European power markets in April-May 2026 were characterized by a seasonal decline in demand, a sharp acceleration in solar generation, and a high incidence of zero and negative prices, alongside a counter‑intuitive rise in monthly average prices across several core markets. This apparent contradiction reflects a growing intraday price bifurcation, where surplus renewable hours increasingly coexist with gas‑driven price floors during non‑solar hours.
In April, demand eased clearly from winter levels, with German consumption averaging 51.2 GWh/h, around 3 GWh/h lower than March. France and Great Britain were already 16-17% below March, reflecting milder‑than‑average temperatures. Despite this relatively soft demand backdrop, negative and zero price hours were already elevated, particularly in Germany and France, highlighting growing midday surplus conditions driven by renewable generation.
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