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Negative electricity prices are getting more common in Europe—while Americans pay more

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Electricity supply is increasingly outpacing demand in Europe as renewable energy capacity grows, making negative prices a more frequent occurrence.

In early 2020, Spain’s installed solar power capacity totaled nearly 9 gigawatts, according to data from Red Eléctrica. In early 2025, it had soared to 32 GW, helped by subsidies.

With solar panels and wind turbines installed in more places—while energy storage capacity is still lagging—an especially sunny and windy day can generate more electricity than is needed, sending prices below zero.

By September, the number of hours in Spain with negative electricity prices had already topped 500 for the year to date, more than double the full-year total for 2024. Similarly, France’s hours had topped 400 by then, also exceeding its 2024 tally, and Germany was on a trajectory to do so as well.

Those rates are for the wholesale electricity market, meaning traders must pay someone to take the surplus energy instead of the other way around.

That doesn’t mean households are also paid to consume electricity, because those rates are often set in advance. But negative prices can eventually be felt in markets with more dynamic pricing regimes.

In fact, electricity prices for households in the European Union during the first half of the year were down 1.5% from the first half of 2024, according to data published in October. Excluding taxes Europeans paid, electricity prices fell more sharply and have been sliding since 2023, after spiking in 2021 and 2022.

By contrast, rising electricity prices in the U.S. have become a growing source of voter discontent as utilities race to build more capacity to feed skyrocketing demand from AI data centers.

The higher bills have fueled an overall affordability crisis that started with the post-pandemic inflation spike and was worsened by President Donald Trump’s tariffs.

While the annual inflation rate has cooled sharply since peaking in 2022, consumers are still reeling from the aggregate price hikes over the last five years and are demanding lower prices, not just slower increases.

The latest consumer price index data released earlier this month showed that electricity prices in November were up 6.9% year over year on an unadjusted basis.

To be sure, negative electricity prices also happen occasionally in the U.S., including in Texas, which has a more deregulated grid and significant wind power capacity.

But the Trump administration is cracking down on renewable energy, gutting subsidies for solar power and killing wind energy projects.

And negative prices in Europe aren’t helping the energy industry there as they weigh on producers’ profits and valuations for solar plants.

Countries are scrambling to boost battery storage. But in the short term, the challenging price environment has cooled development of new solar capacity, even where land, permits, and grid access have been secured.

“The market is flooded with ready-to-build projects that developers want to sell since they’re no longer good enough in the current market,” a senior executive at an owner of Spanish solar plants told the Financial Times.



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CEOs say they’re unplugging by cancelling meetings and playing with Legos over the holidays

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When the holidays roll around, many professionals find themselves in work limbo, unsure of when they can really unplug from the job. For CEOs, the last stretch of 2025 is no different: Many find it hard to step away from work, especially as businesses boom during the festive season. But chief executives are taking back their holiday downtime with small wins in their work-life arrangements. 

Despite the holiday season clearing out offices, sending thousands on vacation, and shutting down stores early, CEOs tell Fortune their work lives are still intense. Most say they can never truly unplug from the job, always on call if business beckons them back to their laptops. But leaders are still finding little ways to catch a breather from being CEO. Cooking helps one chief executive connect with his family, while another swears by the holiday season as a “completely sacred” time to unplug and pick up a book. 

CEOs tell Fortune totally unwinding during the holiday season is easier said than done, but they’re making it work by setting these boundaries:

One week of adventures and no set meetings

“To some extent, as a founder & CEO of a large and fast-growing company, especially one responsible for patient health and outcomes, I’m on 24/7, and I can be reached anytime without boundaries,” said Sami Inkinen, the CEO and cofounder of Virta Health Group. “My unplugging is more daily in that I allocate time for sports (especially cycling, my hobby), my family, and my spouse.”

“I do try to have a week or so without organized work meetings,” Inkinen continued. “Sometimes this week includes backcountry adventures where I can not be reached, [for example], trail running in the Himalayas in Nepal.”

Cooking for his family

“I’m in the restaurant industry—there is no unplugging—but on a serious note, unplugging for me is cooking. I’m always cooking, especially with my kids. I have five, I’m always plugged in,” said Derrick Hayes, the CEO and founder of Big Dave’s Cheesesteaks.

Two hours of no phone time 

“I really try my hardest to put my phone down for at least two hours a day. For me, that really helps me literally unplug, recharge and spend dedicated and quality time with my family,” said Seth Berkowitz, the CEO and founder of Insomnia Cookies.

Active ‘Keep the Lights On’ mode

 “We’re a small team and everyone wears a lot of hats, so I try to make the holidays feel as restful as possible. We do something we call KTLO—’Keep the Lights On.’ Basically, we cancel all internal meetings and limit external ones so people can actually step away,” said Ryan Lupberger, the CEO and founder of Clean Cult.

“The only expectation is to stay on top of email and Slack so nothing urgent slips through,” Lupberger said. “It gives everyone room to breathe and be with family, while still keeping the business running at a level that works for a lean team. It’s been a really nice balance for us.”

Drowning the noise with skiing and Legos

“I unplug by creating moments that feel protected from the noise of the world,” said Ricardo Amper, the CEO and founder of Incode. “My mornings start with quiet and coffee before my phone wakes up. That hour resets me. When I go skiing, I disconnect completely because the mountain demands my full attention. And at home, my daughter pulls me into her world.” 

“It is impossible to think about deepfakes while we build a Lego tower together. Those simple moments keep me grounded,” Amper added.

Truly unplugging with books 

“For me, the holiday season is completely sacred—I take this time off and truly unplug. In the week between Christmas and New Year’s, I step away completely and steep myself in reading, walking the dogs and connecting with people outside of work,” said Sarah Chavarria, the CEO and president of Delta Dental. “Boundaries matter—and honoring them is essential to how I stay balanced.”

Annual Costa Rica trip 

“I always go back to my motherland, Costa Rica, for the holidays to spend time with family and friends,” said Alvaro Luque, the CEO and president of Avocados from Mexico.

“While I cherish every moment, to be honest, I don’t unplug that much,” Luque admitted. “I check my messages and email every day. I’m always close to the operation—especially this time of year, when guac consumption is up in the U.S., College Football Playoffs are in full swing and Super Bowl hype ramps up. I enjoy working, so it’s a good balance for me to do it from a country I love so much.”

Select hours online 

“I don’t really believe in completely unplugging,” said Cesar Carvalho, the CEO and cofounder of Wellhub. “What works better for me is integration. I coordinate schedules with my team and family ahead of time so everyone knows what to expect, and I keep a couple of hours each day when I’m available if something urgent comes up.”

“I find this approach more realistic and less stressful than trying to be ‘all in’ on one thing or another,” Carvalho continued. “The same way I don’t want to only work during work days, I don’t want to totally disconnect during time off. It’s more about finding harmony between work and life.”



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It’s New Year’s Day 2026. What’s open and closed?

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Happy New Year, from all your friends at Fortune. As you know, New Year’s Day has fallen on a Thursday for 2026, which means banks, government offices, and postal services will be closed across North America while many retailers, restaurants, and attractions will either modify their schedules or open up completely.​

The most direct impact is on federal services. Non-essential federal offices are closed, according to the U.S. Office of Personnel Management. This includes Social Security Administration field offices, passport agencies, and most administrative government buildings. If you have business with the IRS or need to visit a federal building, you will need to wait until Friday.

Financial markets will also take the day off, with major U.S. exchanges including the New York Stock Exchange and Nasdaq shuttering for the first day of the new year.​ Schools and public libraries will remain closed, and in most places, garbage collection will be postponed by one day.

​But what about the retail landscape? Food, transit, and the rest? Here’s what’s open and closed today.

Mail and delivery services

The U.S. Postal Service will not operate on New Year’s Day. Post office locations will be closed, mail will not be collected from blue collection boxes, and regular deliveries will not be made. Only Priority Mail Express, a service that comes at an extra cost, will be delivered. USPS operations will resume as normal on Friday, January 2.

Private carriers are similarly pausing operations. FedEx will be closed for New Year’s Day, except for its Custom Critical service. UPS will not offer pickup or delivery on January 1, though UPS Express Critical service will remain available for urgent shipments.

Financial markets

Wall Street is closed for the holiday. The New York Stock Exchange and Nasdaq will not trade on New Year’s Day, and all U.S. bond markets will be shuttered. There will be no pre-market or after-hours sessions. Trading will resume on Friday, January 2, when U.S. exchanges reopen for the first session of 2026.

Banks

Most major banks will remain closed to observe the federal holiday. Bank of America and Wells Fargo locations will be closed on New Year’s Day. While some smaller community banks or credit unions might follow suit, mobile banking services and ATMs will remain available.

Retail and grocery

For the private sector, major retailers will largely remain open. Walmart stores will operate from 6 a.m. to 11 p.m., and Target will maintain regular hours. Best Buy will be open from 10 a.m. to 8 p.m., while Kohl’s will operate from 10 a.m. to 8 p.m.. Macy’s will be open during standard business hours.

Grocery stores show a mixed picture. Large chains including Kroger, Whole Foods, Wegmans, and Safeway will be open, though some may operate with modified hours. Publix locations will close early at 7 p.m.. However, warehouse clubs diverge sharply: BJ’s Wholesale Club will operate from 9 a.m. to 7 p.m., while Costco and Sam’s Club will close entirely.

Discount grocers also split. Aldi and Trader Joe’s will remain closed on New Year’s Day. Convenience stores and pharmacies will generally stay open. CVS Pharmacy and Walgreens locations will be open, though some pharmacy hours may vary by location.

Home improvement stores will maintain reduced schedules. Home Depot will operate from 9 a.m. to 8 p.m., while Lowe’s hours will vary by location but generally run from 9 a.m. to 6 p.m..

Restaurants

Fast-food chains will largely remain operational. McDonald’s, Wendy’s, and Burger King will have many locations open, though franchisee-operated stores may maintain varying hours. Starbucks will be open, as will chains like Chick-fil-A, Subway, Olive Garden, and Chili’s.



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DOJ Epstein review swells to 5.2 million files, over 400 attorneys, source says

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The Department of Justice has expanded its review of documents related to the convicted sex offender Jeffrey Epstein to 5.2 million as it also increases the number of attorneys trying to comply with a law mandating release of the files, according to a person briefed on a letter sent to U.S. Attorneys.

The figure is the latest estimate in the expanding review of case files on Epstein and his longtime girlfriend Ghislaine Maxwell that has run more than a week past a deadline set in law by Congress.

The Justice Department has more than 400 attorneys working on the review, but does not expect to release more documents until Jan. 20 or 21, according to the person briefed on the letter who spoke on the condition of anonymity because they were not authorized to discuss it.

The White House did not dispute the figures laid out in the email, and pointed to a statement from Todd Blanche, the deputy attorney general who said the administration’s review was an “all-hands-on-deck approach.”

Blanche said Wednesday that lawyers from the Justice Department in Washington, the FBI, the southern district of Florida, and the Southern District of New York are working “around the clock” to review the files. The additional documents and lawyers related to the case was first reported by The New York Times.

“We’re asking as many lawyers as possible to commit their time to review the documents that remain,” Blanche said. “Required redactions to protect victims take time but they will not stop these materials from being released.”

Still, Attorney General Pam Bondi is facing pressure from Congress after the Justice Department’s rollout of information has lagged behind the Dec. 19 deadline to release the information.

“Should Attorney General Pam Bondi be impeached?” Rep. Thomas Massie, a Kentucky Republican who helped lead the effort to pass the law mandating the document release, asked on social media this week.

Democrats also are reviewing their legal options as they continue to seize on an issue that has caused cracks in the Republican Party and at times flummoxed President Donald Trump’s administration.

Senate Democratic leader Chuck Schumer said on social media that the latest figures from the Department of Justice “shows Bondi, Blanche, and others at the DOJ have been lying to the American people about the Epstein files since day one” and pointed out that the documents released so far represented a fraction of the total.

This story was originally featured on Fortune.com



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