01 A Sunday in spring
At midnight, the grid breathes in rhythm.
Across central Europe, electricity costs roughly the same at the stroke of midnight.
Around €55/MWh,
roughly what a household uses in six weeks. Switzerland, Germany, France,
Italy, Austria — five countries wired together into one quiet grid.
02 Then the sun rises
Germany's solar panels are producing forty-one gigawatts.
On a clear spring Sunday, there is more electricity than anyone needs.
Germany's solar alone approaches the country's entire domestic demand.
Prices begin their descent.
03 1 PM. The floor falls out
€
−
145.12
MWh
Switzerland dropped lower than Germany.
Switzerland has far less solar capacity than Germany.
Yet on this Sunday, Swiss electricity reached an unprecedented low,
ten euros deeper than Germany's own trough at
€135.45.
The grid doesn't respect borders. When Germany's solar floods the
interconnectors (the high-voltage cables linking neighbouring grids),
Swiss prices crash too.
04 This isn't an accident
Germany went negative for 846 hours.
In 2024 and 2025, German electricity prices went negative for 846 hours.
That is 35 full days of producers paying consumers to take their power.
Switzerland had 529 negative-price hours. 89% of them coincided
with German negative prices.
05 Why this happens
The cheapest watt wins.
Electricity is priced at the cost of the last plant needed to meet demand.
Solar and wind bid at zero because they have no fuel cost. When they produce
enough to meet all demand, the price collapses. When they produce
more than demand, it goes negative.
06 The duck is getting deeper
The midday dip deepens every year.
Power traders call this the duck curve. The midday price collapse deepens
every year as more solar comes online. The evening spike sharpens as
the sun sets and forty gigawatts of solar generation drain away by nightfall.
One year later, the same kind of Sunday pushed Swiss prices to
€262.
07 Five countries, five shapes
Five countries bet on five different futures.
Germany bets on solar. France bets on nuclear.
Switzerland uses hydro as a battery, absorbing its neighbours'
surplus at noon and releasing it at sunset. Italy, still dependent
on gas, remains insulated. For now.