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Germany's glut of electricity causing prices to plummet

AmiMoJo (196126) writes | about 4 months ago

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AmiMoJo (196126) writes "Germany is headed for its biggest electricity glut since 2011 as new coal-fired plants start and generation of wind and solar energy increases, weighing on power prices that have already dropped for three years. From December capacity will be at 117% of peak demand. The benchmark German electricity contract has slumped 36% since the end of 2010.

“The new plants will run at current prices, but they won’t cover their costs” said Ricardo Klimaschka, a power trader at Energieunion GmbH. Lower prices “leave a trail of blood in our balance sheet” according to Bernhard Guenther, CFO at RWE, Germany’s biggest power producer. Wind and solar’s share of installed German power capacity will rise to 42% by next year from 30% in 2010. The share of hard coal and lignite plant capacity will drop to 28% from 32%."

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