EnBW

Energie Baden-Württemberg AG (EnBW) is Germany's third-largest energy company and the dominant utility in the state of Baden-Württemberg. Its principal shareholders are NECKARPRI-Beteiligungsgesellschaft (fully owned by the state of Baden-Württemberg) and Oberschwäbische Elektrizitätswerke (OEW, owned by local municipalities), each holding roughly 46.75% of shares, together controlling approximately 93-94% of the company. EnBW is headquartered in Karlsruhe and has been led as CEO by Georg Stamatelopoulos since March 2024.

EnBW operates across electricity generation (including renewables and gas), energy networks, and customer solutions. Following Germany's nuclear phase-out, it restructured its generation portfolio toward gas, offshore wind, and solar. The company is an active participant in German capacity market debates given its large fleet of dispatchable gas and pumped-storage assets.

EnBW's Jörg Jasper told the 24 June 2026 Wirtschaftsausschuss hearing on StromVKG that the capacity law's design was "appropriate", backing the framework that would subsidise 11 GW of dispatchable backup at a cost peaking near EUR 3 billion per year from 2031. EnBW has commercial interests in the outcome: as a German utility with gas and pumped-hydro assets, it would be a potential bidder in the planned 1 September first capacity auction. The endorsement came with EU carbon (EUA) having just broken EUR 80/tonne for the first time, locking the carbon floor that sets CCGT marginal cost near EUR 98/MWh regardless of soft gas prices, a signal that makes subsidised backup economics increasingly relevant for portfolio planning.