Europe Saw Record Surge in Negative Power Prices in 2025

Surging renewable output overwhelmed Europe’s power grid in 2025, driving electricity prices below zero more often than ever before.

Negative power prices are underscoring how rapid growth in renewable generation is colliding with stagnant demand and persistent grid constraints in Europe. Germany logged 573 hours of negative prices in 2025, a 25% increase from the previous year. And Spain, which experienced negative prices for the first time in 2024, has since seen them double year-on-year.