Berlin, 28 January 2026 – The global energy landscape is undergoing a structural shift driven by geopolitical tensions and nations’ renewed focus on supply security, according to Markus Krebber, Chief Executive Officer of RWE AG, Germany’s largest power producer.
Speaking at the Handelsblatt Energy Summit on Wednesday, Krebber said the industry is entering “a new era in energy supply” as governments increasingly prioritise long-term resilience and independence from unstable external sources. He highlighted that geopolitical strains, particularly deteriorating relations with some traditional partners like the United States and the severing of energy ties with Russia, are prompting countries to rethink their energy strategies and diversify supply mixes.
Policy Priorities and Market Responses
Krebber said the shift reflects a broader economic and political recalibration: countries are now looking to reduce reliance on foreign energy supplies, build strategic resilience and secure long-lasting energy partnerships that lower exposure to geopolitical risk. Germany, for example, has had to pivot away from Russian fuel sources, contributing to higher energy costs and reinforcing the need for diversification and stability-oriented policy frameworks.
This new geopolitical context is reshaping priorities across Europe’s energy markets, with renewables, flexible generation and storage solutions gaining importance alongside traditional grid investments. Industry executives say that the impetus to balance security, affordability and decarbonisation has become more acute in boardrooms and policy circles alike.
Capital Allocation and Strategic Investment
Krebber also addressed investor expectations, particularly regarding share buybacks. RWE last announced a €1.5 billion share buyback programme in late 2024, running through May 2026, but Krebber signalled limited prospects for further buybacks beyond that. Instead, the company is prioritising significant capital allocation to growth opportunities, including:
- New power plants in Germany
- Offshore wind projects in Britain
- Solar and battery investments in the United States
He noted that buyback decisions depend on both share price levels and the attractiveness of investment opportunities, suggesting that current market conditions favour reinvestment into capacity expansion rather than returning capital to shareholders.
Wider Market Implications
Krebber’s remarks echo broader industry and policy discussions about energy security, a theme seen in recent European initiatives to expand offshore wind capacity as a hedge against dependence on external gas supplies, particularly from the United States market.
For global energy markets and investors, this transition signals that geopolitical risk management is now central to long-term strategic planning, influencing everything from investment flows and infrastructure development to national energy policies. Countries and companies alike may increasingly prioritise resilient supply chains, robust domestic capacity and diversified international partnerships over short-term market gains.
