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 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 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 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 >

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 >