France records 233 hours of negative electricity prices in H1

From pv magazine France

Negative electricity prices surged in France throughout the first half of 2024. French grid operator RTE reported 233 negative hours in the January-June period, compared to just 53 throughout the first six months of 2023.

Solar consultancy KiloWattSol recorded 308 negative price hours by Aug. 23 – a record for France. Even in early 2020, when pandemic lockdowns cut electricity consumption, only 75 negative hours were recorded.

RTE recorded two days with negative average prices, on April 6 and June 15, marking only the fifth and sixth such occurrences since 2001. The previous instance occurred on July 2, 2023. For the first time, France surpassed Germany in negative price hours throughout the first half of 2024.

Spot market prices for electricity turn negative when production exceeds consumption. In France, this has been driven by renewable energy growth, the recovery of nuclear production since shutdowns in 2022, and low electricity demand. Summer production peaks, particularly from solar, coincided across Europe, limiting the market’s ability to regulate itself.