Below Zero

Friday 1 May 2026. Nine continental markets cleared at the algorithm's floor for the same fifteen minutes.

European power markets are clearing below zero increasingly often. By 2026 the regime has stopped being a curiosity. On Friday 1 May 2026 a third of the continent paid people to take its electricity at midday, then charged them three figures for the same kilowatt by dinner.

Heartbeat of Europe

The opening publication in an evolving series on European power. Observational by design: a guided tour of the continent's power market as a living, breathing system. A hero, ten beats on the fuels and infrastructure that make the stack, and a closer that lands what they add up to.