Here is an analysis from Germany: Quarter-hourly spot prices compared to the share of renewable energy generation in total generation. A higher share of renewables puts massive downward pressure on the spot market electricity price.
Since price elasticity for electricity is very high, the market cap decreases by approximately €150,000 for every additional GWh of renewable energy production. A single additional offshore wind turbine with an annual output of 60 GWh reduces the combined revenue of all electricity producers by about €9 million per year that it is in operation.
Blocking wind power and solar projects only serves to secure the profits of monopolists and oligopolists in the electricity market, but causes massive harm to the economy.
https://www.energy-charts.info/charts/price_scatter/chart.ht...
Since price elasticity for electricity is very high, the market cap decreases by approximately €150,000 for every additional GWh of renewable energy production. A single additional offshore wind turbine with an annual output of 60 GWh reduces the combined revenue of all electricity producers by about €9 million per year that it is in operation.
Blocking wind power and solar projects only serves to secure the profits of monopolists and oligopolists in the electricity market, but causes massive harm to the economy.