European electricity markets hit near-record negative prices as renewables overwhelm demand
By
The Economist
Summary
European wholesale electricity markets experienced negative pricing on May 1st, when high renewable generation (sunshine and wind) coincided with low demand due to a public holiday. The price floor of -€500/MWh was nearly hit at -€499/MWh in Germany. The article argues that European regulators and markets must learn to deal with the growing reality of negative electricity prices caused by renewable energy oversupply.
Source
bskyEuropean electricity markets hit near-record negative prices as renewables overwhelm demandecon.stKey quotes
· 3 pulledAt minus €500 ($580) per megawatt-hour (MWh), it was more of a price basement.
May 1st, when bright sunshine and strong winds met low demand for electricity from Europeans enjoying a public holiday, may have seemed pretty ordinary.
Yet the wholesale electricity price in Germany reached minus €499 per MWh.
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