Monday 16 October 2023

Renewable power hits new high

Renewable power hits new high

Renewable energy generation achieved a record high in the European electricity market for the third quarter, according to a report by EnAppSys, an energy data analyst.

The report analysed trends in the European electricity market from 1st July to 30th September.

Renewable power generation during this period increased by 12% compared to Q3 2022, driven largely by substantial wind generation, which reached 95TWh, exceeding the 84TWh recorded in the same quarter of the previous year.

The report highlighted a sustained decline in wholesale prices, primarily driven by lower gas prices, abundant wind power and reduced electricity demand.

Negative prices were observed, especially in the early part of the quarter.

While prices remained generally stable from July onwards, a surge in electricity prices occurred in late August due to rising gas prices linked to an announced strike by Australian LNG workers.

Notably, total power demand in Europe continued to decline from Q1 2023, reaching 7% lower than in Q3 2022.

Gas-fired generation fell by 27% to 103TWh, marking the lowest level in recent quarters.

Nuclear generation slightly increased compared to Q3 2022, but coal and lignite generation saw a significant decline of approximately 38% compared to the same period.

Written by

Sumit Bose

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