Market values of European wind and solar output plummeted in March as oversupply pulled power prices lower, Platts Renewable Energy Price Explorer shows.
Spanish wind and solar capture prices were hit hardest, averaging around Eur12/MWh, according to Platts assessments for S&P Global Commodity Insights. Capture rates fell to 56% for Spanish solar and 60% for Spanish wind, the lowest monthly level on record.
Germany, Europe’s biggest market for both wind and solar with 16 TWh generated in March, saw average capture prices fall below Eur60/MWh. Capture rates ranging from 81% for solar to 92% for offshore wind.
The Explorer shows the "capture price" renewable energy generators receive based on hourly output and pricing data on a monthly basis.
As such capture prices take account of the cannibalization effect caused by Europe's growing fleet of solar and wind farms and are a more accurate reflection of value than average day-ahead wholesale power prices.
Elsewhere, Italian capture prices remained highest due to the underlying power price premiums. UK wind captured over 100% of wholesale market values in March averaging above Eur70/MWh.
Italian wind and solar values averaged highest, but output was the lowest.
Overall, gains for solar were not enough to offset lower wind generation, which fell year on year for the first time since June. The 46 TWh generated by the over 330 GW of wind and solar in the five markets was down 4% on year.
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The dial chart shows monthly wind, solar, nuclear, gas and coal-fired generation across Europe's five biggest power markets. Click a segment for more detail.