HomeFinancial MarketsEuropean Energy Prices to Plummet Amid Solar Boom

European Energy Prices to Plummet Amid Solar Boom

Electricity prices across Europe are plummeting towards sub-zero levels this weekend as a surge of summer winds welcomes the peak season for wind power generation.

Data from Epex Spot SE on Saturday showed that energy prices are negative in nearly a dozen countries across the European continent, including Germany, France, the Netherlands, and the UK. Prices in the Netherlands are set to fall as low as -€73.76 per megawatt hour by Sunday afternoon.

Negative power prices are believed to be a result of a record number of solar panels being added to European homes last year, a move that helped to curb overinflated natural gas prices. For the first time this summer, the EU’s monthly solar power generation surpassed that of coal-powered electricity.

“Negative pricing is an important signal in the electricity system to incentivize flexibility and storage, which is critical to a modern-day electricity system,” Tom Haddon, a consultant at Arcadis LLP remarked. The influx of renewable energy consumption is helping to costs for grid operators while making it easier for them to keep the system in balance.

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the...

Stocks Fall After the Release of GDP Data

U.S. stocks declined on Thursday as investors digested the latest round of GDP data. Estimates on Thursday showed that the U.S. economy's GDP for...

Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk

Hyundai and Kia are in the process of recalling over 3.4 million vehicles in the United States due to a fire risk. Both automakers...