US electricity prices turn negative
Plunging domestic energy demand is raising concerns that Covid-19 will slow the growth of renewables
Pandemonium descended on the US oil market this month, but crude is not the only energy source in extreme oversupply. When the world runs out of storage, oil prices can—and recently did—go negative. But what happens when there is a surplus of electricity? Spring in America is the seasonal window when the giant solar installations of California and the vast wind farms of Texas start to crank up. Typically, the rising flows of renewable supply are offset by warmer temperatures and soaring air conditioning demand from workplaces. But Americans this spring are, like people everywhere, working from home. There is a question therefore over where to put the extra electricity. California, like other
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