ShowcaseCausality, made visible

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.

MARCH 2011

Fukushima → Atomausstieg

Merkel orders immediate shutdown of 8 reactors. Sets the path to phase out nuclear by 2022.

JANUARY 2019

Coal phase-out commission

Germany commits to exit coal by 2038. Carbon prices rise. Modest upward pressure begins.

APRIL 2020

Pandemic demand shock

Industrial demand collapses. Prices briefly negative on multiple days. Annual average falls to €31/MWh, lowest since 2007.

FEBRUARY 2022

Russia invades Ukraine

Gas flows weaponised. German wholesale price multiplies by 6× in seven months. Peaks at €465/MWh in August.

APRIL 2023

Last reactors shut down

Isar 2, Emsland, Neckarwestheim 2 cease operation. Atomausstieg complete after 22 years. Coal share rises to fill the gap.

2024

Renewables cross 59%

Wind and solar dominate annual generation. Daytime spot prices structurally lower. Annual average €78.51/MWh.

2025-26

LNG capacity online

German LNG terminals at Wilhelmshaven, Brunsbüttel, Stade fully operational. Gas supply diversified. Price floor stabilises.

MARCH 2026

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

Featured · Counterfactual · Since 2000

What should I do with my money?

Look back to learn forward. See how the same euros would have fared across different choices since 2000: cash, savings, gold, silver, real estate, MSCI World, DAX, S&P 500, FTSE 100. Doing nothing has a cost.

Enter an amount and a time period. The chart shows where your money would have gone.

Amount

€

Period

Show:

That €100,000 in 2016 would now be worth €76,860 in real terms if it had been left in cash.

Of €100,000would now be

Cash (vs inflation)Real value, deflated by German CPI

€76,860−23.1 %

Savings accountCompounded at average German overnight rate

€107,946+7.9 %

MSCI WorldiShares Core MSCI World ETF, EUR-denominated

€339,225+239.2 %

Real estateGerman residential property price index (Destatis)

€151,116+51.1 %

Source · Yahoo Finance · ECB · Destatis · Bundesbank Tagesgeld average

Read the full essay on the investment counterfactual →

Salary · Tax & social contributions

How much of my salary do I keep?

Inflation isn't the only thing eroding your pay. Income tax, the five pillars of social insurance, and the wedge between gross and take-home, all of it broken down here.

Enter your gross annual salary. See what's left after tax and social contributions.

How are you paid?

My gross salary

€

Of €5,000 gross, you keep €3,131. That's 63% of every euro earned.

Estimate based on: tax class I, NRW, childless, no church tax.

Source · §32a EStG (2026) · Bundessozialversicherung contribution rates 2026 · BMG

Read the full essay on what your salary really costs →

Salary · Beat inflation

Is my pay keeping up?

Inflation, average wage growth and your pay packet rarely move together. Enter your salary and the date of your last raise, see how far you've kept up, and the case to bring to your next review.

Enter your salary. See it against German inflation and the average wage.

How are you paid?

My annual salary at

€

My annual salary today

€

You've kept your purchasing power.

+17.6 %

change in your salary since Jun 2023.

+8.6 %

German inflation over the same period.

+8.3 %

real growth. You've stayed ahead of inflation.

€4,524 ahead of inflation each year. You've kept your purchasing power.

Project ahead:

Read the full essay on inflation, wages, and the hurdle →

Housing · Rent vs buy · Germany

Should I rent or buy?

How many years before buying overtakes renting? Enter your numbers and see the year the maths actually flips, and what you'd be paying each month until then.

Your numbers

Purchase price

€

Eigenkapital (down payment)

€

Bundesland (state)

Comparable Kaltmiete (base rent, monthly)

€

Hypothekenzins (mortgage rate, yearly)

Current market rate (10y fixed)

Anfangstilgung (initial repayment, yearly)

interest-only (endfällig)5.7% Annuität (annuity) · 28-year term

What you're committing to

€3,349

per month to the bank. Annuität at 3.70%, 2.0% Anfangstilgung.

€72,560

gone on day one. Grunderwerbsteuer, notary, broker. 9.1% of the price, non-recoverable.

+€2,095

per month more than renting. €25,142 of extra cashflow per year.

Which is the better financial decision?

BUY€134kahead of renting
after 10 years

Assuming the property appreciates 3.0% a year. .

Buying pays off from year 5.

I plan to stay 10 years

DRAG TO EXPLORE

Rent inflation, appreciation, Hausgeld, maintenance, Zinsbindung, refinancing

Cost details

Due at purchase

Eigenkapital	€100,000
Grunderwerbsteuer (3.5%)	€28,000
Notar + Grundbuch (notary + land registry) (2.0%)	€16,000
Maklerprovision (broker fee) (3.57%)	€28,560
Total	€172,560

Monthly (buying)

Hypothekenrate (mortgage payment)	€3,349
Hausgeld	€280
Instandhaltung (average)	€667
Total	€4,295
Comparable Kaltmiete	€2,200

Read the full essay on rent vs buy in Germany →

Germany, today.