In the baseline scenario, we continue to expect no bottlenecks in procurement. In light of the announced increases inand Russian oil production, a balanced oil market can be expected for the second half of 2018. The risks of rising prices are inherent in potential further production losses.
In Germany, there will continue to be struggles over the design of the new electricity market (Electricity Market 2.0). Shortterm price volatility is likely to be further amplified by the ongoing expansion of renewable energies due to the limited ability to forecast them. Wholesale prices are being boosted by the dismantling of conventional capacities. Climate policy aimed at speeding up the phasing out of coal and raising the price of emissions are contributing to this development.