Surplus electricity, people in some EU countries get paid to use electricity

Over the weekend, many countries in the European Union (EU) recorded negative electricity prices during the day due to increased productivity of renewable energy sources and low demand for heating or cooling amid pleasant weather, The Guardian reported.

Renewable energy sources such as wind, solar and hydropower are generating more electricity than people need. At the same time, spring temperatures are at a comfortable level, so the demand for heating and cooling in Europe is also greatly reduced.

Renewable energy can meet people’s needs, but the electricity they generate cannot be stored for the future. In such cases, power companies pay consumers to use the resource to avoid overloading the system.

After a major storm swept through Central and Northwestern Europe, warm weather has led to a surplus of solar energy in the region. Meanwhile, in Finland, melting snow has flooded rivers, facilitating electricity production. According to weather forecasts, this weather will last for at least another two weeks.

In May, analysts at the International Energy Agency (IEA) predicted that investment in renewable energy would surpass investment in oil production, with nearly $1.70 spent on renewable energy generation for every dollar invested in fossil fuels.

In addition to electricity, European gas prices are also forecast by some traders to go negative at some point this summer. Gas prices here are currently at their lowest since mid-2021.

The reasons could be that countries increased imports of liquefied natural gas (LNG) to replace supplies from Russia and unusually warm winter weather prevented a sharp increase in consumption. This also contributed to reducing cost pressure for households.

Minh Hoa (t/h according to Vietnam+, Dan Tri)

Source: https://www.nguoiduatin.vn/nguon-dien-du-thua-nguoi-dan-1-so-nuoc-eu-duoc-tra-tien-de-dung-dien-a610304.html