Procurement and energy market

At the start of the summer season, natural gas prices in Germany fell significantly due to a favorable supply situation from Norway and a high supply of LNG. Prices for the front-year contract stood at about € 29 per MWh at the end of 2025. Rising prices for carbon credits slightly offset the resulting decline in electricity prices for the front-year. Nevertheless, prices fell from a peak of € 100/MWh to € 84/MWh over the course of 2025.

Depending on the market conditions, the purchase prices for raw materials, energy and transport and construction services may fluctuate significantly. Among other things, we counter the risk of energy price increases through a price maintenance strategy in long-term procurement contracts. However, these precautionary measures only have an effect for a limited time and must be weighed against potential opportunities arising from falling energy prices.

Depending on the market and competitive situation, it is not possible, or only possible to a limited extent, to pass on cost increases to customers in the short term with a corresponding negative impact on margins. The consolidation of requirements and the optimization of long-term volume commitments result in opportunities to raise potential for procurement prices, even in a challenging market environment.