Bloomberg: Electricity prices in some European countries fell below zero
In a number of European countries, electricity prices fell below zero due to record volumes of electricity generation from solar power plants in Germany, Bloomberg reports.
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📝 Summary
In a number of European countries, electricity prices fell below zero due to record volumes of electricity generation from solar power plants in Germany, Bloomberg reports.
The agency writes that on March 3, solar power plants in Germany generated 39.9 gigawatts, which was the highest figure since September 21 last year. As a result, in Germany, Belgium and the Netherlands, electricity prices were negative. For example, on Monday afternoon, a megawatt hour in Germany cost minus 17.73 euros. Bloombeg notes that negative prices are becoming more common in Europe as supply exceeds demand. This trend has worried investors who have invested in solar and wind power, as low electricity prices reduce the profitability of renewable energy companies. In Europe, by the end of 2023, wind farms and solar panels provided 44.7% of electricity. However, the citizens of the continent have not been relieved; they will have to continue to pay for a green transition from their wallet.
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