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European Energy Markets
3AUG

Record solar takes the German spark negative

4 min read
10:53UTC

German solar averaged 18,761 MW on Sunday 2 August, pushed residual load to the window's low, and left the clean spark spread robustly negative on a day when wind peaked above 20 GW.

EconomicAssessed
Key takeaway

Record solar and a record-low residual load took Germany's clean spark spread negative on 2 August, on a day when wind peaked above 20 GW.

German solar averaged 18,761 MW on Sunday 2 August, the highest daily mean of the window, and residual load fell to 15,382.9 MW, its window low 1. German day-ahead averaged 103.18 EUR/MWh that day with one print at minus 4.77, and the clean spark spread, the margin a gas-fired plant earns after buying its fuel and its carbon permits, ran robustly negative across the full efficiency band, minus 18.48 to minus 7.86 EUR/MWh 2. Wind peaked at 20,525 MW on the same day, at 21:30 UTC.

That answers the question this desk left open on 31 July, which asked whether the spread would hold positive through a return of German wind above 15 GW, or reverse inside a single session as it had on 27 July. It reversed. Wind above 20 GW did not hold the sign positive; the solar mean and the residual load left behind it moved with the negative prints, which is the variable the 31 July correction to this desk's own wind-only framing named as operative . One day does not settle the mechanism, but it does what two prints six days apart could not, and it does it on a high-wind day.

Monday 3 August ran the other way on price. German day-ahead averaged 127.24 EUR/MWh across 88 of the day's 96 quarter-hourly prints, and the spark spread ran robustly positive, plus 5.58 to plus 16.20 3. No mechanism for that reversal can be read off the generation data, because the 3 August series available to this desk covers the morning only 4. A morning window excludes the midday solar peak by construction, so no solar, wind or residual-load daily mean can be computed for 3 August, and this desk will not attribute Monday's positive spark to a fall in solar until the full day publishes.

1 August carries no claim in either direction. Run the same arithmetic across the observed TTF range of EUR 55 to 58 and the full efficiency band, and that day straddles zero at plus 8.60 to minus 2.02. Method is unchanged from 20 July so the series stays comparable: an efficiency band of 55 to 58 per cent, 0.2 tonnes of CO2 per MWh, and spark equal to power price minus TTF over efficiency minus EUA times 0.2. Every spark figure here comes from this desk's own arithmetic, not from an exchange settlement print.

The fuel and carbon legs come from a single 3 August aggregator quote, TTF at 57.71 EUR/MWh and EUA at 81.04 EUR/tonne 5 6, applied across all three days because no daily series was obtainable and both ICE and EEX were unreachable. Carbon contributes little of the resulting uncertainty, sitting inside the EUR 79.4 to 82.0 band it has held for a fortnight ; the gas leg carries it. Earlier prints stand as published, minus 0.52 to plus 5.03 on 30 July and plus 23.58 to plus 29.13 on the morning of 31 July, when German gas-fired output was climbing back into competition with the caverns for prompt molecules .

Deep Analysis

In plain English

On a sunny, windy Sunday, Germany generated so much solar and wind power that electricity prices briefly went negative, meaning generators were effectively paying to keep supplying the grid. By Monday, prices had bounced back up well above zero.

Deep Analysis
Root Causes

Sunday's residual-load trough of 15,382.9 MW, the window's low, combined with wind peaking at 20,525 MW on the same day, meant renewable output alone approached or exceeded weekend demand for stretches of the day.

This combination is what drove the clean spark spread to run robustly negative, minus 18.48 to minus 7.86 EUR/MWh, rather than any single factor in isolation.

What could happen next?
  • Consequence

    Gas-fired plant operators bidding into the German day-ahead market should expect Sunday-Monday swings of this magnitude to recur through late summer as solar output stays high and weekend demand stays low.

First Reported In

Update #32 · Two of 27 have filed on the gas rulebook

Fraunhofer ISE energy-charts· 3 Aug 2026
Read original
Causes and effects
This Event
Record solar takes the German spark negative
A wind-only reading of German clearing prices misses the days when the solar leg sets the sign.
Different Perspectives
Cross-border power traders
Cross-border power traders
The France-Germany day-ahead spread flipped from a EUR 17.20 German premium on 1 August to a EUR 4.15 French premium on 3 August, the same day French curtailment peaked. They cannot yet attribute the flip to curtailment alone, since a like-for-like overnight comparison shows French nuclear output rising while wind fell and demand returned on the weekday step.
EDF
EDF
River-cooling limits took 7.6 GW, 12 per cent of its fleet, offline on 3 August, the highest curtailment since the heatwave began, with an easing forecast to 4.3 GW on 4 August and 3 GW after. It manages the cut as a recurring seasonal constraint, expecting it to lift with river temperature, not repair.
Gasunie
Gasunie
TTF, the Dutch hub it operates, drifted to roughly EUR 55 to 58 per MWh across the window, staying inside its recent range through both the German spark reversal and the French curtailment. It reads a flat hub price as evidence that neither event this window carried enough weight to move the fuel leg on its own.
German gas-fired generators
German gas-fired generators
Record German solar of 18,761 MW on 2 August pushed the clean spark spread to minus 18.48 EUR/MWh, a loss-making day, before it returned to plus 16.20 on 3 August. They now price dispatch against post-solar residual load rather than wind alone, since the sign flipped inside 48 hours on unchanged fuel and carbon costs.
European Commission (DG Energy)
European Commission (DG Energy)
Its implementing-measures register logged transposition notices from only Portugal and Slovakia against Wednesday's Article 94 deadline for Directive (EU) 2024/1788, with 25 states silent. It expects the register to fill only gradually, since filing routinely lags legislating and any infringement track against non-notifying states runs on a slower clock than the deadline itself.
Spain's LNG terminal operators
Spain's LNG terminal operators
Spain's 9,145 GWh terminal inventory is the largest single stock in the EU LNG network, an option value that can reroute cargoes wherever the winter strip pays best rather than a cavern gas obligation tied to a fixed date. That flexibility matters more as Germany's cavern shortfall pushes more of the winter security question onto import infrastructure.