Germany accepted bids for 157 megawatts of solar power plants for an average bid price that’s less than a third of the price households pay for power.
Twenty-five bids were accepted from a competitive auction at an average 9.17 euro cents a kilowatt-hour, the regulator Bundesnetzagentur said Wednesday in an e-mailed statement. German retail consumers are paying on average 29.8 cents a kWh, according to Eurostat. Bidders have two years to complete the plants.
Germany introduced auctions to try to lower the cost of solar installations as it seeks to more than triple the share of its power consumption coming from renewables by the middle of the century.