FOR THE FIRST TIME, SOLAR ENERGY BECOMES THE MAIN ENERGY SOURCE IN THE EU

Solar energy is surpassing nuclear power plants and wind turbines in terms of electricity production, but the technology to store such volumes of electricity does not yet exist.

Solar energy has become the main energy source in the EU for the first time, Reuters reports, citing data from analytics firm Ember. In June, its share of total generation volume was 22.1%, up from 18.9% last year.

Nuclear power plants and wind turbines together produced 21.8% and 15.8% of electricity in the EU, respectively. Ember's analysis shows that at least 13 EU countries, including Germany, Spain, and the Netherlands, achieved their highest monthly solar electricity production.

According to Bloomberg, France reached a record level of solar power generation on Thursday, which led to prices falling below zero due to a glut of cheap electricity on the grid.

As of 2:00 PM Paris time, the country's solar plants generated a record 19.5 gigawatts, covering nearly 40% of the country's electricity needs, according to data from grid operator RTE.

Electricity, like oil and gas, is traded on wholesale markets, but there is a key difference: while fuel can be stored in tanks until needed, the technology to store such volumes of electricity does not yet exist. Because electricity is produced and consumed instantaneously, prices can drop into negative territory when production significantly exceeds demand, and the surplus cannot be stored for future use.