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(Bloomberg) — Green electricity will totally dominate Germany’s grid on Thursday, potentially sending electricity prices way below zero and offer the latest proof on how solar and wind is transforming Europe’s biggest market.
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A slump in demand due to the public holiday is coinciding with a surge in solar generation and the region’s first mini-heat wave. Early afternoon tomorrow, as much as 99% of consumption could be met by green energy, according to Bloomberg Models. While not unprecedented, it is highly unusual and glimpse into the future as the region forge ahead with the green transition.
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The result could be another bout of negative prices, a phenomenon that’s becoming more common across Europe’s power markets. While an upside for millions of homes and factories who buy electricity on hourly rates, it’s a huge headache for investors and developers of green technologies because of lower returns.
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Read: Why Power Prices Can Go Negative and What It Means: QuickTake
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Only last weekend, prices fell way below -€100 per megawatt-hour in markets from Germany to the Netherlands on Epex Spot SE, the biggest exchange.
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Germany is set to add an unprecedented 17 gigawatts of solar capacity this year, and break that record each year until at least 2030, according to BloombergNEF. That’s increasingly pushing fossil fuel generators out of the market, although they remain essential to balance out intermittent renewables and provide a key backup during the winter heating season.
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Hot weather
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The first warm spell of the year is expected to peak this week in the UK, France and Germany. Daytime highs may reach 27C (81F) in Paris and Berlin on Thursday and 25C in London. Average temperatures will be 5C to 6C above the long-term norm in many areas, according to forecasts.
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A high-pressure system is expected to keep the skies clear, driving up sunshine and solar energy output this week, said MetDesk meteorologist Daniel Gardner-Declaudure. Solar may be particularly strong in the UK on Wednesday, he said.
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The warm spell is however expected to be short-lived with a low-pressure system forecast to move into the region and drive down temperatures over the weekend.
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