We continue to expect no bottlenecks in procurement. As a result of the OPEC output cuts, we expect a balanced oil market for 2018. A significant further increase in oil prices is currently not expected due to the growth in shale oil production in the USA.
In Germany, there will continue to be struggles over the design of the new electricity market (Electricity Market 2.0). Short-term price increases are likely to be amplified by the further expansion of renewable energies due to the limited ability to forecast them. Wholesale prices are being boosted by the dismantling of conventional capacities. The as-yet incomplete formation of a government has led to uncertainties regarding the speed of the fossil fuel phase-out.