Spanish Power Is Almost Free With Renewables Set for Record [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
(Bloomberg) — Electricity prices in Spain slumped to almost nothing as the nation's wind and solar parks are churning out more power than ever. Day-ahead prices have remained below €10 per megawatt-hour for the last week and output in the Mediterranean nation is on track for a record this month. Daily solar production on Wednesday jumped to the highest since early October and the surge is likely to last into March, according to a Bloomberg Model. Article content Article content While the sharp plunge in prices is a boost for consumers as wholesale rates feed into household rates, lower levels in the longer term risk investment in more renewables capacity just as Europe seeks to make its economy greener to help curb global warming. The plunge in the Spanish market this week has been extreme, but there is a clear downward trend in both power and gas prices across Europe after the energy crisis. That is hurting utility earnings, and Spain's Endesa SA said on Wednesday that its
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