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World News | October 2011

Surge in Germany’s RE drives down prices

A surge in renewable energy in Germany is pushing power prices for 2013 below next year’s level even as natural gas, coal and emissions rise.Electricity for 2013 was 75 euro cents ($1.03) a megawatt hour cheaper than next year’s contract yesterday after the gap widened to as much as1.25 euros at the start of last week, broker prices on Bloomberg show. The country, Europe’s biggest power consumer, will build 7,000 MW of solar and wind capacity in 2013, 32 percent more than the additions planned for next year, according to Societe Generale SA. Germany is installing more wind turbines and solar plants to offset halted atomic production while limiting emissions from fuels such as coal and gas, which typically determine power prices.Germany will build 9,600 MW of generation capacity in 2013 and retire 3,200 MW of thermal plants fuelled using coal and natural gas, Societe Generale’s head of energy research Emmanuel Fages said. The country had a record 20.8 percent of its electricity from renewable sources such as wind, solar, biomass and hydro in the first half of the year.

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