Risks and opportunities

In the 2024/25 fiscal year, the European energy industry continued to be characterised by geopolitical tensions, economic uncertainty and regulatory changes. The European Union intensified its action to secure energy supplies and promote renewable energies. The expansion of electricity generation from renewable sources continued with high momentum.

Price developments in energy markets have been characterised by strong fluctuations. The electricity futures market showed marked volatility. Following a broad sideways move at the start of the fiscal year, prices rose sharply, followed by a rapid decline and a renewed stabilisation at a high level. Spot market prices also developed dynamically and were higher than the previous year. At times, high input volumes, with low demand at the same time, led to negative prices.

The gas market was also characterised by uncertainty and price fluctuations. Geopolitical conflicts, high storage levels and subdued economic activity have affected price formation. Prices for CO₂ emission allowances also fluctuated in a volatile environment, with declines in the interim and subsequent recovery.

Despite the volatile market situation and geopolitical uncertainties, no risks could be identified in the 2024/25 fiscal year possessing the potential to jeopardise the continued existence of the company.

Energie AG has once again demonstrated its ability to adapt and has responded flexibly to the challenges of a dynamic market environment. Group-wide risk and opportunity management proved to be key success factors, especially in responding to geopolitical developments, regulatory innovations, and volatile price movements. Financial stability has been secured and the market position further strengthened. Due to this, Energie AG is well equipped to successfully meet future challenges.

For more details on the risks and opportunities situation, see the Notes to the Consolidated Financial Statements, section 33. Risk management.