German power prices and its impact on other countries is back in the news
"The new year was ushered in with stormy weather. Wind turbines were operating at top speed and in many places, the sun was shining. As a result, electricity production from renewable energies in Germany accounted for 125% of demand, according to the Fraunhofer Institute for Solar Energy Systems. The oversupply drove down the price of electricity on the exchanges, where prices are determined by supply and demand, and for a few hours, electricity was even available for free.In 2024, an average of 59% of Germany's electricity was generated from renewable sources. But during the winter darkness, this output is far from adequate. December 12, 2024, marked a low point, when only 18% of Germany's electricity needs were met by renewables. The rest had to be generated by coal- and gas-fired power plants, and electricity imports from neighboring EU countries."
Its yo yo of ups and down with seasonal, cloud, wind and other factor making its own choice to shut its nuclear power plants a item of interest not just for others.
"industry was still paying around 12 cents per kilowatt hour in 2021, the price peaked at more than 50 cents in 2022 following Russia's invasion of Ukraine. On July 1, 2022, taxes and levies were significantly reduced for companies.Today, industrial businesses pay around 17 cents. However, this is significantly higher than what companies pay in other major competitor countries. In 2023, for example, companies in the German automotive industry paid over twice as much for electricity as their competitors in China and almost three times as much as comparable companies in the US. Significantly reducing electricity prices remains one of the most pressing economic imperatives."
The entire EU energy economy was a topic in others foucus as well
