(Montel) Hourly day-ahead power in several European markets dropped to negative prices for a sixth consecutive week, with Germany hitting a low of EUR -44.25/MWh for Monday amid high renewables output and low demand.
The German day-ahead auction for Monday delivered five hours of consecutive negative prices from noon, with the low hit for the hour from 14:00 CEST.
For Sunday, prices settled negative for three hours between 14:00 and 17:00 CEST, at a low of EUR -26/MWh.
Baseload for Sunday settled at EUR 7.41/MWh and peakload at EUR 2.52/MWh, while Monday’s prices settled at EUR 2.44/MWh and EUR -3.98/MWh respectively.
Residual load – the amount of demand not covered by renewable energy – could tumble to -0.4 GW by 14:00 CEST Monday, according to data from Montel Energy Quantified (EQ).
Solar power generation in German could peak at 31.17 GW at 13:00 CEST Monday, close to the record high of 31.71 GW reached on 5 April, with wind power generation adding another 25.9 GW, EQ said.
During the period of negative prices on Sunday, residual load fell to 2.6 GW, EQ data showed.
German power demand had fallen by around 10% below where it would otherwise be amid restrictions to halt the coronavirus, EQ said on Friday.
Even stricter lockdown measures in other European countries have also eroded demand and increased the occurrence of negative prices.
In Western Denmark (DK1), hourly prices fell to as low as EUR -4.59/MWh for Sunday and EUR -1/MWh on Monday.
France saw an hourly price low of EUR -20.40MWh for Sunday and EUR -23.12/MWh for Monday. Belgian hourly prices dropped to as low as EUR -17.39/MWh on Sunday and EUR -28.01/MWh on Monday.
In the Netherlands, they hit a low of EUR -10/MWh on Sunday and EUR -13.02/MWh on Monday. The UK’s hourly power prices fell to a low of GBP -10.99/MWh for Monday.
Switzerland and Austria recorded negative hourly prices of as low as EUR -8.49/MWh and EUR -23.81/MWh for Sunday.