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52
Bloomberg: Renewables are also protecting Europe from Iran-crisis-related price shocks (www.bloomberg.com)
submitted 1 day ago* (last edited 1 day ago) by inari@piefed.zip to c/europe@feddit.org
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Summary: Bloomberg: Renewables are also protecting Europe from Iran-crisis-related price shocks

Europe's electricity market is weathering the current Middle East crisis far better than it did the 2022 Russian gas shock, and the reason is the same as in Pakistan: rapid renewable deployment is decoupling power prices from fossil fuel volatility.

While gas prices have surged in response to Hormuz disruptions, German and French electricity contract prices actually fell last week. Rabobank estimates that without renewables and the seasonal demand drop, European power prices would already be around a third higher than they currently are. Electricity contracts remain a fraction of the extreme levels seen after the Nord Stream explosions in 2022, giving policymakers crucial breathing room on inflation โ€” though the EU has warned overall inflation could still exceed 3% if the conflict drags on.

Several factors are converging favourably. Solar output is entering its seasonal ramp-up, with Germany's April solar generation forecast to rise 25% year-on-year and wind projected up 70%. France's nuclear fleet, which was severely underperforming during the last crisis, is now back to full strength. The combination has pushed prices negative during German daytime solar hours since mid-February โ€” something not normally seen until April.

The structural shift is also reshaping market dynamics. As in Pakistan's case, domestically generated renewables are proving immune to the geopolitical disruptions affecting imported fuels โ€” as RWE's CEO put it, "renewables are not affected." Solar is increasingly setting daytime prices, with gas plants pushed to evening peak hours only.

The resilience is not total, however. Evening prices, when solar fades and demand remains elevated, have spiked sharply โ€” reaching above โ‚ฌ400/MWh in the Netherlands โ€” exposing the continuing vulnerability where fossil fuel dependency has not yet been displaced.

The crisis is nonetheless reinforcing the investment case for electrification across Europe, mirroring the dynamic seen in Pakistan where consumer-led solar adoption has quietly delivered the energy security that years of state policy could not.

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[โ€“] Gsus4@mander.xyz 10 points 1 day ago

Thank you petrostates for making it crystal-clear why everyone needs to get off fossil fuels ;D