The Electricity Market Is Evolving— The state of the market

Last week TenneT published their Annual Market Update 2024. The report paints a clear picture of trends and transformations in the Dutch and European power sector.

📉 𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰𝗶𝘁𝘆 𝗽𝗿𝗶𝗰𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗡𝗲𝘁𝗵𝗲𝗿𝗹𝗮𝗻𝗱𝘀 𝗱𝗿𝗼𝗽𝗽𝗲𝗱 𝗯𝘆 𝟭𝟵% to an average of 77 €/MWh in 2024. For North West Europe there was even a 26% drop to 71 €/MWh. Although prices are still higher than before the energy crisis in 2021.

📈 The number of 𝗵𝗼𝘂𝗿𝘀 𝘄𝗶𝘁𝗵 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗽𝗿𝗶𝗰𝗲𝘀 𝗿𝗼𝘀𝗲 𝗯𝘆 𝟰𝟱% in the Netherlands, driven by increasing renewable supply during low demand.

🌬️☀️ 𝗥𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 from wind and solar hit 𝟱𝟱 𝗧𝗪𝗵, now making up 𝟰𝟱% of total electricity production in NL versus 𝟮𝟴% 𝗘𝗨-𝘄𝗶𝗱𝗲. Unfortunately overall production in NL also increased to 121 TWh.

🍃 𝗖𝗢𝟮 𝗲𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝘀 in the Dutch Power sector 𝗼𝗻𝗹𝘆 𝗱𝗿𝗼𝗽𝗽𝗲𝗱 𝘄𝗶𝘁𝗵 𝟰%, making it the lowest CO2 reduction in years (see graph). CO2 prices in the EU ETS dropped with 26% to an annual average of 𝟲𝟲 €/𝘁𝗖𝗢𝟮.

We see the trends moving into the right direction, but it is also evident that some transitions are slowing down and that we need to keep showing up and need to keep working hard to push things forward.

At BlueBird Power, we are doing just that. We keep pushing for a cleaner and cheaper energy system. Day by day. Smart charger by smart charger.