Germany energy consumers paid to use power over Christmas as supply outstrips demand

German energy consumers were paid to use power over the Christmas period, thanks to a slump in demand, warm weather and plenty of wind power on the grid, trading data shows.

Power prices slipped into negative territory on 24 December and again on 26 December, according to the website of the EPEX Spot, which is Europe’s biggest power trading exchange.

Germany’s massive investment in renewable energy – partially thanks to the introduction of the 2014 Renewable Energy Act – has in recent years triggered a drop below zero on several occasions.

Demand for energy has particularly been outstripped by supply on weekends this year, when factories across the country tend to power down and many offices are closed.

On Christmas Eve, factory owners and other big consumers were at times paid in excess of €50, or around £44, per megawatt-hour, according to The New York Times. Read more…