Open to all, won by gas: Germany’s first capacity auction
12 November, 2026
Germany’s first capacity auction was meant to be open to every technology and to keep the cost of securing supply low. It delivered a price well under the cap, but also a field of winners that is all gas-fired, with half the volume going to one coal company, adding another 5.15GW of gas projects in addition to the previous gas tender. As the second round approaches, will the auction still be technology-open if its rules restrict who can truly compete?
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