20 years ago today

We’ve been writing newsletters for our clients for many years. So we’ve dug through our archives and would like to share with you regular, engaging, and entertaining looks back at the energy industry and Germany as it was 20 years ago.

March 2026

Looking back, it’s clear just how rapidly the energy sector has transformed over the past two decades. Let’s take a look at these developments—and at the key events that shaped the energy industry in 2005.

  • While the base price for the calendar year Cal 2007 was still at 45 euros/MWh at the end of November 2005, the price for the same product rose to 57.40 euros/MWh by the end of March 2006—that is, about 20 years ago. By comparison: The closing price for the current front-year base contract Cal 2027 stood at 92.47 euros/MWh on March 19, 2026. 
  • Prices for emission allowances (European Union Allowances, EUA) for Cal 2006 and Cal 2007 ranged between 27 and 28 euros/ton at the end of March 2006. Today’s EUA prices for Cal 2026 and 2027, at 65–68 euros/ton, are more than double that level.
  • On March 30, 2006, the gas price for 2007 on the TTF stood at 28.45 euros/MWh. On March 19, 2026, the closing prices for 2027 were 38.87 euros/MWh.
    “Everything used to be better”: In Turin, the XX Winter Olympic Games will conclude with a closing ceremony on February 26, 2006. With eleven gold, twelve silver, and six bronze medals, the German team is the most successful.
  • “Things weren’t better in the past”: In February 2006, Vernor Muñoz Villalobos, the education expert for the UN Human Rights Committee, criticized the German education system. His main points were the three-tiered school system, the lack of integration of children from immigrant backgrounds, and the close link between social background and educational success.
  • “Everything stays the same”: In early January 2006, the state-controlled Russian energy company Gazprom suspends gas deliveries to Ukraine for several days after the two countries fail to reach an agreement on a gas price increase. In Germany, the gas dispute between Moscow and Kyiv sparks renewed debate about dependence on foreign energy sources.

Want to know more? We have selected a 20-year-old newsletter for you and hope you enjoy diving back into the past.

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