Wu Jihan: The photovoltaic surplus issue in Europe is worsening, and bitcoin mining can act as the "buyer of last resort" for electricity.

Odaily reported that Wu Jihan posted on X, stating that Europe’s current solar energy issue is no longer simply about increasing generation capacity, but instead concerns a lack of sufficient flexible electricity demand to absorb surplus energy. Citing the latest analysis from energy research institution Pexapark, he noted that Europe’s solar “self-cannibalization” phenomenon is rapidly worsening:

1. In France, the solar capture factor for April 2026 dropped from approximately 0.42 year-on-year to 0.10, a decline of about 75%, with nearly half of solar generation occurring during periods of negative electricity prices.

2. In Germany, there were 123 hours of negative electricity prices in April, up 65% year-on-year, with around 46.8% of solar generation taking place in negative price intervals.

3. In Spain, the problem is no longer limited to the summer: in February 2026, the solar capture factor plunged from about 0.71 in the same period the previous year to 0.18, while the duration of negative electricity prices rose from 0 hours to 148 hours.

Wu Jihan pointed out that this indicates the pace of solar deployment in Europe has outstripped the development of grid flexibility. In addition to storage, grid expansion, and demand response, Europe should also pay attention to interruptible loads, including Bitcoin mining and other computing loads. These loads can be activated when electricity is abundant and shut down when the grid is strained, thus becoming the “buyer of last resort” for excess renewable power, reducing curtailment, improving the profitability of photovoltaic projects, and enhancing the investment returns and financing feasibility of generation and grid infrastructure.