Spain experienced a significant number of hours with negative electricity prices

According to Bloomberg's analysis of Epex Spot SE data, Spain experienced a significant number of hours with negative electricity prices last year—a phenomenon that was virtually unheard of just two years prior. "Spain serves as a preview of the future where baseload generators won't be necessary from 8 AM to 5 PM," noted a European power markets analyst .

Savarimuthu highlighted that solar and wind energy could fulfill all of Spain's daytime energy needs once the country's clean energy initiatives are fully implemented. However, she cautioned that the rollout might take longer than anticipated, suggesting that extending the operational life of nuclear power plants could act as a safeguard against potential delays. In other green news, the U.S. Environmental Protection Agency is planning to relax regulations that require major polluters—including power plants and industrial facilities—to gather and report greenhouse gas emissions data, as reported by ProPublica. This reduction in the scope of the EPA's longstanding Greenhouse Gas Reporting Program could hinder the ability to monitor the climate impacts of around 8,000 sites, which were responsible for approximately 2.6 billion metric tons of carbon dioxide equivalent emissions in 2023.

Additionally, four Republican senators are advocating for the preservation of energy tax credits amidst discussions about potential repeals of key provisions in former President Joe Biden's climate legislation, urging their party's leaders to adopt a more measured approach. California is reaffirming its commitment to its climate regulations following an executive order from President Donald Trump aimed at state laws, including the state's cap-and-trade program, which he asserts increases energy costs and poses a threat to national security.

In response, numerous state officials have pledged to continue advancing their climate initiatives. Meanwhile, interest is growing in heat batteries, which offer a more affordable alternative to lithium-ion batteries for storing energy for heating and hot water. These systems could be particularly beneficial for homes in colder climates, like the UK, which may not be suitable for heat pumps. In a new episode of Primer, Bloomberg explores geoengineering efforts beyond cloud-seeding aimed at combating global warming in inventive ways. This area of environmental science, framed as the "terrible idea whose time has come," has gained attention amid ongoing climate challenges. Check out this episode and the rest of the Primer series. Despite recent market volatility, the energy transition persists.

BloombergNEF reports that global investment in clean-energy technologies surpassed $2 trillion last year, although a small portion reached developing nations. On this week's episode of Zero, Avinash Persaud, climate advisor to the president of the Inter-American Development Bank, discusses how to align the financial system with climate action goals rather than against them. Tune in to the full episode and learn more about Zero, and subscribe on Apple or Spotify for the latest episodes.