Sixteen years of German power prices, and the eight decisions that moved them.
Day-ahead wholesale electricity price, monthly average, EPEX SPOT. Annotated with the policy and market events that shaped the curve.
1
Fukushima → Atomausstieg
Merkel orders immediate shutdown of 8 reactors. Sets the path to phase out nuclear by 2022.
2
Coal phase-out commission
Germany commits to exit coal by 2038. Carbon prices rise. Modest upward pressure begins.
3
Pandemic demand shock
Industrial demand collapses. Prices briefly negative on multiple days. Annual average falls to €31/MWh, lowest since 2007.
4
Russia invades Ukraine
Gas flows weaponised. German wholesale price multiplies by 6× in seven months. Peaks at €465/MWh in August.
5
Last reactors shut down
Isar 2, Emsland, Neckarwestheim 2 cease operation. Atomausstieg complete after 22 years. Coal share rises to fill the gap.
6
Renewables cross 59%
Wind and solar dominate annual generation. Daytime spot prices structurally lower. Annual average €78.51/MWh.
7
LNG capacity online
German LNG terminals at Wilhelmshaven, Brunsbüttel, Stade fully operational. Gas supply diversified. Price floor stabilises.
8
Hormuz closed, energy shock
US-Israel strike Iran 28 Feb. Iran closes Strait of Hormuz, halting 20% of world oil. European gas +60%, German wholesale power doubles. Smaller blow than 2022 thanks to LNG.
Source · EPEX Spot · Bundesnetzagentur · DEdata researchUpdated · May 2026