Welcome back to The Pexapark Podcast! In this special edition, we look at how next-generation Independent Power Producers (IPPs) are becoming digital, data-driven operators. 

In this episode Luca Pedretti is joined by Jérôme Tricot, Director, Asset Performance & Optimisation at Mirova, a Paris-based sustainable asset manager with ~€33bn AUM, including >€4bn invested in energy-transition infrastructure and a sixth fund currently in fundraising. Jérôme explains how Mirova invests in and alongside IPPs – developing, building, and operating renewables – while evolving capabilities for revenue management, hedging, and flexible, dispatchable portfolios.

Enjoy a discussion on themes including:

• The evolution of IPPs: from maximising generation to optimising when and how energy is produced amid price volatility
• Operational control as a core skill: EMS systems, curtailment, AI-driven forecasting, and hybridisation with storage
• Internalising key expertise and building local partnerships across Europe to manage risk and drive efficiency
• The new energy-management frontier: balancing, route-to-market, and merchant exposure as core revenue levers
• Cross-market innovation inspired by Australia and California – capacity swaps and virtual tolling as future models
• Mirova’s digital stack: from in-house stochastic models to a SaaS + API ecosystem integrating SCADA, asset, and risk tools
• The road ahead: VPPs, AI, and regulatory readiness – why the shift from electricity to electronicity defines the next era of IPPs

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this special edition, we explore how investors are redefining Independent Power Producers (IPPs) for a new era of complexity and scale. 

In this episode Luca Pedretti sits down with Jordi Francesch, Managing Director, and Pierre Bartholin, Senior Director and Head of Power Hedging and Origination at Nuveen Infrastructure, to discuss how the global investment manager is building next-generation IPPs under the Nuveen Clean Energy platform. With roots in Glennmont Partners, Nuveen Infrastructure operates across 12 markets and four core technologies – onshore and offshore wind, solar PV, and batteries – with a growing footprint spanning Europe, the US, and Asia.

Enjoy a discussion on themes including:

• How Nuveen Infrastructure integrates development, construction, operation, and revenue structuring under one clean energy platform
• The evolution from passive infrastructure to agile, risk-aware IPPs combining energy management, procurement, and digital systems
• Why today’s IPPs must think like investors – vertically integrated, equity-minded, and growth-oriented
• The rise of “virtual utilities”: balancing long-term PPAs with merchant exposure and active portfolio optimization
• Building commercial capabilities: from energy risk and hedging teams to short-term market optimization and guarantees of origin trading
• Digitalization and data strategy – deploying ETRMs, digital twins, and automation to manage complex portfolios efficiently
• Scaling smart: around 20 FTEs per gigawatt as a market benchmark for efficient, system-driven IPPs
• The next wave: batteries, co-location, and mastering optimization across hybrid portfolios
• Key challenges and opportunities – regulatory adaptability, talent density, and putting the off-taker and grid at the center of the IPP model

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we cover big shifts in renewables: France unveiled a revamped capacity market (centralized RTE-run auctions from November 2026) and a new injection tariff guiding storage behavior to ease grid congestion. Italy’s FER-X solar and wind auctions landed right in line with Pexapark’s fair-value benchmarks, while Germany’s Innovation auction showed sharper competition and only a small premium for solar-plus-storage projects. Meanwhile, data centers continue to dominate corporate PPA demand – around 30% of the total – with Northern Europe emerging as a key growth region. Across the Atlantic, PJM and Texas face accelerating load growth and a wave of battery deployments, confirming that storage now sits at the heart of the energy transition.

In the second half, Luca Pedretti speaks with Walburga Hemetsberger, CEO of SolarPower Europe, about how solar is evolving from pure generation to a cornerstone of flexibility. Topics include:

• The growth of RE-Source into Europe’s flagship corporate PPA forum and this year’s themes – negative-price risk, hybrid PPAs, and access for smaller buyers
• How SolarPower Europe drives policy in Brussels, from high-level advocacy to detailed input on network codes and market design
• The rise of Solar 2.0: combining solar with storage to deliver near-continuous clean power and stronger business cases
• Managing new challenges – countering misinformation, adapting to shifting policy priorities, and keeping electrification momentum
• Upcoming milestones: the EU Grids Package and Electrification Action Plan, both expected to advance flexibility and storage adoption

Analysis notes:

• Subscribe to Pexapark’s bi-weekly newsletter on LinkedIn

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we cover big shifts in renewables: Europe’s day-ahead power market now trades in 15-minute intervals, boosting flexibility and volatility – a win for batteries and flexible demand. Switzerland’s new Acceleration Act aims to cut renewable permitting times dramatically, while Poland stands out with its first major BESS framework deal (1.3 GW / 5.2 GWh).
Elsewhere, Germany’s PPA market slowed, the Nordics stayed quiet, and in the UK, solar-plus-storage co-location continues to rise. Meanwhile, Google’s partnership with Shell Energy Europe ushers in a new era of 24/7 carbon-free energy management, hinting at the future of corporate power procurement.

In the second half, Luca Pedretti sits down with Katrin Fuhrmann, Managing Director of ENGIE Energy Management Solutions, to discuss how utilities are redefining their role in the renewable transition. Topics include:

• The rise of multi-technology and hybrid PPAs combining wind, solar, and storage
• The evolution from PPAs to Flexibility Purchase Agreements (FPAs) and battery tolling
• Emerging trends in Germany and Poland’s BESS markets and their financing dynamics
• Early but fast growth: ~3 GW of co-located capacity contracted in 2025 vs 14.5 GW standalone, with two-thirds of new GB solar projects now co-located
• How 24/7 CFE deals are progressing step by step toward truly green portfolios

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we look at key market shifts: Germany launches a €500m guarantee scheme to revive its stalled PPA market, Italy’s FER-X auction confirms solar’s dominance with many projects now turning to PPAs at €54–60/MWh, and the Netherlands injects €1.2bn to rescue offshore wind. Battery revenues in Europe dipped on weak summer volatility but are already recovering, while the U.S. set a record with 4.9 GW of new storage in one quarter.

In the second half, Jens Holstein – EVP Advisory at Pexapark – joins Luca Pedretti to explore the state of co-location. Enjoy a discussion on themes including:

• Why co-location is becoming the “route to market” for solar as standalone PPAs struggle
• Hybrid PPAs and enhanced profiles: using one battery cycle to shift solar output from noon to evening, lifting capture rates from ~60% to 90%.
• Market outlook: Germany and the Netherlands lead on volatility-driven value, GB favors separate contracts, while Spain and Italy remain subsidy- and auction-driven
• Early but fast growth: ~3 GW of co-located capacity contracted in 2025 vs 14.5 GW standalone, with two-thirds of new GB solar projects now co-located
• Repowering as the next wave: hybridizing older German wind sites with solar and batteries

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we dive into a fast-moving month for policy and pricing: the EU’s ETS review and fresh UK CfD momentum, a surprise SDE++ underspend in the Netherlands, and Spain’s storage-first push with generous capex support. We zoom in on market signals: Poland’s PPA landscape with easing risk discounts (notably for onshore wind) versus solar’s capture headwinds; the US split-screen of ERCOT’s storage boom and PJM’s hyperscaler-fueled demand premium; and why surging Nordic balancing costs are rewriting short-term risk and contract structures across Europe.

In the second part, Jesús Boccio – Senior Originator at Pexapark – joins us to unpack the state of Spain’s offtake market after this year’s blackout.

Enjoy a discussion on themes including:

• From blackout to blueprint: Operating Procedure 7.4, synthetic inertia, and a fast-track for co-located BESS
• Hybrid PPAs: early Spanish deals and how batteries can lift PPA value profiles
• Negative prices & balancing: managing exposure as BRP models tighten and costs rise
• Spain’s buyer lens: fewer deals, smarter structures, and short-tenor hedges as a bridge
• Outlook & timing: when Spain’s storage wave could break – and how to be ready

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this episode, we look at what shaped offtake in H1 2025. Wind remains under pressure – Europe is busy renegotiating old projects rather than launching new ones. Romania’s CfD round saw solar overshoot targets at ~€41.7/MWh, while wind missed volumes and pushed prices higher. In northern Sweden, oversupply has driven prices into the teens and forced curtailments, while Spain is fast-tracking co-located batteries after April’s blackout, though spreads remain too tight to add much PPA value. Meanwhile, the EU has introduced a new industrial support scheme to cut heavy-industry power costs in exchange for reinvestment into decarbonisation. And with PPA indices now just under €50/MWh, mark-to-market practices are quickly becoming the norm.

In the second half, Dominique Hischier – VP - Analysis & Editorial at Pexapark joins us to break down the numbers:

• Volumes down 26% YoY, with the biggest hit in wind and multi-tech PPAs.
• Solar stays resilient, especially in Italy, while Germany slumps ~84% on cannibalisation and negative prices.
• Utilities return as pricing comes closer to fair value and appetite for risk grows.
• Corporates more cautious, less willing to pay “green at any cost” and wary of negative-price risk.
• BESS booming, with activity spreading across Europe, longer durations, and first hybrid deals shifting output into higher-value hours.

Analysis notes:

• Why PPA Buyers and Sellers Turn to Mark-to-Market Valuations for Their Deals
• Unpacking H1 Deal Flow: 5 Key Trends

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we unpack what’s been moving the renewable energy markets over the past weeks. From the sweeping impact of the “Big Beautiful Bill” reshaping U.S. clean energy, to PJM’s latest capacity auction price spikes, we explore how policy shifts and market dynamics are changing the trajectory of long-term renewables. Our deal tracker reveals surging utility PPA volumes, with Italy and Spain leading the way, while Poland firmly joins Europe’s front-rank of offtake markets – this time with its first landmark BESS transactions. We also touch on Germany’s stalled offshore wind auctions, the rise of storage-backed solar smoothing intraday volatility, and how even small shifts in generation timing can dramatically reduce negative price hours.

In the second part of the episode, Yaniv Jaffe, Senior Product Manager at Pexapark joins us for a deep dive into what makes PJM tick. Enjoy a discussion on themes including:

• PJM’s scale and unique multi-state market design
• The growing influence of data center demand on load forecasts
• Why the capacity market has become so valuable (and politically sensitive)
• How renewable capture factors and REC prices stack up against ERCOT and CAISO
• Interconnection queue bottlenecks and their impact on project build-out
• Revenue stacking opportunities for wind, solar, and storage in PJM
• Lessons PJM can take from ERCOT’s volatility and California’s renewable penetration
• What investors, developers, and off-takers should watch most closely in PJM going forward

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we dive into recent developments shaping the renewable energy landscape, starting with the European Commission’s long-awaited assessment of the Guarantees of Origin (GoO) market. Hot topics include record-setting results from PJM’s latest capacity auction, implications of hyperscaler-driven demand, and the UK’s Allocation Round 7 for CfDs—and what all of this means for PPA pricing dynamics. We wrap up this section with a compelling look into why hyperscalers like Google are paying over $100/MWh for power—even as forward markets sit near $50—and what that tells us about today’s bifurcated energy markets.

In the second part of the episode, Owain Johnson – Global Head of Research at CME Group and author of Price Reporters – joins us to unpack how price benchmarks are made and why they matter so much to renewable energy markets. Enjoy a discussion on themes including:

• How commodity price benchmarks are created—and what it takes for them to gain market trust
• Why benchmarks are critical for unlocking finance, risk management, and scale in energy markets
• The journey from price reporting to industry-wide adoption and financialization
• What we can learn from benchmark journeys in emerging energy commodities like lithium, ethanol, and weather derivatives
• Case studies on benchmarks in energy transition commodities—like ethanol, lithium, and even temperature indices
• AI’s role in enhancing price discovery and transparency—while preserving the irreplaceable human touch 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we unpack Europe’s latest regulatory moves, starting with Italy’s FER-X auction, which drew over 20 GW in bids – double its cap – signaling a shift to a more mature offtake market. In Germany, BESS deal activity remains strong despite a court-backed BKZ grid levy. Meanwhile, the UK delivers long-awaited clarity: CfD tenors extended to 20 years and zonal pricing officially ruled out.

In the second part of the episode, Forrest Carroll – Energy & Infrastructure Lead at Crusoe – joins us to unpack how AI infrastructure is reshaping energy procurement. From modular compute units to megawatt-scale data center builds, Forrest shares a first-hand view into how power strategy meets AI ambition. Enjoy a discussion on themes including:

• What it means to be a vertically integrated AI/data center operator
• Modular compute unit sizing and client types (hyperscalers, enterprise AI)
• Power procurement strategy: site selection, contract structuring, energy mix
• Use of PPAs, hedges, batteries, and carbon tracking mechanisms
• Demand flexibility and whether full utilization leaves room for ramping
• What energy developers and utilities should better understand about data center needs

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we review the main headlines from across the pond, spotlighting PJM’s proposed revised rules for renewables participation in its capacity markets, all while the passage of the “Big Beautiful Bill” already impacts PPA deal-making in the country. More topics include Germany’s latest EEG onshore wind and solar-plus-storage innovation auctions. 

In the second part, Apostolis Valassas – Lead BESS Analyst at Pexapark, takes us for an intense ride on all things BESS offtakes in Europe. Deal flow in 2025 has evolved remarkably, and all eyes are on how players are capitalizing on the rapidly emerging opportunities. Enjoy a discussion on themes including: 

• From merchant to tolling: The evolution of contractual structures, pros and cons
• Trends on tolling agreements: Portfolio-based tolls and longer tenors
• Geographical nuances: The usual suspects and the emerging heroes 
• Case studies of how regulators and grid operators are managing the hot topic of grid charges 
• Outlook: Floors or tolls? 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we reflect on the proposed rollback of the US’ clean energy tax credit scheme for renewables and potential short-term and medium-term impacts. More topics include the latest findings from Pexapark’s intensified BESS insights, including tolling price discovery; the current bid ranges in Germany; BESS financing structures based on revenue and business models and more.

In the second part of the episode, Juergen Mayerhofer – CEO and Founder of enspired, BESS and power assets optimiser – discusses the exciting but challenging task of helping an asset owner understand the behaviour of a BESS asset. Enjoy a discussion on themes including: 

• The story behind enspired, entrepreneurial tips and success stories
• The evolution and outlook of the European optimisation market
• The commitment to price transparency and the recipe for trusted revenue benchmarks
• Are tolling agreements the “PPAs” of BESS?
• Outlook of revenue models and the possible financing requirements of the future 

Episode breakdown:

00:00- Intro

01:16-Regulation

04:56-Deals & Prices

10:14- Wider Energy World 

13:43- Interview with Juergen Mayerhofer

Links:

AI and renewables

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this special edition, we explore how next-generation Independent Power Producers (IPPs) are evolving beyond development into active commercial and operational players. 

In this episode Luca Pedretti sits down with Joanna Ellis, Chief Commercial Officer at Nadara, to discuss how the company – formed in 2024 through the merger of Renantis and Venti and Energy – is shaping the IPP-plus model. With over 4 GW of capacity across nine European markets, Nadara is expanding from onshore wind into solar and offshore wind while managing revenues end to end through in-house trading, origination, analytics, and risk management.

Enjoy a discussion on themes including:

• The evolution from developer to “IPP-plus”: owning, operating, and optimizing assets for long-term value
• Building in-house commercial capability – origination, analytics, risk, and trading desks
• Managing physical dispatch in the UK, Italy, and Spain within strict risk frameworks
• Creating a single source of truth through digital and risk management platforms
• Evolving the team: 50+ commercial specialists and growing IT partnerships across the business
• Navigating the future revenue stack – corporate vs. utility PPAs, merchant exposure, and portfolio-level management
• How Nadara differentiates through scale, in-house expertise, and strong shareholder alignment

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we review some turbulent developments in anti-renewables regulation at the US state and federal levels, as well as the evolution of ERCOT’s PPA price assessments following the market’s revised long-term load forecast. More topics include Denmark’s revised offshore wind framework, and the implications of booming solar in Poland, Portugal, Spain and France.  

In the second part of the episode, David Battista – Analyst & Price Reporter at Pexapark, sheds light on the particularly dynamic energy transition story of Italy. For years, Italy’s PPA market has been talked about more for its potential than its performance. However, dynamics have shifted significantly due to increased regulatory support and strong buyer interest, all while the country is exhibiting early signs of an epic storage boom. To understand the momentum, enjoy the discussion around: 

• Breakdown of recent PPA activity and main players
• The drivers behind the momentum and the challenges ahead 
• Pricing environment and risks 
• BESS developments and the key regulatory themes investors need to know 

Links:

RenewaFi by Pexapark: Renewables industry fears ugly outcomes from Trump’s “One Big Beautiful Bill”

RenewaFi by Pexapark: New net load scenarios: Why supply assumptions matter

Enverus analysis

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we review the latest regulatory updates, including Greece’s fast track of 4.7 GW of new standalone merchant BESS and Germany’s consultation on a grid fee reform. More topics include a spotlight on the current play of Virtual PPAs in Europe and lessons from Spain’s April 2025 blackout from a PPA contractual perspective. 

In the second part of the episode, we invited Mario Schirru – CEO of Encavis AG, to discuss the burning topic of the rise of the next generation Independent Power Producer (IPP). We recently had a widely shared post on LinkedIn about how developers are evolving into full-scale energy businesses, managing merchant risk, revenue optimisation, and more. The response made clear that this shift is top of mind across the industry, so we invited Mario to discuss topics including: 

• What does being an IPP entail, and why are IPPs the biggest risk-takers in the industry
• Key reflection points on how Encavis AG is mastering its business model evolution
• What is within the realm of possibilities for IPPs, and what is the outlook on how the model could evolve 

Links:

Virtual PPAs: State of play in 2025

Lessons from Spain’s April 2025 Blackout: Making PPA contracts resilient to unforeseen events

The Rise of the Nextgen IPP LinkedIn post 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this episode, before we go deep into the dynamics of the Texas energy market, we start with a edit of key developments in European renewables. Topics include early takeaways from the Spanish blackout, the latest from Italy’s MACSE auction and possible strategy decisions by players, and Germany’s proposes bidding zone split. We also dive into the increasingly notable trend of rising balancing costs, the price divergence in the Nordics and more. 

In the second part of the episode, Ian Niebor – Head of Energy Transition Research at Enverus, offers a deep dive into what makes ERCOT one of the most vibrant and complex energy ecosystems globally, citing its diversity of resources, policy landscape, and rapid infrastructure development. On the supply side, the discussion highlights continued growth in solar, storage, and selective gas capacity additions, tempered by policy fragmentation and limited coordination mechanisms.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this episode, we start with an ERCOT edit, including an update on the energy market’s PPAs and Tolls pricing following Trump’s tariffs on Chinese imports; a major load forecast revision, and the rising political tension in Texas. More topics include the proposals of the French energy regulator to boost the local PPA market, Germany’s latest EEG solar auction, and more, followed by a deep dive into the evolving nature of gas markets. 

Seb Kennedy is the founding Editor of Energy Flux, a premium newsletter analysing global natural gas markets through the lens of Europe’s net zero journey. As one of the sharpest voices on the shifting dynamics of global gas markets, we aimed to contemplate questions such as: 

• Is gas still the price anchor in Europe? What would a system look like if natural gas only served as a backup?
• What is the definite trend that emerged from Seb’s analysis of capture price and rates of thermal plants over the past years, compared to renewables? 
• What is the outlook for US and European LNG margins? And what could be some big macroeconomic scenarios that could influence natural gas pricing regimes in 2025? 

Episode breakdown:

00:00- Intro

01:11-Regulation

05:30-Deals & Prices

07:25- Interview with Seb Kenedy 

Links

Energy Flux Newsletter

Pexapark Q1 2025 Renewables & PPA Market Update Reports

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this episode, we start by unpacking Italy’s first FER X auction and how it could impact the country’s PPA market. More topics include Poland’s new support scheme for BESS, the two drivers affecting PPA valuations recently, and the data centers boom in the Nordics, followed by a dive deep into one of the fastest-evolving segments of the renewable energy landscape – the booming European short-term PPA market.

Boon-Li Wong, Head of Portfolio & Trading Services here at Pexapark, carries over 15 years of experience in energy trading and risk management across global markets. His mandate over the past years has been to optimize revenue for operational portfolios, an area of increased focus for asset owners as renewables investment becomes more dynamic. Enjoy the discussion on: 

• How the Short-term (ST) PPA market differs from traditional PPAs for project financing 
• The drivers behind looking at such products for revenue strategy: market events, prices, and the importance of timing  
• How deal structures are evolving alongside market changes and the needs of asset owners: synergies between negative prices and baseload PPAs  
• The current market size and the near-term outlook 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this episode, we take you through a ride from Texas’ forward-looking ‘firming obligation’ proposal for new renewables, to the latest headlines in Europe – including Portugal’s political quicksand, Poland’s possible upcoming onshore wind opportunity, and the latest subsidy schemes developments in Greece, France and the UK and more, followed by a deep dive into the challenges of hourly matching for 24/7 straight from hands-on industry experience. 

Juan Pablo Cedra, is the CEO & Founder at Renewabl – a marketplace for 24/7 carbon-free energy – and the entrepreneurial mastermind behind many net zero-driven ventures. The latest venture helps large corporates improve their carbon-free energy (CFE) score by connecting them with local suppliers with hourly supply capabilities. Enjoy our discussion on:

• JP’s journey from Zeigo to Renewabl
• Practical insight from how the venture is engineered to catalyze evolving procurement strategies
• The challenges and the green premium range of 24/7 hourly matching
• Why data and regulation will shape what comes next

Links to notes from the episode:

Enverus 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! On the regulatory front of this episode, we discuss the European Investment Bank's credit guarantee scheme for PPAs, and some initial reactions from industrial offtakers. More topics include the vibrant Italian energy storage market and its latest developments and reflections on the increased support for nuclear coming from big tech companies, followed by an in-depth conversation on all things battery offtake agreements in Europe. 

Besides a Pexapark alumni, Brian Knowles is also a long-standing battery geek and the Director of  Energy Storage & Power Marketing at Cube Green Energy. Brian has been at the forefront of energy storage development since the nascent days, bringing a valuable perspective to today's dynamic and rapid market developments in Europe. 

Enjoy the discussion covering topics such as: 

• Why is Germany at the front and center for many developers? 
• Is there convergence of business models across Europe? 
• What insight on tolling agreements can we learn from his US experience? 
• What drives co-location decisions from an IPP standpoint? 

Links to notes from the episode:

Nat Bullard Annual Presentation

Amazon, Google and Meta support tripling of nuclear capacity by 2050

J.P. Morgan's 15th Annual Energy Paper 

Pexapark Renewables Market Outlook 2025

Pexapark's upcoming Energy Storage Academies

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! On the regulatory front of this episode, we discuss why EU’s Clean Industrial Deal could be a game-changer for PPAs and the takeaway from France’s TURPE 7 grid reforms. The latest pricing insights in two of the most liquid renewable PPA markets, Germany and ERCOT, reveal diverging trends. More topics include the evolving syneries of AI data center demand and battery storage forecasts in ERCOT and PJM, followed by an in-depth conversation on the evolution of PPA and Tolls pricing in the former. 

Noam Yaffe is the CEO & Founder of RenewaFI, a platform to price and source renewable energy and battery storage offtake agreements in the ERCOT market – now part of the Pexapark family. Following the recent acquisition, we were excited to catch up with Noam on our shared vision and drivers to bring forward pricing transparency in the renewables markets and hear more about what we can learn from the most advanced clean energy market from across the pond, including topics such as negative price clauses; offtake parties interested in toll agreements; uncertainties in the markets resulting in wide bid-ask spreads; and the role of BESS in shaping renewable energy output for data center power demand. 

Episode breakdown:

00:00- Intro

01:07-Regulation

02:37-Deals & Prices

05:18- Wider Energy World

06:54- Interview with Noam Yaffe

Links to notes from the episode:

The Outlook of the Spanish PPA Market- PPA Times Feb ’25 Edition

Duke University study

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In the eighth episode of The Pexapark Podcast, we kick off with an edit of Europe's latest regulatory updates while also touching upon Norway's socio-political crisis on the back of the country's hydro contribution to the continent's mix. More topics include Germany's new offshore wind pipeline, Spain's emerging financing challenges, GB's mismatch of pricing expectations, and more, followed by a focused discussion on the shifts and trends shaping renewable markets in 2025. 

Itamar Orlandi is part of Pexapark's commercial strategy team. Leveraging his vast cross-function experience in renewables investment, he's particularly passionate about interpreting market trends into tangible insights to keep pushing forward the decarbonization journey. His summary for the current state of the energy transition is 'Margin Compression'. Where do we go from here? Enjoy the discussion covering: 

• Reactions from the findings of Pexapark's Renewables Market Outlook 2025 Report & Webinar 
• How the market is approaching the new realities of European solar 
• The industry's scrutiny of fundamental forecasts 
• Three key value drivers to succeed in The Big Adjustment 

Episode breakdown:

00:00- Intro

01:04-Regulation

03:17-Deals & Prices

05:22- Wider Energy World

09:44- Interview with Itamar Orlandi

Links to notes from the episode:

Italy's TIDE power market reform

Portugal's FRA auction

Germany's 12 GW offshore wind tenders

 Q4 2024 Market Report GB

Pexapark Renewables Market Outlook 2025 [Free Access]

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In the seventh episode of The Pexapark Podcast, Luca contemplated the US’s latest energy policy updates following President Trump’s prolific executive orders over his first term weeks. More topics include the impact of the new AI tool DeepSeek on PPA prices and energy demand discussions; battery storage stories from around the globe, and more, followed by a guest interview on the macro themes in energy commodities for 2025. 

Martin Fraenkel is Pexapark’s newly elected Chairman of the Board of Directors. He’s been dedicated to bringing price transparency to the energy commodities markets for nearly 40 years. What is the one phrase he kept from the latest World Economic Forum? Are renewables following the price discovery footsteps of Oil& Gas? What are the implications of the US’s clear pivot to fossil fuels in Europe?  

Links to notes from the episode:

Pexapark Renewables Market Outlook 2025 

The Evolution of BESS offtake agreements in Europe

NextEnergy Update

Martin’s Five Commodity Themes for 2025 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this special edition, we explore how Independent Power Producers (IPPs) are redefining what it means to own and optimize renewable assets in a fast-changing market. 

In this episode Luca Pedretti sits down with Jesper Schaumburg-Düring, Commercial Director at Eurowind Energy, to discuss how the Danish company has transformed from a traditional developer into a full-fledged, multi-technology IPP with ambitions to become a true power major.

 Enjoy a discussion on themes including:

• The shift from developer to true IPP — owning, operating, and optimizing assets for long-term value
• Eurowind’s goal to become a power major by scaling across technologies and markets
• Building flexible assets ready for future market mechanisms like Picasso and ancillary services
• Bringing trader knowledge into the IPP model to manage capture rates, volumetric risks, and PPA complexity
• How Eurowind’s commercial division operates like a trading company — with originators, analysts, and portfolio managers across key markets
• The critical role of data, IT infrastructure, and ETRM systems in managing risk and optimizing revenues
• The challenge of hybrid assets combining wind, PV, and BESS — and the shift from corporate to utility PPAs
• Why understanding risks, market correlations, and flexibility is key to the next generation of IPPs

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In the sixth episode of The Pexapark Podcast, Luca reflects on Europe’s recent CfD rounds and how they compare to PPA prices in France, Poland and Germany. More topics include Norsk Hydro’s new risk management strategy for procurement; why 2025 could transform Europe’s offshore wind; the hidden messages behind Constellation Energy becoming the biggest power generator in the US and more, followed by a 360 discussion on the state of the 24/7 procurement journey.

Killian Daly is an Executive Director at EnergyTag- a non-profit dedicated to enabling 24/7 offtakes – aka, hourly matching of consumption with green production. Having worked in an energy-intensive consumer, he understands first-hand the fundamental drivers of the concept, and he’s on a mission to bring this vision closer to reality. A lot done. A lot more to do. 

Enjoy the discussion covering:

• Practical requirements needed by producers and consumers to facilitate this journey
• Examples of organisations on that mission and how they do it
• The role of multiple- technology renewable deals and upscaled energy intelligence
• Bottlenecks, regulation and the milestones to reach

Links to notes from the episode:

The greater PPA that never was

Wind hate

Polish CfDs

Eurelectric- Pexapark 24/7 study

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In the fifth episode of The Pexapark Podcast, Luca discusses major stories indicating that 2025 will be the year of batteries: from year-end capacity forecasts by key grid operators highlighting an upcoming storage boom to Spain’s Capacity Market. More topics include Better Energy’s restructuring; the latest updates from France’s ‘Nuclear Renaissance’ and more, followed by a candid chat on energy transition investment with Laurent Segalen.

In a world full of ideas and opinions around Net Zero, Laurent, a clean energy investment banker and co-host of the award-winning podcast “Redefining Energy”, has his bespoke hierarchical classification for investment opportunities. What is the magic sentence every investor wants to hear? What upsets him in the investment space at the moment, and what keeps him motivated? 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In the fourth episode of the Pexapark Podcast, Luca critically reflects on Denmark’s offshore wind setback; Germany’s oversubscribed auction and how it stacks up against PPA prices; toxic energy debates on the back of the second Dunkelfaute; the doom and gloom of Swedish onshore wind and more, followed by a vibrant discussion on exciting new PPA structures in the market. 

The risks and requirements of today’s PPA environment demand more creativity and an open mind to how deals are closed. Ann Cocquyt, Director & Regional Lead- PPA Transactions at Pexapark, reflects on her closed transactions portfolio and shares her practical thoughts on all the key new structures we see in the market. 

From zero-price risk allocation clauses – which in reality should never have been a ‘new’ trend, to how Combo PPAs should be priced. What are the different contractual setups of renewables-plus-storage deals? Why are only big corporates able to lead the 24/7 demand? And what is the one required ingredient to qualify for a Multi-buyer PPA?

Links to notes from the episode:

EnergyTwitter 1: Lion Hirth  

EnergyTwitter 2: Moving Beyond Simple PPAs  

 Energy Word 1: Bloomberg on Swedish wind  

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In the third episode of The Pexapark Podcast, Luca’s commentary on all things global renewables and PPAs includes the attractiveness of GSE’s Energy Release Platform destined to serve Italian energy-intensive industrials; Spain’s energy storage consultation; US’s Grain Belt Express high-voltage direct line project confirming that there’s no transition without transmission, and more, followed by a spotlight conversation on Multi-buyer PPAs. 

The PPA Market is moving in new frontiers, with Multi-buyer PPAs receiving much attention due to their promise to unlock new demand segments by aggregating smaller buyers. Luca dives behind the topic with Jon Sigvert, CEO & Co-founder at Reel, a Copenhagen-based B2B electricity supplier and balancing responsible party only active in the Corporate PPA space, unfolding the opportunities and the challenges of the concept and how aggregation can eventually facilitate 24/7 PPAs. 

Episode breakdown:

00:00- Intro

00:59-Regulation

04:06-Deals & Prices 

06:27-Energy Twitter

08:00- Wider Energy World 

09:33-Interview with Jon Sigvert 

Links to notes from the episode:

EnergyTwitter 1: Graig Lawrence

EnergyTwitter 2: Moving Beyond Simple PPAs  

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In this episode of The Pexapark Podcast, our edit of market developments includes an initial overview of the possible impact that Trump’s return could have on the US’s energy transition; Sweden’s rejection of 32 GW offshore wind on the back of security concerns; controversial discourse on the back of the German Dunkelfaute and more thought-provoking developments across the globe, followed by a spotlight conversation on Germany’s PPA Market. 

The land of Enegiewende represents one of the largest renewable markets in Europe, but pending market reforms are set to shake the business models of both PPAs and CfDs. Luca caught up with Jens Hollstein, EVP Advisory at Pexapark, on the fundamental dynamics of PPA deal-making in the country and how they differ for solar, offshore and onshore wind; the current interplay between the auctions and the PPA route and how BMWK’s proposed reforms on the EEG scheme can cause a fundamental recalibration of business models for new renewables. 

Episode breakdown:

00:00-Intro 
00:45-Regulation
04:45-Deals & Prices 
08:11-Energy Twitter
11:19-Interview German PPA Market at Crossroads 

Links to notes from the episode:

BMWK proposes four reform options for EEG auctions

EnergyTwitter 1: Greg Jackson rant on Dunkelflaute 

EnergyTwitter 1: Italian PPA Market

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

In our inaugural episode, our edit of market trends to keep an eye on includes ACER shelving the idea of more PPA templates; increased REMIT reporting requirements; ERCOT planning for big tech to pay for grid updates; and more global energy transition stories attracting our attention followed by an in-depth focus on negative prices and PPAs.

This year has seen record levels of negative pricing hours, and the situation could get worse before it gets better. How the risk affects both clean energy sellers and buyers is one of the hottest topics, with many question marks on how the market can balance out the situation. To shed light on this complex issue, Luca sat down with Dominique Hischier, Pexapark's Head of Analysis, to explore the drivers behind the phenomenon and key implications for PPA negotiations.

Episode breakdown

00:00-Introduction The Pexapark Podcast
03:08-Deals & Prices
06:22-EnergyTwitter 
07:45-Wider Energy World
09:24-Interview Negative Prices 

Links to analysis notes from the episode:

• EnergyTwitter 1: Solar-plus-wind hybridisation in Spain https://www.20minutos.es/lainformacion/economia-y-finanzas/canibalizacion-precios-dispara-firma-contratos-electricos-combinan-eolica-solar-fotovoltaica-5638835/
• EnergyTwitter 2: 7/11 PPAs https://www.linkedin.com/posts/luca-pedretti-746ba218_ppas-renewableenergy-711ppa-activity-7247707528933830657-4p6H?utm_source=share&utm_medium=member_desktop
• Negative prices in PPAs – The state of play in 2024 https://pexapark.com/blog/negative-prices-in-ppas-the-state-of-play-in-2024/ 

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this special edition, we explore how the new generation of Independent Power Producers (IPPs) are evolving from light, asset-based models into active, data-driven energy players. 

In this episode Luca Pedretti sits down with Ivan Nieto-Ruiz, Chief Commercial Officer at Zelestra, to discuss how the global multi-technology IPP is reshaping its strategy across India, Europe, and the Americas. With operations spanning Italy, Germany, Spain, the US, and Latin America, Zelestra is building a customer-focused, hybrid portfolio – integrating solar, wind, and storage to deliver dispatchable, flexible energy solutions.

Enjoy a discussion on themes including:

• The shift from “light in operation” IPPs to dispatchable, customer-centric platforms
• How price cannibalization and falling battery costs are transforming renewables into hybrid, storage-backed systems
• Developing route-to-market operations – managing merchant exposure, short-term trading, and green certificate desks (IRECs, GOs, RECs, carbon credits)
• Why batteries are Zelestra’s central growth engine and the key to long-term competitiveness
• Evolving customer relationships: from standard PPAs to tailor-made structured deals and hybrid tolling models

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this special edition, we explore how investors and fund managers are building the next generation of Independent Power Producers (IPPs). 

In this episode Luca Pedretti sits down with Kai Rintala, Managing Director and Aleksi Nordlund, Director of Power Markets at Taaleri Energia, to discuss how the Finnish renewables fund manager is evolving its model to capture more value across the energy value chain.

Enjoy a discussion on themes including:

• The evolution from developer to full-spectrum value creator across development, construction, operations, and commercialization
• How Taaleri Energia operates “like an IPP” within a fund management model
• The growing importance of power market expertise and origination in maximizing returns
• Deciding what to outsource vs. build in-house in trading, hedging, and portfolio management
• Why sophisticated risk analysis and data infrastructure are becoming must-haves
• Building a lean power markets team supported by a broader investment group focused on trading strategy
• The next frontier: AI, digitalization, and attracting new talent to energy trading

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this special edition, we explore how leading renewables players are evolving into next-generation Independent Power Producers (IPPs). 

In this episode Luca Pedretti sits down with Axel Thiemann, CEO at Sonnedix, to discuss how the company is transitioning from a solar-focused developer into a more diversified and customer-facing IPP active across ten markets.

Enjoy a discussion on themes including:

• Redefining the IPP model: from feed-in tariffs to customer-facing renewable generation
• Expanding from solar into batteries and wind to meet evolving customer needs
• The rise of data and digitalization – standardizing systems and creating a unified data lake
• Balancing long-term stability with growth amid volatile power markets
• The evolution of commercial teams: analytics, origination, and C-suite digital leadership
• Challenges and opportunities ahead – from financing and volatility to grid integration

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In this special edition, we explore how leading developers are evolving into next-generation Independent Power Producers (IPPs). 

In this episode Luca Pedretti sits down with Mehmet Energin, Chief Investment Officer at OX2, to discuss how the company is transitioning from a pure-play developer to an active renewable asset owner. With new shareholders, shifting market dynamics, and fast-moving technology, OX2 is building the commercial, digital, and strategic muscles needed to thrive in an era of volatility, capital scarcity, and hybrid portfolios.

Enjoy a discussion on themes including:

• Why OX2 is returning to the IPP model and how EQT’s 2024 acquisition accelerated the shift
• The new value drivers: structuring, operations, and merchant risk management
• Building capabilities in origination, portfolio optimization, and hybrid PPAs
• How digital tools and data integration support smarter asset management
• The balance between scale, focus, and flexibility in today’s IPP landscape
• Lessons for the future: creating bankable products, attracting talent, and staying agile

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we look at how policy and markets are converging around storage and flexibility. Germany is preparing an industrial power price subsidy from 2026, offering 50 €/MWh for part of energy-intensive companies’ load over three years, while France’s EDF has widened access to its long-term nuclear-based contracts to thousands more companies beyond just heavy industry. Romania is launching a demand-side flexibility market, allowing large users to offer demand reductions in the day-ahead market and share revenues with consumers – part of a broader shift across Europe and the US toward managing load as well as supply.

In Italy, the post-MOXIE battery storage market is moving from tolling agreements toward day-ahead spread swaps as investors increasingly bet on widening spreads and more negative prices. Meanwhile in ERCOT, BESS revenues have dipped even as long-term arbitrage values reach record highs and toll offers stay flat, driving renewed interest in storage dealmaking.

In the second part, Luca Pedretti speaks with Tom Thunell, co-founder of Tyba, about how the US battery storage market is evolving and what this shift means for IPPs transitioning from traditional renewables into storage-heavy portfolios. Enjoy a discussion on themes including:

• ERCOT’s upcoming real-time co-optimization shift and how it reshapes storage revenues and trading strategies
• Why storage is increasingly becoming the lead investment driver in hybrid projects
• The rise of large behind-the-meter and data-center-linked storage deployments
• Key differences in value stacks and operations between markets like CAISO and ERCOT
• Why many ISOs still undervalue storage in capacity accreditation – and how early movers offer lessons
• How IPPs must shift from development-finance models to more trading- and operations-centric approaches
• Portfolio strategies for new storage investors, from leveraging existing interconnections to diversifying markets and offtake structures

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we review key developments shaping renewable energy dealmaking. Across Europe, regulation is evolving to stabilize short-term markets and accelerate grid connections — from Germany refining its Energy Acts to allow grid charging for co-located assets, to Italy’s DL Energia decree and Energy Release 2.0 program supporting grid access and industrial demand. Spain is expediting storage permitting and introducing data center regulation to boost renewable electricity use. In the U.S., the “one big, beautiful bill” continues to define renewable policy, with tax credit eligibility requiring construction to begin by July 2026. ERCOT has expanded its voluntary demand response program, adding operational complexity for large industrial loads.

 In the second part, Luca Pedretti speaks with Natasha Luther-Jones, Partner and Global Co-Chair, Energy and Natural Resources Sector at DLA Piper, about how PPA structures and legal frameworks are adapting to a more complex market shaped by hyperscaler demand, storage growth, and evolving risk allocation. Enjoy a discussion on themes including:

• The evolution and partial standardization of corporate PPAs
• How hyperscalers are reshaping deal structures
• Multi-buyer, intermediary, and co-located PPA models
• Legal focal points: credit support, negative pricing, curtailment
• Standardization trends in BESS tolling and optimization contracts
• Lessons from Spain’s blackout and related contractual risk discussions
• Key contrasts between U.S. and European offtake markets

Subscribe to Pexapark’s bi-weekly newsletter on LinkedIn

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, we zoom out and look at how power markets are shifting across regulation, prices, and the wider energy world. ERCOT is launching real-time co-optimization and fully integrating BESS – the biggest reform since nodal pricing. Germany is moving toward dynamic grid fees that reward flexibility and penalize congestion. Denmark is abandoning “first come, first served” grid queues in favor of maturity-based prioritization. 

At the same time, Europe’s renewables landscape has entered a phase of abundance: more negative prices, lower capture factors, and pressure on debt structures where legacy PPAs weren’t designed for today’s volatility. Owners are rewriting contracts, reshaping hedges, and bridging the next 3–5 years until storage and flexibility scale. 

A new generation of IPPs is emerging – defined not by how well they build megawatts, but by how well they manage risk, revenue, and flexibility in markets where volatility is becoming the norm.

In the second half, Luca Pedretti speaks with Domenico De Luca, Head of Trading & Sales and Executive Board Member at Axpo, for a deep dive into how one of Europe’s largest trading organizations is navigating volatility, managing global portfolios, and preparing for a future shaped by renewables, storage, and shifting market fundamentals.

Enjoy a discussion on themes including:

• How trading & origination have evolved — and which fundamentals still anchor the business
• The shift from long-term to short-term value as volatility grows
• How renewables, cannibalization, and batteries are reshaping PPAs and merchant risk
• The emerging role of hybrid assets and tolling structures in storage
• Why Europe still needs long-duration flexibility and disciplined risk-taking

Notes

𝗧𝗵𝗲 𝗻𝗲𝘅𝘁-𝗴𝗲𝗻 𝗜𝗣𝗣 𝗴𝗼𝗲𝘀 𝗯𝗲𝘆𝗼𝗻𝗱 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻. Instead of passively taking weather-driven output, they control and optimize when and how renewables hit the grid and the market – shaping, shifting, and firming power as they scale into multi-GW, multi-tech, multi-market portfolios.

If you want to understand what “next-gen IPP” looks like in practice, we’ve made two free resources available on the Pexapark website:

• 𝗣𝗲𝘅𝗮𝗽𝗮𝗿𝗸 𝗣𝗼𝗱𝗰𝗮𝘀𝘁 𝗦𝗲𝗿𝗶𝗲𝘀: 8 interviews with early leaders who are re-defining the IPP model in Europe. Listen here
• 𝗧𝗵𝗲 𝗜𝗣𝗣 𝗣𝗹𝗮𝘆𝗯𝗼𝗼𝗸: a hands-on guide for energy leaders, unpacking how IPPs are evolving to capture value, manage risk, and optimize revenues in modern power markets. Read/download free here (no forms)

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti is joined by Jim Boyle, CEO and Founder of Sustainability Roundtable, for a wide-ranging conversation on how corporate renewable procurement is evolving across the US and Europe. Drawing on nearly two decades of buyer-side experience, Jim offers a nuanced perspective on how policy shifts, accounting standards, and market design are influencing deal flow and buyer behaviour. Enjoy their conversation on themes including:

• Why the withdrawal of US clean energy tax credits appears to be accelerating near-term PPA activity
• How reduced subsidies could, over time, slow deployment and potentially ease cannibalisation in more mature renewable markets
• The growing significance of the “hourly debate” and proposed changes to the Greenhouse Gas Protocol
• Why mandating 24/7, in-grid matching could materially limit broader corporate participation in PPAs
• The case for keeping 24/7 procurement optional, while exploring ways to better value storage and flexibility beyond carbon accounting

In the second part of the episode, we turn to recent Pexapark market intelligence. We look at the EU’s upcoming Carbon Border Adjustment Mechanism (CBAM) and why its strict requirements around physical, hourly-matched PPAs may limit near-term uptake in Southeast Europe and Turkey. The episode closes with a more constructive signal from German onshore wind, where oversubscribed auctions and improving price dynamics suggest that shovel-ready projects could increasingly turn to the PPA market after years dominated by subsidy schemes.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti is joined by Dominique Hischier, VP – Editorial & Analysis at Pexapark, to unpack the big theme of Pexapark’s Market Outlook 2026: “The Big Repricing – how volatility and BESS reshape clean energy markets.”

Enjoy their discussion on topics including:

• What it means to operate in a renewables-dominated power system
• Why price volatility is becoming structural, not cyclical
• How lower capture rates, negative prices, and curtailment are reshaping revenues
• Why value is shifting from generation toward flexibility and BESS
• How offtake is evolving as PPA volumes fell ~15% in 2025
• The rise of FPAs and merchant optimization as core routes to market for batteries

In the second part of the episode, Luca turns to recent Pexapark market intelligence on the world’s largest power market, PJM, and how it is being reshaped by rapid data center demand growth and thermal retirements. Capacity auction prices have cleared at the regulatory ceiling again, reserve margins are razor-thin, and new procurement models are emerging – from behind-the-meter and co-located strategies to regulatory changes enabling faster interconnection. The episode also looks at proposals for a one-time auction offering 15-year revenue certainty for new dispatchable generation, signaling a major potential shift in market design.

Pexapark’s Renewables Market Outlook 2026 is now available.
The Big Repricing examines how record renewable deployment, rising volatility, and the rapid scale-up of BESS are reshaping how value is created and captured across clean energy markets.
Download the full report

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, Luca Pedretti is joined by Niels Jakeman, Head of Energy Origination Europe at NORD/LB, to explore how battery storage is being financed today and what lenders look for as the market matures. With around 30 GWh of storage financed globally and decades of experience across renewables and infrastructure finance, Niels offers a lender’s perspective on bankability, risk allocation, and how storage fits into the broader evolution of renewable project finance.

The discussion cuts straight to the issues shaping the future of storage finance, including:

• How renewable financing has evolved from feed-in tariffs to merchant exposure – and what that means for storage
• What makes a storage project bankable, from location and stakeholders to contracts and warranties
• How lenders assess merchant risk, arbitrage, ancillaries, and battery degradation
• The shift from simple tolling agreements toward more complex optimization and hedging structures
• Why hybrid portfolios combining renewables and storage are increasingly attractive from a financing perspective

In the second part of the episode, the focus turns to recent Pexapark market intelligence, with a closer look at France’s new power market regime following the expiry of the ARENH mechanism. The episode explains how the new nuclear clawback framework and long-term industrial supply agreements with EDF are reshaping price formation – and why these changes are setting important benchmarks for PPAs and private offtake in the French market heading into 2026.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti sits down with Maria Paz, Director of Energy Management and Thermal Generation at Repsol, to discuss what it takes to build and manage a large-scale renewable portfolio within an integrated energy company. With more than 6 GW of renewable capacity across Spain, the US, Chile, and Italy, Repsol offers a unique perspective on combining generation, retail demand, trading, and risk management under a single commercial strategy.

Key themes from the discussion include:

• How Repsol integrates generation, retail demand, and trading activities
• Why PPAs remain essential for de-risking renewable investments
• How portfolio optimization captures value across forward, spot, and ancillary service markets
• The role of hybridization and grid constraints in future project development
• Why renewable commercialization is becoming increasingly complex as markets evolve

In the second part of the episode, Luca turns to recent Pexapark market intelligence, examining Italy's rapidly evolving renewable and storage market. He highlights the upcoming MACSE storage auction, the launch of a market-based FCR mechanism, and new FERX renewable support rounds. Across all three developments, a common theme emerges: developers and lenders continue to place a high value on long-term revenue certainty, while regulators increasingly design mechanisms that support system integration and flexibility. The takeaway: Italy is reinforcing its position as one of Europe's most important renewable and storage markets through a combination of regulated support schemes and market-based incentives.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti sits down with Max von Hausen, Pexapark’s Regional Lead for PPA and BESS Transactions in the DACH region, to explore the rise of co-located renewable and battery projects – and what hybrid PPA structures actually look like in practice. Drawing from ongoing negotiations and market outreach across Europe, the conversation examines how developers, utilities, corporates, and lenders are approaching the rapidly evolving market for hybrid offtake agreements in Germany and beyond.

Key themes from the discussion:

• What hybrid PPAs are and how co-located solar and BESS projects are structured
• Why negative prices and falling capture rates are accelerating co-location
• How pay-as-produced, pay-as-nominated, and hybrid structures differ
• Why developers are balancing fixed revenues with merchant exposure
• How FCAs and grid constraints are shaping project economics
• Why co-location could become the standard model for future renewable projects

In the second part of the episode, Luca turns to recent Pexapark market intelligence, examining how data center demand is reshaping US power markets. In ERCOT, uncertainty around future load growth is driving a sharp shift in forward curves, while hyperscalers continue paying premium prices for renewable PPAs. In PJM, supply constraints and slow interconnection processes are keeping solar PPA prices near record highs despite new reliability initiatives. The takeaway: data center demand is accelerating structural changes across US power markets, but supply bottlenecks continue to dominate pricing dynamics.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti speaks with Steffen Schülzchen, CEO and Founder of Entrix, about the rise of battery optimization and the role of software in turning flexibility into a scalable business. Entrix is one of Europe’s leading battery optimizers in the flexibility space, helping large-scale batteries operate across power markets, ancillary services, and evolving offtake structures.

Key themes from the discussion:

• What a battery optimizer actually does – beyond simply “trading” batteries 
• How Entrix uses software and automation to optimize BESS across multiple revenue streams 
• Why battery performance depends on market forecasts, asset constraints, warranties, and state of charge 
• How optimization agreements, merchant exposure, and longer-term offtake structures are evolving 
• Why European expansion requires local market knowledge, even with a scalable tech platform 
• How the optimizer market may develop across Europe as flexibility becomes critical infrastructure 

In the second part of the episode, Luca turns to recent Pexapark market intelligence. He examines the role of demand-side flexibility in Europe’s changing power system, and why it looks compelling on paper but remains difficult to scale in practice. While industrial demand response can compete with BESS in some balancing and capacity markets, its availability depends on operational constraints and market design. The takeaway: demand-side flexibility has a role to play, but for now, BESS remains the more controllable, scalable force shaping intraday spreads in Europe.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti speaks with Philipp Man, CEO and Founder of terralayr, about his vision for building a scalable platform for battery flexibility. The conversation explores how terralayr combines a BESS IPP model with a software-driven route to market, and how asset owners can structure revenues across contracted and merchant exposure, multiple optimizers, and evolving offtake products.

Key themes from the discussion:

• Why flexibility is emerging as the next critical layer in energy markets
• How terralayr combines asset ownership with a software-based commercialization platform
• Why asset owners are moving beyond the binary of fully merchant vs fully contracted
• How virtual tolls, optimizer baskets, and auction-based mechanisms expand BESS revenue strategies
• What is driving demand, pricing, and counterparty dynamics in Germany’s BESS offtake market
• Why bankability still hinges on credible counterparties and proven tolling structures

In the second part of the episode, Luca turns to Pexapark market intelligence, unpacking how geopolitical tensions are reshaping European power markets. He examines how the Iran war is being priced as a structural supply risk – increasing gas prices and volatility, and improving the outlook for BESS revenues – while also widening bid-ask spreads and slowing long-term contracting. The discussion then shifts to flexible connection agreements (FCAs) in Germany, highlighting how non-firm grid access introduces volume risk and increases pricing uncertainty for traditional tolling structures. The takeaway: Germany’s BESS offtake market is increasingly pointing toward more flexible, portfolio-based and financial solutions – including partial tolling, virtual tolls, and top-bottom swaps.

NOTES

How Flexible Connection Agreements Reshape BESS Tolls in Germany

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti is joined by Supria Ranade, Executive Director, Power Origination at J.P. Morgan, to explore the evolving landscape of the US battery offtake market. The discussion looks at how the market is moving beyond traditional tolling structures toward more sophisticated hedging solutions such as top-bottom (TB) swaps – and what this shift means for pricing, risk transfer, and market participants.

Key themes from the discussion:

• How the US battery offtake market has evolved from traditional tolls to TB swaps and other structured hedges
• The three core battery revenue streams: energy arbitrage, ancillary services, and capacity
• Why ERCOT and CAISO remain the key markets shaping battery contracting and trading
• Who is buying and selling TB products – from utilities and hedge providers to corporates and data centers
• Why battery offtake remains largely an OTC market, even as benchmark products gain traction
• What TB pricing reveals about market volatility, battery duration, and the value of storage flexibility

In the second part of the episode, Luca is joined by Pexapark colleagues Jeremy Zelinger and Tyler Anderson to discuss a major expansion of Pexapark’s US storage price intelligence. The focus is on new TB4 and TB6 benchmarks for longer-duration batteries in ERCOT and PJM, the methodology behind them, and early insights – including strong seasonality in persistent value and diminishing returns as battery duration increases.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti speaks with Domenico Tripodi, Partner and Co-Head of Investments at AIP Management, about how financial investors are navigating a renewables market shaped by merchant exposure, changing valuations, and shifting value pools. The conversation explores how private capital is adapting as the sector moves beyond the growth expectations of previous years toward a more complex investment environment.

Enjoy their conversation on topics including:

• Why equity valuations and growth assumptions in parts of renewables were overstated between 2019 and 2023
• How financial structuring helped investors stay defensive through that period
• Why value is increasingly shifting from greenfield development toward aggregation and brownfield assets
• How IPPs may need to move downstream and build new commercial capabilities
• Why enterprise value in renewables is becoming more tied to portfolio and revenue management
• How investors are thinking about flexibility, ancillary services, and risk-adjusted returns in renewable-heavy systems

In the second part of the episode, Luca turns to Pexapark market intelligence, looking at the anticipated overhaul of Germany’s Renewable Energy Act (EEG). The discussion focuses on the proposed shift to a two-sided CfD system, what it could mean for auction dynamics, and how the changes may affect both the German PPA market and developer strategies.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti sits down with Francesco Jimenez, Partner at EY, to break down a topic that has quickly become front-of-mind for many offtakers and developers: IFRS and PPA accounting. With new rules applying from January 1, 2026, the conversation looks at what has actually changed, why it matters, and how companies can prepare – especially when PPAs may trigger derivative accounting, fair value movements, and earnings volatility.

Enjoy their conversation on topics including:

• What IFRS is – and why the January 1, 2026 amendments matter for PPAs
• Which PPAs are more likely to be treated as derivatives (and why)
• How the changes affect the “own-use” exemption for certain physical, pay-as-produced PPAs
• What hedge accounting can (and can’t) solve when fair value moves hit reporting
• How fair value is determined in practice (Level 1 / 2 / 3 inputs) when PPA markets aren’t fully liquid
• Practical steps companies can take now: contract assessment, valuation inputs, and process readiness

In the second part of the episode, Luca turns to recent Pexapark market intelligence – starting with the first-ever Pexapark leaderboard for the European BESS offtake market, focused on Flexibility Purchase Agreements (FPAs) such as floors, tolls, and swaps (and excluding optimization agreements). The episode then shifts to Italy, where leaked details of a proposed New Energy decree reportedly triggered sharp moves in forward power prices and spillover into PPA pricing – highlighting how policy risk can quickly translate into market risk for offtake and investment decisions.

Unlock More PPA Market Insights
Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >