The Pexapark Podcast – Details, episodes & analysis

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/ 

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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

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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  

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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  

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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? 

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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

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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 

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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

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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]

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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 

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