Europe's storms send power prices plummeting to negative
North Europe's devastating storms sent wind turbines spinning and helped strengthen a new winter phenomenon for the region – negative electricity prices.
(Reuters) – Damaging for utilities losing money making electricity, delighting traders who cash in on price swings, they will not, however, mean cheap power for households.
A raft of elements to subsidize the green energy boom make up half of most consumer power bills, shielding them from immediate wholesale market price swings.
Over the Christmas holiday, which typically causes a drop in energy demand, wholesale electricity prices in Germany, the Nordic region, the Czech Republic and Slovakia turned negative on excessive renewable energy production and mild weather.
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