +14.4 | +19.7 |
Figures are based on information and estimates available as of January 2026. Source: Refinitiv / LSEG
Prices on the futures market for electricity with deliveries in the following year fell slightly in 2025. The main reason for the price decline is the fall in gas prices. Germany was able to compensate for the halt in natural gas supplies from Russia following the commissioning of the liquefied natural gas terminals with increased LNG (liquefied natural gas) imports, primarily from the USA. With the further expansion of renewable energies, their share of gross electricity production in Germany in 2025 will be at an all-time high of about 58 %, as in the previous year. Even though electricity prices have fallen significantly, the price level is still higher than before the war in Ukraine.