France's Solar Power Generation Hits Record High, Drives Electricity Prices Negative

On May 8, Jin10 reported that France's solar power generation reached a record high on Friday, surpassing grid operator forecasts and causing electricity prices to fall into negative territory. According to data from French grid operator RTE, solar power generation rose to approximately 20 gigawatts. Typically, strong solar power generation expectations would lead to next-day electricity prices dropping to negative values in advance, as the market factors in the oversupply. However, due to the sudden nature of this record increase, this did not occur on Thursday, and only Friday's intraday electricity prices fell below zero. RTE data also showed that France's nuclear power generation remained at a high level of about 33 gigawatts. In recent weeks, the French electricity group has maintained reactor operations at the request of grid operators to stabilize the system, despite significant drops in electricity prices. Around midday on Friday, the combined solar and nuclear power generation exceeded demand by about 10 gigawatts, with the excess electricity being exported to neighboring countries.