Launched in May 2026, the CRE's « Eclairage sur… » note series offers analyses of current events in the energy sector. This second issue examines the phenomenon of negative prices from the perspective of wholesale electricity market operations.
In recent years, the number of hours with strictly negative electricity prices has significantly increased in France and across Europe: 147 hours in 2023, 361 in 2024, and 513 in 2025. As of October 8, 2026, the country has already recorded 568 hours, surpassing 2025's record despite a general price increase during the summer.
The note analyzes the mechanisms leading to these episodes, the role of dispatchable and non-dispatchable production in the interconnected European market, and the effects of support schemes on producer behavior. It also highlights the specificities of the French market, particularly the growing responsiveness of renewable capacity to price signals.
The CRE states that the situation does not indicate a technical market malfunction but reflects growing system tensions and signals an increasing need for short-term flexibilities, which remain insufficiently developed.
