A study published in December 2025 by Agora Energiewende, Stiftung Klimaneutralität, and Dezernat Zukunft quantified the resulting equity gap: it stands at approximately €68 billion. A large portion of this can be mobilized by the utilities themselves through expanded debt financing, reduced profit distributions, and capital increases by existing shareholders with the capacity to act. However, a gap of around €13 billion remains — primarily at companies majority-owned by municipalities — and closing it will require additional efforts.

To identify pathways forward, Stiftung Klimaneutralität, Dezernat Zukunft, and Agora Energiewende have launched a joint project on strengthening the equity base of municipal energy suppliers. At its core is a proposal for a "Germany Standard": a coordinated modular framework across all three federal levels that assigns clear roles to municipalities, states, and the federal government, and organizes equity injections through standardized, nationally consistent instruments.

Two expert opinions were commissioned as the basis for the recommendations:

• A legal opinion by W2K Rechtsanwälte systematically analyzes the legal framework for strengthening the equity of municipal energy utilities at the municipal, state, and federal levels. It identifies the available options, legal constraints, and corporate law flexibility across all federal tiers.
• A joint expert opinion by Stiftung Klimaneutralität, Dezernat Zukunft, and Agora Energiewende evaluates the legally available options from a policy perspective and develops concrete instruments. The core of the proposal consists of subordinated shareholder loans at the municipal level, subordinated loan programs from state development banks, and complementary support through a KfW subordinated capital program and federal counter-guarantees under the umbrella of the Deutschlandfonds.

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