Sure, the spot price -that is: the wholesale price- for electricity in EU and AU might be negative, but that doesn't mean the end user pays less. Anecdote: the data centre I used to work in had a fixed kWh price for bulk electricity consumption. As far as I'm aware electricity retailers, at least in Australia, don't adjust their retail and bulk rates in accordance with the spot price. The retailers are about making money, not dispatching excess generation.
Also, very little oil is used to generate electricity. This Wikipedia article claims 5.5% of global electricity generation is from oil.[1]
Something I don't understand is why more coal and oil businesses aren't investing more in solar and wind. Perhaps they are and I'm not aware of it. Or perhaps they have a view of the market we're not privy to. BP used to manufacture solar panels, but they've wound down that operation.[2]
I'm generation source agnostic. I've read things that have made me doubt the long term viability of both solar PV and solar thermal.[3] I'm not at convinced burning coal is a good idea. Nuclear has it's problems, yet it does seem if Greenpeace got out of the way in Australia 40 years ago we could have nuclear like, say, France, and be producing one tenth the electricity related carbon emissions we do now in this country. I recently moved to Tasmania where electricity is 76%-ish hydro, but could have been higher if the Wilderness Society hadn't got in the way of the proposed Franklin River damn and hydro project, thereby halting indefinitely any new hydro electricity projects in this country. It strikes me as odd that the two strongest environmental NGOs in this country are now in a position where we can look back and, from a certain perspective, think 'Gee, that didn't really work out as intended did it.' So, ya know, I'm just confused about the whole mess. I'm fairly convinced, though, that if I keep clicking 'Like' the problem will eventually go away ;)
1. http://en.wikipedia.org/wiki/Electricity_generation#List_of_...
2. http://www.bp.com/en/global/alternative-energy/our-businesse...
3. The first few TCASE (Thinking Critically About Sustainable Energy) blog posts here http://bravenewclimate.com/?s=tcase
Edit: punctuation. NB.
NB: Errors and omissions expected. I don't necessarily agree with anything I say or write.