Image: Zosia Szopka, Unsplash
Negative electricity prices in France have soared in the first half of 2024. French network operator RTE reported 233 negative hours in the January-June period, compared to just 53 in the first six months of 2023.
Solar energy consultancy KiloWattSol recorded 308 hours of negative prices on August 23 – a record for France. Even in early 2020, when pandemic lockdowns reduced electricity consumption, only 75 negative hours were recorded.
RTE recorded two days with negative average prices, on April 6 and June 15, which was only the fifth and sixth time since 2001. The previous case occurred on July 2, 2023. For the first time, France surpassed Germany in hours with negative prices. the first half of 2024.
Spot market prices for electricity become negative when production exceeds consumption. In France, this is driven by the growth of renewable energy, the recovery of nuclear production since the shutdowns in 2022, and low electricity demand. Summer production peaks, especially from solar energy, coincided across Europe, limiting the market’s ability to regulate itself.
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