NewEnergyNews: Europe’s New Energy Price

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    Friday, December 24, 2021

    Europe’s New Energy Price

    Renewable capture prices: why they are crucial for energy transition

    Kira Savcenko and Mario Perez, 21 December 2021 (S&P Global)

    “…In Western Europe, S&P Global Platts Analytics expects wind and solar generation to account for 47% of power demand by 2030, compared to an estimated 23% in 2021. Renewable production revenues are becoming increasingly important…Power grids accept the most affordable form of generation available, which often ends up in periods of cheap supply influx during favorable weather conditions…

    And priority dispatch now puts an obligation on transmission system operators to schedule and transmit electricity from renewable sources ahead of other producers, as long as it allows secure running of the system…[The capture price] is on average below baseload power contracts…Capture prices are expected to decrease as renewable capacity continues to grow, with sharp deviations from baseload prices registered during extreme weather periods…[and already happens in] Germany, Spain and the UK…Traders can use the capture price values for market-to-market in their hedging, as the indices will help to identify risk and opportunities in renewable behavior…

    …[Gradual coal phase-out] ended up in power prices being much more exposed to gas. This helped to lift power prices…[Power price spikes] typically take place, when wind generation is very low. This means that significant flexible capacity – mostly gas – is needed, with wind generators not able to capture these prices…[A] road to energy transition, with global stilling [of wind supply], extreme price swings and limited gas supply in the midst of coal phase-out…brings fresh challenges on a daily basis…[Transparent capture price indices will help] provide the industry with essential intelligence to reach climate targets.” click here for more

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