Michael Lewis, CEO of the German state-owned utility company Uniper, stated that the energy forward price curve indicates the market expects the Middle East conflict to have a limited duration.
He told the media after announcing the company's annual results that although the forward prices for gas and electricity in 2026 have risen significantly, the forward prices for 2027 and 2028 are less affected and have not shown significant fluctuations.
Market participants believe that this price structure reflects investors' short-term judgment on the geopolitical impact.