Price Spikes

On behalf of 50Hertz Transmission GmbH

Publication date: 12.12.2025

In the winter of 2024, the day-ahead market experienced exceptionally high wholesale prices; on 12 December, a value of 936 €/MWh was reached — exceeding even the peaks observed during the gas crisis. The power market thus demonstrated what textbooks have been predicting for 70 years: scarcity pricing. At the same time, the situation provided a real-world test of the actual availability of generation capacity under extreme conditions.

This short study examines whether the observed price spikes were due to capacity shortages or potential market power abuse — and what conclusions can be drawn for the design of a capacity market.

We warmly invite you to the webinar on Tuesday, 16 December at 12:00, where we will present the results of our study.

Here you can find the study.