Prologue
More experiments with half-formed ideas and incomplete data. If you spot mistakes or can think of improvements or have context to share, please leave a comment.
At some point, you may choose to unsubscribe because this newsletter feels like spam in your inbox. I’d encourage this: I unsubscribe and resubscribe to newsletters all the time. If you don’t feel an urge to re-subscribe to something after a period of separation, then you were right.
At present the balance of subscribers to unsubscribers is positive, and I’m curious to see how this develops. A recent unsubscriber left ‘low volume’ as feedback. I am not sorry to disappoint on this count. At present, I’ve committed myself to two weekly posts. A short market note mid-week and something more expansive over the weekend.
If I had to describe the spirit that has been developing lately then I’d say: “Energy Market meets Remembrance of Things Past.” I think this is an appropriate theme for German energy market commentary/musings given, for example, the fascination with backward looking “indices.”
Looking backwards with spring charts
Spring is here, at least in Munich. This may be the best time of the year: solar energy mixes into a lingering chilliness with invigorating effect.


This is the first opportunity for a month-month comparison in 2025. You knew this was coming. Let’s minimise words, add some music.
Makes you think: why are violin charts called violin charts and not cello charts? Here’s a comparison of DA price distributions in January and February.