Electricity prices will fall below zero: On May 1, Germany will "charge" with the sun
Kyiv • UNN
Due to the surplus of solar energy, on May 1, electricity prices in Germany will fall below zero. Green energy is expected to meet 99% of the needs.
On May 1, the German energy system will be completely dominated by "green" electricity from the sun and wind. According to Bloomberg Models, up to 99% of consumption may be satisfied by it tomorrow. Accordingly, electricity prices will fall below zero on this day.
This is reported by UNN with reference to Bloomberg.
The first significant warming this year is expected to peak in Great Britain, France and Germany this week. The daytime temperature 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 average.
The high pressure system is expected to keep the sky clear, which will lead to increased solar activity and solar energy production this week
According to Bloomberg Models, this will allow Germany to provide 99% of its consumption with green energy tomorrow. And although this is not unprecedented, it is a certain look into the future, as the region is on the way to a "green transition".
However, the warm period 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 economy 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 green technology developers due to lower profitability. Thus, on May 1, from 10:00 a.m. to 5:00 p.m., the price of German electricity on Epex Spot SE, the largest exchange, is expected to fall below zero.
The day before, 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-powered generators from the market, although they remain important for providing backup power during the winter heating season.
