Europe faces surge in negative power prices as solar output grows
Sweden, the Netherlands, Germany, Spain, and France have each logged more than 500 hours of negative electricity prices this year, driven by excess renewable generation and volatile weather.
November 3, 2025 Marian Willuhn
Image: Strommarkt-App
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Europe’s electricity markets are recording a sharp increase in negative price hours as high renewable generation and weather-driven fluctuations strain power systems across the continent. Analysis from the Strommarkt-App tool shows that by the end of October, Sweden’s price zone 2 had seen the most negative electricity price hours this year, with 593 hours. The Netherlands followed with 584 hours, Germany with 576 hours, Spain with 569 hours, Belgium with 519 hours, and France with 513 hours.
Negative prices are also rising in Eastern Europe, though at lower levels. Finland and the two Danish price zones each recorded more than 400 hours, while the Czech Republic, Poland, Hungary, Switzerland, Slovenia, Slovakia, and Croatia were close to 300 hours. Italy remains an exception, as regulations prohibit negative pricing.
In October, Germany logged the highest number of negative price hours on the European Power Exchange, with 51 hours. The Netherlands followed with 46 hours, Belgium with 31 hours, and Western Denmark with 30 hours. Spain and Finland also exceeded the European average of about 19 hours, with 29 and 25 hours respectively.
Autumn storms, rather than solar output, were likely the main cause of October’s negative pricing. However, Germany still reached a solar generation peak of 43 GW on Oct. 2. Even at midday that day, exchange prices held at €65 ($75)/MWh, which operators viewed as a strong result.
The price impact on solar revenue is reflected in capture prices, which represent the average market price achieved by photovoltaic generation. In Germany, solar power achieved a capture price of €71.55/MWh in October, compared with an average market price of €84.40/MWh, resulting in a capture rate of 84.8%.
Austria recorded a capture price of €88.72/MWh, against a market average of €108.02/MWh, corresponding to a capture rate of 81.5%. Spain’s photovoltaic capture price was only €42.36/MWh, compared with a market average of €73.80/MWh, for a capture rate of 57.4%.
In France, the capture price reached €45.62/MWh, with a market average of €58.64/MWh, resulting in a 77.8% capture rate
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