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, with German prices hitting minus €499 per MWh due to high renewable generation (sun and wind) coinciding with low demand on a public holiday. The price floor of minus €500/MWh, designed for exceptional circumstances, was nearly triggered. The article suggests European regulators need to adapt to this new reality of renewable energy abundance.
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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