Electricity prices have gone negative in parts of China as renewable energy overwhelms the grid.

The country is building twice as much wind and solar as the rest of the world combined, and grid officials have had to resort to reducing output, while the industry tries to build battery storage to smooth the flow of energy, OilPrice reported, which is itself shaping up to become a major market.

Meanwhile, the US, despite lagging behind China in absolute terms, is also seeing a huge increase in solar capacity: Average solar output in the 48 contiguous states was 36% higher year-on-year in August, and solar is expected to make up almost two-thirds of new electricity generation capacity in the last months of 2024.