Earlier this month (2nd July), wholesale power prices went negative across the majority of Western Europe. This occurred on a Sunday, during the middle of the day, when demand was low and renewable penetration was high, mainly driven by solar. Negative prices in Netherlands, Germany and Austria reached -500€/MWh, the minimum price as per the European Union regulations. Although this is not a new phenomenon, the extent and length of wholesale negative pricing, as seen on this occasion, is becoming more frequent, highlighting the growing demand flex deficit across Western Europe.
Power prices plunge negative in Western Europe