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Evening edition · Friday, 23 October 2026

ORDINARY · LEAD

The wind paid for Friday. The tank did not.

Wholesale power for Friday cleared at €137.59, a third below Wednesday, because the wind came back. Heating oil rose to €174.25 because Brent did. Your winter has two meters, and only one of them blows in from the North Sea.

Two prices reached German households on Friday, and they moved in opposite directions.

The first is the wholesale price of electricity. Friday’s day-ahead auction for Germany and Luxembourg cleared at an average of €137.59 per megawatt hour, after €148.61 for Thursday and €211.94 for Wednesday1. Desk arithmetic: Friday is 35% cheaper than Wednesday.

Friday cleared a third below Wednesday, in a dear OctoberLine chart of the daily average German-Luxembourg day-ahead electricity price since July 2025, in euros per megawatt hour. Prices stay mostly between about €77 and €110 a month through July 2026, with a daily low of −€16.34 on 5 April 2026. They climb from August, average €144.82 in September with a daily high of €256.55 on 14 September, and average €167.60 over 1 to 23 October 2026, against €94.97 over the same days of 2025. The latest value, for delivery on Friday 23 October 2026, is €137.59, down from €148.61 on Thursday and €211.94 on Wednesday. Latest values: Day-ahead DE-LU 137.59 (2026-10-23).ENERGY · POWERFriday cleared a third below Wednesday, in a dear OctoberGermany/Luxembourg day-ahead electricity price, daily average, € per MWh−1000100200300Jul ’25SepNovJan ’26MarMayJulSepWar begins137.59Day-ahead DE-LUSOURCE Bundesnetzagentur | SMARD.de, day-ahead price DE-LU (filter 4169), delivery days to 23 Oct 2026, retrieved 23 Oct 2026 16:45 CEST · CC BY 4.0INSIDE DESK

Line chart of the daily average German-Luxembourg day-ahead electricity price since July 2025, in euros per megawatt hour. Prices stay mostly between about €77 and €110 a month through July 2026, with a daily low of −€16.34 on 5 April 2026. They climb from August, average €144.82 in September with a daily high of €256.55 on 14 September, and average €167.60 over 1 to 23 October 2026, against €94.97 over the same days of 2025. The latest value, for delivery on Friday 23 October 2026, is €137.59, down from €148.61 on Thursday and €211.94 on Wednesday.

Source Bundesnetzagentur | SMARD.de, day-ahead price DE-LU (filter 4169), delivery days to 23 Oct 2026, retrieved 23 Oct 2026 16:45 CEST · CC BY 4.0. Bundesnetzagentur | SMARD.de, market data. CC BY 4.0.

Data (CSV) · SVG · PNG

Latest values as a table
DateDay-ahead DE-LU
2026-10-18175.21
2026-10-19208.44
2026-10-20195.66
2026-10-21211.94
2026-10-22148.61
2026-10-23137.59

Why it fell. No minister did this. The weather did. Onshore wind turbines generated 673,227 megawatt hours on Thursday, against 242,281 on Wednesday, and gas-fired plants dropped from 241,432 to 123,316 megawatt hours2. Desk arithmetic: wind nearly tripled, gas halved. When the wind blows, the most expensive plant needed to meet demand is less often a gas turbine, and the whole auction clears lower.

Why it is still dear. One windy day does not make a cheap month. Over 1 to 23 October the day-ahead price averaged €167.60, against €94.97 over the same days of 20251. Desk arithmetic: about three quarters higher. September averaged €144.821. Most households do not pay the day-ahead price directly; their supplier buys ahead and passes costs on later. The wholesale line is the weather report for next year’s tariff, not this month’s bill.

The second price. Heating oil climbed to a German average of €174.25 per 100 litres on Friday, 0.90% more than Thursday, €4.96 more than a week ago and €40.21 more than three months ago3. It follows crude, and crude followed the war: Brent touched $115.16 in London trading, its highest since 4 May, after Houthi attacks on Saudi Arabia and reports of plans for renewed strikes on Iran4. No wind farm helps a tank in the cellar.

The promise in the middle. On Thursday the sixteen state premiers asked Berlin to cut the electricity tax “as quickly as possible”. On Friday the deputy government spokesman said the goal stands, but “under a financing proviso”, and named no date5. Our Politics desk weighs that promise against its price tonight.

What this means for you. Three things are worth separating. A windy week lowers the wholesale price you mostly do not pay yet. A war lowers nothing; it raises the oil and gas prices you pay directly, quickly. A tax cut lowers a bill only after it is law, financed and passed on. None of the three is in your hands. What is in your hands is the reading on your own meter and the size of your own order. Those numbers do not care about speeches.

The constructive reading. Every number in this piece was public and free by Friday afternoon: an auction result from the regulator’s own platform, a generation count by fuel, a daily price average from thousands of orders1,2,3. A household in 2026 can see its winter coming in better detail than a utility could twenty years ago. That is not comfort. It is information, and information is the start of a plan. Nothing here is advice.

What to watch

  • Saturday's and Sunday's day-ahead auctions on SMARD, which show whether the wind holds into the weekend1.
  • HeizOel24's daily German average, which follows gasoil and Brent with a lag of about a day3.
  • Whether Berlin names a date for the electricity tax cut the Länder asked for on Thursday5.
Desk comment

Weather is a discount nobody can promise you. A meter reading is a fact you can write down.

Sources

  1. Day-ahead price DE-LU, daily (filter 4169) — Bundesnetzagentur | SMARD.de, retrieved 23 Oct 2026, 16:45 CEST.
  2. Realised generation, wind onshore (filter 4067) and natural gas (filter 4071), Germany, daily — Bundesnetzagentur | SMARD.de, retrieved 23 Oct 2026, 16:50 CEST.
  3. Heizölpreise aktuell für Deutschland — HeizOel24, 23 Oct 2026, 16:26.
  4. Brent crude hits more than five-month high on Houthi-Saudi attacks, UAE oil spill — Reuters via Investing.com, 23 Oct 2026.
  5. Bundesregierung sagt trotz Drängens der Länder keine schnelle Stromsteuersenkung zu — Reuters via onvista, 23 Oct 2026, 10:43.

Every figure in this piece traces to a source above or to the desk’s own arithmetic on those sources, marked as such. Quotations are short and attributed. Spot an error? Write to the desk; corrections are logged on the method page.

Commentary for information only. Not investment, legal, tax, medical or political advice. Not an offer or solicitation. Analysis may be incomplete or wrong. Charts show published public data, not a trading feed; binding numbers live with the institutions that publish them.