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Renewable Power Market Update 2024 – Cannibalisation and negative prices return as power markets normalise
After reaching record highs in 2022, electricity prices across Europe normalised in 2023, in many countries approaching pre-crisis levels. A drop in natural gas prices was the primary driving force behind this trend, but the continuous expansion of renewable generation capacity, coupled with low demand also contributed to lower power prices.
Nonetheless, capture prices of renewables remained above LCOE for new built PV and onshore wind projects for now. Whether this remains will depend crucially on the deployment of flexibility of demand and storage assets to counteract cannibalization brought about by the further expansion of renewables.
Moreover, a familiar topic has reappeared in power market debates as many countries in central and northern Europe experienced an increasing number of hours with power prices dropping into the negatives. The prevalence of negative hours underscores the intricate interplay between capture rates and market dynamics, as the expansion of renewable capacity is anticipated to further increase negative hours while driving down capture rates. On the other hand, both regulatory changes and improving market conditions are increasing flexibility options, which are expected to counteract these effects.
This free market report analyses the latest developments on European electricity markets and in the field of renewable energies. The aim is to categorise current trends in order to support decision-making in a rapidly evolving market environment.
Contents
- Capture prices PV and onshore wind 2018 – 2023
- Status of market parity for PV and wind by country
- PPA market recap 2023
- Spotlight on negative power prices across Europe
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This comprehensive study shows the attractiveness of power market revenues compared to LCOE for onshore wind and PV across European power markets. Gain insights into the power and PPA market and learn about drivers of negative prices in 2023.
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