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Trusted Provider of Reference Prices and Market Intelligence for Renewable Energy.

#RenewableEnergy #EnergyTransition #renewables #solar #wind #energyrisk

[Seb Kennedy @seb_kennedy]

I was on the @Pexapark podcast talking LNG, natural gas and EU power markets with Luca Pedretti.

Check it out 👇
https://t.co/g1AlKjk6zv

[Gasnam @Gasnam_]

El Mercado Ibérico del Gas (@MibgasInfo) se alía con @Pexapark, especializada en gestión de riesgos y comercialización de energías renovables, para mejorar el índice IBHYX, que refleja el precio del #HidrógenoRenovable.

ℹ️@elEconomistaes
https://t.co/BRrxpDVCuq

[🎙Redefining Energy podcast @Redef_Energy]

🎙️Ep171. PPAs and Tolling – lessons for the future
#applepodcast https://t.co/d28wFPQ1Pw
#spotify https://t.co/LswQeD8Y1X

@gerardreid14 and @MegaWattXinfo welcome @luca_pedretti @Pexapark to discuss the PPA and battery markets

[Luca Pedretti @luca_pedretti]

Corporate #PPA dominance! Yes, but…

In @Pexapark' s Renewable Market Outlook 2025 webinar, I explained three reasons why I remain BULLISH on a smart utility & trading role in renewable offtake:
🔹 Utilities & traders play a role in almost e v e r y PPA – Whether it’s balancing, full supply, GoOs, or selling excess volume, they are always in the mix.
🔹 Who can synthesize greener, firmer profiles? – The shift from stand-alone solar to mixed-tech and BESS co-located structures demands highly specialized expertise and often intermediation
🔹 Who provides long-term BESS tolls? – More often than not, it's traders and utilities, not corporate offtakers.

Eager to hear your views!

Report: https://t.co/7Pxmu0m9y4

[Jean-Michel Glachant @JMGlachant]

2024 ⁦@Pexapark⁩ report
Europe PPAs

• Number contracts
Corporate 316 ~ +26%

• Volumes contracted 15.2 GW ~ -11%
Corporate -1%
Utility scale -59%

•Top1 Country Spain 4.66 GW
Top2 Germany 2.04 GW

•Top Seller Iberdrola
Top Buyer Amazon 1.5 GW
https://t.co/4zbHuMBMHA

[Luca Pedretti @luca_pedretti]

Join us for @Pexapark 's Flagship Webinar: Market Outlook 2025 – Key Highlights!

📅 Date: February 4
This is the event for anyone navigating the renewable energy markets in 2025. Dive into the insights from our most important report of the year, as we unveil trends, opportunities, and strategies shaping the future of the energy landscape.

Don't miss your chance to gain exclusive knowledge and stay ahead in the game. Save your spot now!

https://t.co/fdBI5QcKDh

[Luca Pedretti @luca_pedretti]

2025 could be a great year for Offshore Wind in Europe: 45 GW to be auctioned with France and Poland set to join the top league

Source: S&P Global

[Luca Pedretti @luca_pedretti]

The Week in #PPA

Get fresh updates and insights every Monday from @Pexapark. This week, we're focused on Polish CfD, offshore wind awards in France, and evolving designs for EEG auctions addressing negative prices.

[Laurent Segalen @MegaWattXinfo]

My thoughts on where to invest in the Energy Transition in this excellent podcast by @luca_pedretti @Pexapark

[Luca Pedretti @luca_pedretti]

🌟 Golden Age of PPAs: What Happened?

In early 2023, I wrote a thought piece titled “The Coming of the Golden PPA Age.” At the time, I believed favourable policy developments and ecosystem innovations—like multi-buyer #PPA and credit support mechanisms—would unlock exponential growth in the PPA market. The vision was clear: hundreds of additional PPAs powering gigawatts of new renewable capacity, driven by structural demand growth across Europe. We've predicted 20 GW of PPA deals for 2024.

Two years later, as I reflect on the state of the market in 2024, it’s tempting to wonder: Did the Golden Age arrive, or has it been derailed by the tumultuous developments of recent years? My conclusion: the promise is alive & kicking, just a bit delayed.

🔍 The Reality of 2024
The past few years have tested the resilience of the PPA market. The Russian war against Ukraine disrupted the energy sector, reducing demand and creating uncertainty around investment (remember all those “revenue caps”?). Deal volumes measured in GW of PPAs are down 11% compared to 2023, with many projects navigating volatile markets and cautious financing environments.

Yet, the market’s fundamentals remain robust:
▪️ Capacity Delivered: Despite challenges, 24 GW of renewable capacity was realized under PPAs in 2024—matching the “boom year” of 2023. At Pexapark, we track not just PPAs closed but the realized project capacity—a small but crucial distinction.
▪️ Smaller, More Flexible Deals: Average deal size has fallen to 50 MW, reflecting the rise of multi-buyer PPAs and developers adapting with smaller hedging ratios.
▪️ Resilient Deal Volume: Transaction numbers exceeded predictions, underscoring strong demand and a highly mature ecosystem of professional players.

🔄 Resilience Over Acceleration
These trends show a market that’s evolving, not faltering. Smaller deals and higher transaction counts tell a story of flexibility and innovation. It’s not just about headline-grabbing deals but finding ways to make projects work in a complex landscape.

While the Golden Age of PPAs hasn’t yet materialized as I envisioned in early 2023, the market’s resilience is a testament to its maturity—even without the hoped-for policy interventions like credit support mechanisms.

⏳ The Golden Age of PPA is here
So, what happened? It wasn’t failure or derailment—just a delay. The market is adapting to new realities while maintaining its ability to deliver renewable capacity at scale.

I believe the coming years will see this resilience pay off, as policies stabilize, demand recovers, and the innovative ecosystem we’ve built continues to thrive. Deal structures will look different and will include as well Tolls for BESS. Hey, the Golden Age of PPAs isn’t gone—it’s fully in the making!

P.S. Some additional 2024 PPA deals will likely be announced in the coming days and early January, but they are unlikely to fundamentally alter the overall picture.

Data source: @Pexapark (where else? 🙂 )

[Luca Pedretti @luca_pedretti]

Gone Are the Times of the Simple #PPA?

The PPA market is rapidly evolving. While total volumes have declined (-13%)—a first in the history of the European PPA market!—a clear trend has emerged: at least 1 in 5 PPAs in 2024 involved hybrid, multi-buyer, or cross-border structures. And it’s highly likely that many of the closed deals also include zero-price clauses.

Key takeaways:
▪️ Corporate PPA demand remains steady: Only a 1% decrease, with 10.9 GW contracted between Jan–Oct 2024.
▪️More deals, but smaller sizes: The number of transactions grew by 16% (+37 deals), even as total volumes dropped.
▪️Innovative deal structures are on the rise: Over 2.8 GW of capacity leveraged hybrid approaches such as solar-wind PPAs, multi-buyer/portfolio setups, and cross-border agreements, enabling greater flexibility and risk-sharing.

There’s a lot to unpack here. Most importantly: why is demand falling, and what’s next for PPAs

What's your view?

Source: @Pexapark Credit to @ItamarOrlandi

[Luca Pedretti @luca_pedretti]

What's happening in PPA land this week?

Source: @Pexapark

[Luca Pedretti @luca_pedretti]

The year is ending, but PPA land is buzzing with activity.

This week, @Pexapark offers an assessment of the booming BESS market in Germany, an overview of the emerging PPA market in Southeastern Europe, and insights into the impact of new auctions in Italy and the CSRD on corporate energy procurement.

[Luca Pedretti @luca_pedretti]

Unlocking the Power of Multi-Buyer #PPA @Pexapark Podcast Episode 3 with @JonSigvert, CEO & Founder of @ReelEnergy

Italy's new support scheme for industrials. Consultation on new storage regulation in Spain. Huge new transmission projects in the US. Gas price on the rise, PPA prices inching up. Deal flow back in November but year-on-year volumes look weak. Demise of Northvolt and some more Green H2 projects faltering.

And then at centre stage: A discussion with Jon on Multi-Buyer PPAs. Cracking the code to unlock Multi-Buyer PPA. From marketplace to retailer. Feasability of 24/7 PPA.

https://t.co/jhmbW1Wq9j

[Titanium Ventures @TitaniumVC]

🎧 Tune in! @Pexapark CEO Luca Pedretti & @ReelEnergy CEO Jon Sigvert discuss Multi-Buyer #PPAs & the future of 24/7 renewable energy. #RenewableEnergy
https://t.co/C1egtiKwAB

[Luca Pedretti @luca_pedretti]

What's happening in #PPA land this week?

After a slow start in November, there’s finally an influx of deals! Interesting developments are unfolding in France, with a solar oversubscription reaching record levels in the latest auction. There's also considerable coverage of the Italian power market.

We’re also providing insight into how changes in battery regulations are likely to affect revenues: in short, not much.

Source: @Pexapark

[Luca Pedretti @luca_pedretti]

💡 Moving Beyond Simple #PPAs: New Types of Renewable Power Deals

With renewable energy dominating more and more power markets, we're witnessing a rise in negative prices and diminishing value for stand-alone (often solar) profiles. Also, after dozens of GW of long-term PPAs, signs of demand saturation—especially for solar—are evident in some markets.

In response, market players are adapting, redefining deal structures, and pushing boundaries. Here are five PPA models shaping the future across the US and Europe:

⚡ PPA with Zero-Price Clauses:
This negotiation topic is gaining traction big time! Terms focus on thresholds and durations for offtake below zero prices.

⚡ Hybrid PPAs:
Combining solar with storage offers flexibility. While assets are often priced separately, we foresee more "shaped generation" deals, where renewables secure premiums during specific hours.

⚡ Combo PPAs:
These merge wind and solar assets under one framework, leveraging portfolio effects to enhance value and optimize delivery.

⚡ 24/7 PPAs:
An evolution of Hybrid and Combo PPAs, these require incorporating much more "energy intelligence" to guarantee firmer, composite green deliveries—offering higher value than standalone components

⚡ Multi-Buyer PPAs:
Targeting untapped potential, these aggregate smaller buyers to unlock new demand segments. Innovative retailers are leading the charge, reducing transaction costs and creating opportunities.

🚀 Innovation drives the energy transition—deal by deal. The renewable market is evolving faster than ever, tackling the challenages mentioned in the intro.

What’s your perspective on these trends?

[Luca Pedretti @luca_pedretti]

The German PPA Market at crossroads. @Pexapark Podcast Episode 2 with Jens Hollstein

Impact of Trump on Renewables. Sweden’s stop of Offshore. Amazon’s 100 MUSD grid charge poker. Combo Deals in France. A large PPA default in Sweden. A deflating Green H2 Bubble. Dunkelflaute in Germany. 2 TW solar capacity. Acciona CEO stating Solar is a useless product. And another turn in the Russian gas war saga.

And then centre stage: Germany’s PPA market at crossroad. The many German PPA markets. The impact of new CFD reforms. How PPA and CFD interplay.

https://t.co/asMI58ww3W

[Luca Pedretti @luca_pedretti]

𝗚𝗲𝗿𝗺𝗮𝗻 𝘀𝗼𝗹𝗮𝗿 𝗶𝗻 𝟮𝟬𝟮𝟰 𝘁𝗵𝘂𝘀 𝗳𝗮𝗿 𝘀𝗮𝘄 𝟮𝟯% 𝗼𝗳 𝗶𝘁𝘀 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗳𝗮𝗹𝗹𝗶𝗻𝗴 𝗶𝗻𝘁𝗼 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗼𝗿 𝘇𝗲𝗿𝗼-𝗽𝗿𝗶𝗰𝗲 𝗵𝗼𝘂𝗿𝘀

Following our popular first part of our dive into the synergies between negative prices and #PPA risks, @Pexapark makes publicly available the second chapter on how different geographies and technologies are impacted, alongside a view of the outlook.

💡 Spain so far has seen a total of 224 negative-price hours. Pexapark analysis illustrates that a typical solar asset would have seen 15% of its production from January to August this year fall into zero-priced hours
💡 In Germany, 23% of a typical solar asset’s production fell into negative or zero-price hours, with the risk now shifting to the buy side
💡 Views by market participants on the outlook are mixed

Access the article in full here: https://t.co/RibI5vn5SF

[Luca Pedretti @luca_pedretti]

🌍 Zero Prices in Power Markets: A New Normal?

2023 wasn’t an outlier.

With over 8,400 negative price occurrences in 2024 so far, it’s clear: zero prices are becoming a persistent feature in European power markets, especially those dominated by renewables.

This shift is changing how #PPAs are priced and negotiated, as stakeholders adapt to the volatility that zero prices bring.

🎙️ For a deeper dive into how this impacts the renewable energy landscape, tune in to @Pexapark's podcast, where we explore this and other challenges in the evolving market.

https://t.co/4trQZiFm1i