A man in Netherlands has found a way to make money by using electricity from the local grid. Due to fluctuating electricity prices, driven by an oversupply of renewable energy from wind and solar, Jeroen Van Diesen, a Dutch software salesman, has turned charging his electric car into a profitable thing.
As reported by The Wall Street Journal, rather than opting for a fixed-rate energy plan, Van Diesen chose two power providers that offer wholesale prices, which fluctuate on an hourly basis. These prices are directly influenced by the abundance of renewable energy feeding into the grid. “I’m charging the car for free,” said Van Diesen.
He described the process as both a hobby and a game, saying, “To me it’s also like a hobby and a game — how far can I go?”
The key to Van Diesen’s strategy lies in the excess power produced by renewable energy sources, particularly when there is plenty of sunshine or wind. Government subsidies for green energy have incentivized renewable energy providers to continue generating power even when demand is low, which leads to situations where electricity prices fall below zero. In such moments, grid operators pay consumers like Van Diesen to use electricity, as they help relieve pressure from the overburdened system.
Over the past five months, Van Diesen has made around $34 by charging his electric car during these periods of negative pricing, which is roughly enough to cover the service fees charged by his energy provider.
Although this may not seem like a large profit, the ability to charge an electric vehicle for free while also earning money is an unusual and rewarding thing.
The occurrence of negative electricity prices is not limited to the Netherlands. Countries across Europe, including Finland and Spain, have also experienced this phenomenon, driven by their growing capacity for renewable energy generation.
California, in the United States, is also witnessing similar trends due to its massive expansion in solar power. However, as noted by The Washington Post, most Americans are not yet able to take advantage of real-time pricing, as regulatory frameworks in many states still rely on fixed energy prices.
While the ability to profit from negative energy prices may seem like a win for consumers, experts caution that it may not last indefinitely. Governments may begin scaling back subsidies for renewable energy as solar panels and other green technologies become more widespread and affordable. In particular, rooftop solar panels are growing in popularity, which could lead to a reduction in government incentives.
