Per Bloomberg

The price of power in Europe has dropped below zero amid a surge in solar power. This comes as solar power-produced energy overwhelms the grid.

To cut fossil fuel demand, Europe has been building more cheap solar farms, which resulted in negative intraday prices in the power market from 1 PM to 3 PM. In some cases, it would be cheaper for plants to pay their consumers to use more energy compared to shutting down their plant.

In certain markets like the Netherlands, it was reported that renewable output gets paid regardless of its market price, resulting in below-zero prices. Germany, Denmark, and the Netherlands are also expected to experience negative power prices.

It was noted that this occurrence could be more common as Europe still has expansion plans for 2023. It was noted that they plan to install as many as 60 gigawatts of new panels this year.

In October, it was noted that France decided to withdraw from the energy charter treaty, which would allow international companies and investors to sue governments over interventions that hit the profits of energy projects.

In November, it was reported that the Tokyo Governor urged its residents to wear turtlenecks to save on energy bills. This came as the Prime Minister called for a push to revive the country's nuclear power industry to deal with soaring energy prices.

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