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.

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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.

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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.

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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

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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.

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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.

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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.

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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

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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.

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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.

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