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References and copyright

Copyright

© 2026 E3 Analytics. Feel free to share screenshots and short quotes, with credit to E3 Analytics and a link to this page. Reusing the code, animations or the report as a whole requires written permission.

Lead author: Toby D. Couture (E3 Analytics). Co-authors: Owen Zinaman (Source Clean Energy), Joseph Thomas (E3 Analytics). The research and analysis conducted for the report were supported by the European Climate Foundation.

Report design and layout: Hot Ice Creative Studio. Animation design: Matthijs van de Wiel.

References in the September 2025 report

1. Stone & Webster Public Service Journal, p. 311, (1907). https://books.google.co.uk/books/about/Stone_Webster_Public_Service_Journal.html?id=0O0oAAAAYAAJ
2. Leemon, A. (2025). All about that base load. https://currentlyspeaking.substack.com/p/all-about-that-base-load
3. Grist (2012). https://grist.org/renewable-energy/why-germany-is-phasing-out-nuclear-power/
4. IRENA (2025). https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2025/Jul/IRENA_TEC_RPGC_in_2024_2025.pdf
5. RMI (2023). https://rmi.org/wp-content/uploads/dlm_uploads/2023/07/rmi_x_change_electricity_2023.pdf
6. Lazard (2025). Levelized Cost of Energy+. https://www.lazard.com/media/uounhon4/lazards-lcoeplus-june-2025.pdf
7. International Hydropower Association (2023). https://www.hydropower.org/blog/providing-affordable-energy-for-generations-withhydropower
8. CleanTechnica (2025). https://cleantechnica.com/2025/03/26/92-5-of-new-power-capacity-added-worldwide-in-2024-was-from-renewables/
9. Australia Energy Market Operator (AEMO). (2022). South Australian Electricity Report, November 2022. https://www.aemo.com.au/-/media/files/electricity/nem/planning_and_forecasting/sa_advisory/2022/2022-south-australian-electricity-report.pdf
10. Ember (2025), Global Electricity Review 2025. https://ember-energy.org/app/uploads/2025/04/Report-Global-Electricity-Review-2025.pdf
11. Based on Ember (2025), US Electricity 2025: Special Report. https://ember-energy.org/app/uploads/2025/03/US-Electricity-2025-Special-Report.pdf
12. Ritchie, H. (2024), China is building more coal plants but may burn less coal. https://www.sustainabilitybynumbers.com/p/china-coal-plants
13. Ember Data Explorer (2025). https://ember-energy.org/data/electricity-data-explorer/
14. Minder, R. (July 3 2025). “Poland’s clean energy usage overtakes coal for the first time,” Financial Times. https://www.ft.com/content/ae920241-597e-49d9-a4b9-bfdfa9deabb6
15. Low Carbon Power (2025). https://lowcarbonpower.org/region/Bulgaria
16. Our World in Data (2025). Electricity production by source, Bulgaria. https://ourworldindata.org/grapher/electricity-prod-source-stacked?time=2010..latest&country=~BGR
17. Bulgarian Regulatory Commission (2025). https://www.eso.bg/doc/?generation_per_day&date=09.06.2025
18. IMKTRO (2024). https://www.imk-tro.kit.edu/12085.php
19. EnBW (2025). https://www.enbw.com/unternehmen/themen/netze/dunkelflaute.html
20. Agora Energiewende (2025). Agorameter, December 9-16, 2024. https://www.agora-energiewende.de/daten-tools/agorameter/live/chart/power_generation/09.12.2024/16.12.2024/hourly

Data added in the 2026 interactive edition

• Australian Energy Market Operator (AEMO) (2025), NEMweb price and demand, rooftop solar, dispatch and interconnector data, South Australia. https://aemo.com.au/aemo/data/nem/priceanddemand/PRICE_AND_DEMAND_202512_SA1.csv
• AEMO (2026), Quarterly Energy Dynamics Q4 2025. https://www.aemo.com.au/-/media/files/major-publications/qed/2025/qed-q4-2025.pdf
• RenewEconomy (2026), reporting AEMO on rooftop solar meeting 117% of South Australian demand. https://reneweconomy.com.au/biggest-battery-on-standby-as-rooftop-pv-sets-stunning-new-records-meeting-117-pct-of-state-demand
• AG Energiebilanzen (2026), electricity generation by source, 1990–2025, September 2026 release. https://ag-energiebilanzen.de/wp-content/uploads/STRERZ-Abgabe-September-2026.xlsx
• Agora Energiewende, Agorameter, Germany, 9–16 December 2024. https://www.agora-energiewende.de/daten-tools/agorameter/live/chart/power_generation/09.12.2024/16.12.2024/hourly
• Bulgarian Electricity System Operator (ESO), daily generation by plant type (2022, 2026). https://www.eso.bg/doc/?generation_per_day
• ESO (2025), Pocketbook 2025, battery storage capacity. https://www.eso.bg/fileObj.php?oid=5907
• Our World in Data (2026), electricity production by source, Bulgaria. https://ourworldindata.org/grapher/electricity-prod-source-stacked?time=2010..latest&country=~BGR
• Bundesnetzagentur and Bundeskartellamt (2025), study of electricity price peaks during the Dunkelflaute periods of 2024. https://www.bundesnetzagentur.de/SharedDocs/Pressemitteilungen/EN/2025/20251021_Preisspitzen.html
• China Electricity Council and National Energy Administration, thermal power utilization hours, via broker reports (2019, 2024, 2026). https://pdf.dfcfw.com/pdf/H3_AP201902111294592727_1.pdf https://pdf.dfcfw.com/pdf/H3_AP202401101617054737_1.pdf https://pdf.dfcfw.com/pdf/H3_AP202604241821548028_1.pdf
• China Electricity Council (2026), via China Energy News. https://paper.people.com.cn/zgnyb/pc/content/202602/09/content_30140219.html
• National Development and Reform Commission and National Energy Administration (2025), coal power capacity payments. https://www.ndrc.gov.cn/xxgk/zcfb/tz/202504/t20250414_1397185.html
• Danish Energy Agency (2025), Energistatistik 2024; (2026), Foreløbig Energistatistik 2025. https://ens.dk/media/7426/download https://ens.dk/media/8424/download
• Energinet, Energi Data Service (2026), production and consumption settlement. https://api.energidataservice.dk/dataset/ProductionConsumptionSettlement
• Aalborg Forsyning, coal exit of Nordjyllandsværket, as reported by Balkan Green Energy News. https://balkangreenenergynews.com/denmark-shuts-its-penultimate-coal-plant-as-uk-is-set-to-complete-its-exit
• Deutscher Wetterdienst (DWD) (2018), on how often Dunkelflaute periods occur, as reported by Solarserver. https://www.solarserver.de/2018/03/08/dwd-risiko-einer-dunkelflaute-ist-gering-wetterextreme-nehmen-zu/
• Scholz, Y. and Yeligeti, M. (DLR) (2025), Dunkelflaute in Europe, IEA Wind Task 51. https://usercontent.one/wp/iea-wind.org/wp-content/uploads/2025/10/Scholz_Dunkelflaute_Europe_IEAtask51_DLR__20250928.pdf
• ENTSO-E data for Hungary, via Energy-Charts (2026), 5 April 2026. https://api.energy-charts.info/public_power?country=hu&start=2026-04-05T00:00%2B02:00&end=2026-04-05T23:59%2B02:00
• Hungarian Central Statistical Office (KSH) (2026), based on MEKH data. https://ksh.hu/stadat_files/ene/en/ene0008.html https://ksh.hu/stadat_files/ene/en/ene0009.html
• MEKH and MAVIR, as reported by Világgazdaság (2026). https://www.vg.hu/vilaggazdasag-magyar-gazdasag/2026/1/aramellatas-ver-mavir-egyensuly-napelem
• Forum Energii (2018–2026), based on ARE and URE data. https://www.forum-energii.eu/download/pobierz/rocznik-dane-o-energetyce https://www.forum-energii.eu/download/pobierz/transformacja-energetyczna-w-polsce-edycja-2025
• Gramwzielone (2025), reporting Forum Energii on May and August 2025. https://www.gramwzielone.pl/?p=20320310 https://www.gramwzielone.pl/?p=20331632
• IRENA (2026), Renewable Power Generation Costs in 2025. https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2026/Jul/IRENA_TEC_RPGC_in_2025_2026.pdf
• Lazard (2025), Levelized Cost of Energy+, version 18.0. https://www.lazard.com/media/uounhon4/lazards-lcoeplus-june-2025.pdf
• Neon (2026), Marginal pricing, prepared for Eurelectric. https://old.neon-energie.de/en/marginal-pricing-merit-order/
• US Energy Information Administration (EIA) (2026), Electric Power Annual 2025, Tables 3.1.A and 3.1.B; Monthly Energy Review, Table 7.2a. https://www.eia.gov/electricity/annual/html/epa_03_01_a.html https://www.eia.gov/electricity/annual/html/epa_03_01_b.html https://www.eia.gov/totalenergy/data/monthly/pdf/sec7_5.pdf

Image credits

Photographs, all from the September 2025 report. Cover, chapter 2 and closing page: 安琦 王 / Adobe Stock. Mill town, 1907: Grand Rapids Public Library, Archives and Special Collections, #52-12-10.25. Turbine close-up: nordroden / Adobe Stock. Engineer in front of a turbine rotor: Nomad_Soul / Adobe Stock. Chapter 3: srckomkrit / Adobe Stock. Chapter 4: TimmyTimTim / Adobe Stock. Chapter 5: Vatcharachai / Adobe Stock.