BNetzA Announces Results of Germany's First Long-Term Capacity Auction Under StromVKG

BNetzA published the results of the first long-term capacity auction (Langzeitkapazitäten) under the StromVKG (Kraftwerkssicherheitsgesetz), awarding 11 bids totaling approximately 5,160 rMW against an auctioned volume of 4,500 rMW, at a volume-weighted average clearing price of €155,296/rMW/year (below the €244,000 price cap). BNetzA also announced that the second bidding round will be announced on 10 November 2026.

This is the first concrete delivery mechanism for dispatchable capacity (power plants and storage) under Germany's emerging capacity framework, signaling a shift from pure energy-only market reliance toward secured long-term capacity procurement ahead of a planned future capacity market. The regional distribution of awards (concentrated in NRW, Brandenburg, Saxony) has direct implications for grid security and locational adequacy.

The auction cleared well below the price cap despite oversubscription (41 bids, ~11,958 rMW submitted vs 4,500 rMW offered), indicating active competition between thermal generation and storage technologies for long-term capacity contracts. This is a foundational step in Germany's transition toward a capacity market mechanism, with BNetzA explicitly stating it is preparing 'all necessary provisions for a start into a capacity market.' Market designers should watch how locational signals embedded in this auction (regional award concentration) interact with future network charging and congestion management reforms, and how the second auction round's design evolves following this pilot round's price and volume outcomes.

StromVKG (Kraftwerkssicherheitsgesetz)

Announcement of second bidding round date · 10 Nov 2026

Primary sources