Energy markets
The central hedging policy of DB Group aims to reduce energy price fluctuations. Our hedging activities noticeably curbed the development in DB Group’s operating business in 2022.
Brent oil
Brent / USD/barrel | 2022 | 2021 | Change | |
absolute | % | |||
Average price | 99.0 | 71.0 | +28.0 | +39.4 |
Highest price | 139.1 | 86.7 | +52.4 | +60.4 |
Lowest price | 75.1 | 50.6 | +24.5 | +48.4 |
Year-end price | 85.9 | 77.8 | +8.1 | +10.4 |
Figures are based on information and estimates available as of January 2023.
Source: Thomson Reuters
The first half of 2022 was marked by strong price markups as a result of the war in Ukraine. From mid-2022, concerns about recession, interest rate hikes and Covid-19-related restrictions (in China, among others) significantly dampened the price of oil again. Overall, the price of oil in 2022 has risen by 40% on a dollar basis. This development was further exacerbated for the Eurozone by a weak euro.
Fuel prices in Germany (+27%) in 2022 were driven not only by the increase in oil prices, but also by an increase in CO₂ taxes. Rising fuel prices strengthen the competitive situation of the railways. In 2022, however, motorized individual transport continued to benefit from a preference for individual transport and the fuel discount from June to August.
Electricity and emissions certificates
2022 | 2021 | Change | ||
absolute | % | |||
Base load power (following year) (€/MWh) | ||||
Average price | 298.3 | 88.7 | +209.6 | +236 |
Highest price | 1,050 | 335.0 | +715.0 | +213 |
Lowest price | 108.8 | 47.9 | +60.9 | +127 |
Year-end price | 215.0 | 120.1 | +94.9 | +79.0 |
Emissions certificates (€/t CO₂) |
|
|
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Average price | 81.2 | 53.7 | +27.5 | +51.2 |
Highest price | 99.2 | 90.8 | +8.4 | +9.3 |
Lowest price | 55.0 | 31.3 | +23.7 | +75.7 |
Year-end price | 84.0 | 80.7 | +3.3 | +4.1 |
Figures are based on information and estimates available as of January 2023.
Source: Thomson Reuters
Prices on the futures market for electricity rose very sharply in 2022. In addition to the prices for emissions allowances (European allowances under the European emissions trading system), the main drivers were the sharp rise in the price of natural gas and failures at French nuclear power plants.
