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German hourly power price nears 14-year low of EUR -500

(Montel) German hourly power prices crashed to their lowest level in almost 14 years on Sunday of EUR -500/MWh, with other European countries also seeing them plunge deep into negative territory, exchange data showed.

Prices in Europe’s biggest power market turned negative between 04:00-19:00 CET on Sunday, with the EUR -500/MWh low in the hour starting at 14:00. 

The country’s record low stood at EUR -500.02/MWh from 4 April 2009.

German baseload power for Sunday stood at EUR -53.87/MWh, the lowest level since 25 December 2012.

German wind power generation stood at 15.4 GW during the lowest hour, 2.3 GW above average, according to Montel’s Energy Quantified (EQ). Solar power generation peaked at 27.9 GW, in line with the seasonal norm.

Power consumption reached 43.6 GW, 3.4 GW below normal, the data showed.

German day-ahead power recovered to EUR 53.22/MWh on Monday but still saw negative hourly prices between 11:00-17:00, with EUR -5.68/MWh the lowest.

Elsewhere in Europe, Austria, Belgium, France and the Netherlands also recorded negative power prices on Sunday. The Netherlands saw three consecutive hours drop to EUR -500/MWh, starting at 13:00.

Danish record

Spot power prices also fell below zero across the Nordic region amid windy weather and low demand, with prices in western Denmark (DK1) hitting a record hourly low of EUR -440.10/MWh.

The daily spot price in the DK1 bidding zone also fell to a record low EUR -61.41/MWh, well below the former trough of EUR -38.43/MWh from 25 December 2012.

The drop came as wind power generation in the zone rose to 3.5 GW on average for Sunday, way above the average hourly output of 1.2 GW, according to EQ data. 

The joint Nordic system price, meanwhile, out-turned at EUR 2.36/MWh, with the lowest hour of EUR -12.73/MWh only EUR 0.20 above the record low from 28 May this year.

The system price had recovered to EUR 25.56/MWh for Monday, with all bidding zones seeing positive average prices.