Wu Jihan: The European photovoltaic surplus problem worsens, and Bitcoin mining can serve as the "last buyer" of electricity

Odaily Planet Daily reports that Wu Jihan posted on the X platform stating that Europe's current solar energy problem is no longer just about increasing power generation, but about a lack of flexible electricity demand to absorb excess energy. Citing the latest analysis from energy research firm Pexapark, the phenomenon of "self-cannibalization" in Europe's photovoltaic sector is rapidly worsening:

1. France's solar capture factor in April 2026 dropped from approximately 0.42 to 0.10 year-over-year, a decline of about 75%, with nearly half of solar power generation occurring during negative electricity price periods;

2. Germany experienced 123 hours of negative electricity prices in April, a 65% increase, with about 46.8% of solar power generation in the negative price zone;

3. The issue in Spain is no longer limited to summer. In February 2026, the solar capture factor plummeted from around 0.71 in the same period last year to 0.18, while the duration of negative prices increased from 0 hours to 148 hours.

Wu Jihan pointed out that this indicates Europe's solar deployment speed has outpaced the flexibility development of the grid system. In addition to energy storage, grid expansion, and demand response, Europe should also pay attention to interruptible loads, including Bitcoin mining and other computational loads. These loads can be activated when electricity is abundant and shut down when the grid is tight, thus becoming the "last buyer" of renewable energy surplus, reducing curtailment, improving photovoltaic project revenues, and enhancing the profitability and financing feasibility of power generation and grid infrastructure investments.