FT Chart Crime, Exhibit 1
"Electricity prices dropped into negative territory for record 7,841 hours across Europe in the first eight months of the year'
7841 Hours is about 325 days! 🤔🤷♂️
Seems the FT doesn't really know how electricity generation works…
They're adding up apples & oranges…
Rapid development of solar & wind generation outpaces continent's ability to deal with excess supply.
Prices fell below minus €20 ($22)/MWH in some instances.
Solar energy has been the main driver of negative pricing as solar resources tend to be more consistent, leading to negative prices in particular during the spring and summer and late mornings to early afternoon.
"Wind is a bit more dispersed. It is not necessarily windy at all locations at the same time."
Finland saw the largest number of hours of negative prices, partly due to its large hydro and nuclear capacity, some of which is difficult to switch on and off quickly. Italy, meanwhile, which still relies heavily on gas-fired power stations, did not have any negative priced hours.
The EU is aiming for renewables' share of consumption to reach at least 42.5 per cent by 2030, up from 23 per cent in 2022.
See the article on the FT here: Negative European energy prices hit record level
