Dark doldrums in November: wholesale power hits its 2026 high at over 350 euros per megawatt hour

How expensive was power on 9 and 10 November?

The German day-ahead power price averaged more than 350 euros per megawatt hour on Tuesday, 10 November 2026, higher than on any other day this year. That is the result of our own analysis of the quarter-hourly prices published by Energy-Charts using Bundesnetzagentur (SMARD) data. Monday was only just below, with a peak of 653 euros per megawatt hour at 17:15. The previous high for the year, set on 29 October, was clearly exceeded, and the first eleven days of November average around 279 euros, after 169 euros in October. The role of the procurement price in a business electricity bill is explained in the guide to the components of the business electricity price.

The cause is a classic period of dark doldrums: onshore and offshore wind together supplied just under 97 gigawatt hours on 10 November, against a load of around 1,505 gigawatt hours. The largest source was natural gas at just over 400 gigawatt hours, followed by lignite and imports. On 12 November, with more wind, the daily average fell back to around 199 euros.

Which businesses and households pay the spike directly

Those hit immediately are everyone linked to the spot price: businesses with indexed procurement, households on dynamic tariffs, and heat pumps without load shifting that run precisely in the expensive evening hours. Suppliers buying for 2027 are affected indirectly. According to Verivox, 58 default suppliers have already announced electricity price rises averaging 8 per cent, and 82 default suppliers gas price rises averaging 14 per cent.

Why two windless days reveal more than a monthly average

“A windless week in November shows what power costs without wind and sun: more than 35 cents per kilowatt hour on the spot market, before grid fees and taxes are even added.” — Pedram Dadgar, Strategic adviser to Green Contracting GmbH. As long as gas-fired plants set the price in such hours, every winter gas price jump hits twice: through heating and through electricity.

For owners and businesses this means the average price of a year says little; what matters is when power is used. Anyone who can control a heat pump, cooling or charging points saves real money in weeks like this; anyone who cannot pays the full evening peak.

What to do now

1. On dynamic or indexed contracts, analyse the load profiles for 9 to 11 November and identify the most expensive hours.
2. Where technically possible, move controllable loads such as heat pumps, hot water or EV charging out of the evening hours between 16:00 and 20:00.
3. Before renewing a contract for 2027, decide what share should be fixed and what share linked to the spot price.