Negative Electricity Prices Are Appearing More Frequently Across Europe. Poland Ranks High

The number of hours with negative electricity prices in Europe continues to rise. According to analyses by Montel, the phenomenon intensified clearly across many markets in the first half of 2026 — including in Poland, which ranked close to the very top. The growing share of renewable energy sources and slower demand growth are causing the number of periods with prices below zero to increase.

Negative Electricity Prices — Spain as the Clear Leader

Data analyzed by Montel shows that Spain recorded the highest number of hours with negative prices in the first half of 2026. There were 842 such hours in total, representing a 39% increase compared to the same period last year. Moreover, when compared with the full year 2025, just six months of the current year were enough to significantly surpass those figures.

Rodrigo Garcia from Optimize Energy believes this is the result of the dynamic development of renewable energy sources. Spain has been increasing its renewable capacity by 8–10 GW annually. At the same time, national electricity demand has remained almost unchanged. Added to this is the growing share of self‑consumption among prosumers.

Poland Close to the European Top

According to Montel’s ranking, Poland placed 7th in Europe in terms of the number of hours with negative electricity prices. In the first half of 2026, there were 273 such hours, compared with 251 the year before.

The six countries ahead of Poland were:

• Spain — 842 hours
• Portugal — 705 hours
• Greece — 632 hours
• France — 571 hours
• Germany — 344 hours
• Netherlands — 286 hours

Right behind Poland were the Czech Republic, with 252 hours of negative prices.

The results show that Poland is increasingly experiencing situations where electricity supply exceeds current demand.

Renewables Drive Market Changes

Montel’s analysts note that the rise in hours with prices below zero is primarily a consequence of the rapid expansion of renewable energy sources. This is especially visible in Greece, where the number of hours with negative prices increased sevenfold compared with 2025. This was made possible by the expansion of photovoltaic installations and high production from wind and hydropower plants.

A similar trend is observed in France. In addition to the growth of renewable investments, favorable hydrological conditions — linked to intense snowmelt — significantly boosted hydropower generation.

Every Rule Has Its Exceptions…

Although most European countries saw negative prices more frequently than a year ago, Montel also shows that the trend is not universal. Scandinavian countries recorded a decline in the number of hours below zero due to lower hydropower production following a mild winter. A slight decrease also occurred in Germany, where renewable energy producers more often curtailed generation to avoid selling electricity at negative rates.

Experts expect that in the coming months the situation will depend primarily on weather conditions and seasonal increases in electricity demand. In some countries, especially in southern Europe, higher use of air conditioning during summer may reduce the number of hours with negative prices.