On May 1, the German energy system will be completely dominated by "green" electricity from sun and wind. According to Bloomberg Models, up to 99% of consumption can be met by it tomorrow. Accordingly, electricity prices will fall below zero on this day.
This is reported by UNN with reference to Bloomberg.
Details
The first significant warming this year is expected to peak in the UK, France, and Germany this week. Daytime temperatures on Thursday will reach 27°C in Paris and Berlin and 25°C in London. According to forecasts, the average temperature in many areas will be 5-6°C higher than the long-term norm.
"The high-pressure system is expected to keep the skies clear, leading to increased solar activity and solar power generation this week."
This, according to Bloomberg Models, will allow Germany to provide 99% of its consumption with green energy tomorrow. And while this is not unprecedented, it is a glimpse into the future as the region is on its way to a "green transition."
However, the warm spell is expected to be short-lived, as a low-pressure system is forecast to move into the region and lower temperatures over the weekend.
Disadvantages of "green energy" for the economies of countries
And while this is beneficial for millions of households and factories that buy electricity at hourly rates, it creates a huge headache for investors and developers of green technologies due to lower profitability. Thus, on May 1, from 10:00 to 17:00, the price of German electricity on Epex Spot SE, the largest exchange, is predicted to fall below zero.
A day earlier, the lowest price was almost 130 euros per megawatt-hour at 13:00. The same situation is observed in France, where prices will be negative during the same hours.
According to BloombergNEF, Germany plans to add an unprecedented 17 gigawatts of solar energy this year and plans to break this record every year (until 2030).
This is increasingly displacing fossil fuel generators from the market, although they remain important for providing backup power during the winter heating season.