FRANKFURT (dpa-AFX) - Beneficiaries of the energy transition and the expansion of artificial intelligence remain in high demand on the German stock market. Additional momentum came on Friday from the federal government's power plant strategy, following the announcement of a fundamental agreement with the European Commission after the market closed the previous day.
Shares of energy technology group Siemens Energy climbed to another record high at the end of the week, leading the DAX with a gain of 3.3 percent to €132.40. In 2026, they are already up ten percent, after having surged nearly 140 percent in 2025. The company's business in gas turbines and grid technology continues to perform strongly.
The breakthrough for new gas-fired power plants in Germany has now provided further tailwind. Construction is set to begin this year. These plants are intended to ensure a secure power supply as part of the planned gradual phase-out of coal.
Several energy companies are already poised to act. For example, RWE has planned power plants at three locations in North Rhine-Westphalia. RWE CFO Michael Müller said in the autumn that a total of three gigawatts of new flexible power plant capacity could be envisioned in Germany. Uniper has also stated it is ready to contribute with around two gigawatts of hydrogen-capable power plants. The Steag Iqony Group also intends to participate in the auctions with up to two gigawatts.
RWE shares reached another high since 2011 on Friday. Most recently, they were up about half a percent at €51—representing an almost 13 percent increase for 2026. Just the previous day, the stock price had surpassed the €50 mark for the first time in 15 years. The award of contracts at British offshore wind power auctions had already provided fresh impetus midweek. In total, RWE secured contracts for a capacity of 6.9 GW. In addition, RWE agreed to a long-term partnership with investment firm KKR to jointly develop the Norfolk projects. KKR will take a 50 percent stake in each of the wind farms.
Analysts see the DAX-listed group as a major winner in this round of tenders and have raised their price targets. Peter Bisztyga of Bank of America and experts at Bankhaus Metzler are particularly optimistic, each setting a target price of €59./mis/niw/jha/
