Cheap electricity isn't useful electricity. Not by itself.
In Q4 2025, 31% of NEM (Australia's wholesale electricity market) intervals priced negatively. Denmark deployed 3 GW (gigawatts) of e-boilers to absorb wind surplus — about a quarter of system peak load. The EU lost an estimated €14 billion in renewable revenue to cannibalisation (renewables undercutting their own market price). Renewable abundance, once a target, is becoming an industrial problem.
The fix isn't more storage or more curtailment (surplus power thrown away). It's redesigning industry to consume electricity when it's abundant and pause when it isn't. The question for governments, investors, and operators is which industries can — and which can't.