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

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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

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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:

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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

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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

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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

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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

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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

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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 

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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

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