Wu Jihan: Europe's photovoltaic overcapacity problem is worsening; Bitcoin mining could act as a "buyer of last resort" for electricity.

According to Odaily Odaily, Wu Jihan stated in an article on the X platform that Europe's current solar energy problem is no longer just about increasing power generation, but rather a lack of sufficient flexible electricity demand to absorb excess energy. He cited a recent analysis from energy research institution Pexapark, stating that the "self-cannibalization" phenomenon in European photovoltaics is rapidly worsening. 1. France's solar capture factor in April 2026 fell to 0.10 year-on-year from about 0.42, a drop of about 75%, with nearly half of solar power generation occurring during periods of negative electricity prices; 2. Germany experienced 123 hours of negative electricity prices in April, a year-on-year increase of 65%, with approximately 46.8% of solar power generation operating in negative price territory; 3. Spain's problems are no longer limited to the summer. In February 2026, the solar capture factor plummeted from about 0.71 in the same period of the previous year to 0.18, while the duration of negative electricity prices increased from 0 hours to 148 hours. Wu Jihan pointed out that this indicates the speed of solar power deployment in Europe has outpaced the speed of grid system flexibility development. In addition to energy storage, grid expansion, and demand response, Europe should also focus on interruptible loads, including Bitcoin mining and other computing loads. These loads can be activated when electricity is plentiful and shut down when the grid is strained, thus becoming the "buyer of last resort" for surplus renewable energy, reducing curtailment, improving the profitability of photovoltaic projects, and enhancing the profitability and financing feasibility of power generation and grid infrastructure investments.