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The bigger they come…

The German market is at the heart of the European power business, but it has stuttered since its early promise, and has yet to set the pace for the region as a whole. From a new entrant’s point of view, this is only to be welcomed, argues Ben Tait

Did Ozymandias, English poet Percy Shelley’s forlorn king of kings, once work the German forward price curve? Shelley’s observation of “how the mighty have fallen” sums up business in Europe’s biggest power market in a way only a Romantic can fully capture.

German electricity trading boomed up to 2001, for a number of reasons (see box). Incumbents built expensive trading floors up and down the

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