POWER
The EU PPA market recorded 27 deals in December 2024, a 50% increase month-on-month compared to November’s 18 deals, with volumes in December doubling on the year, according to Pexapark today.
- December’s total PPA volumes reached 2.088GW, marking a 105% month-on-month rise from November’s 1.019GW and double volumes compared to December 23 at 1.044GW (see chart).
- Recurrent Energy finalised a 300MW solar PPA in Spain with an undisclosed U.S.-based technology company. Similarly, Iberdrola secured a 264MW onshore wind PPA in Spain.
- Meanwhile, Copenhagen Infrastructure Partners partnered with Google to enter a 250MW offshore wind PPA for the Zeevonk project in the Netherlands.
- And Italy saw its first publicly announced post-subsidy PPA as ERG signed a 5-year agreement with Duferco Energia for the 42MW Rotello wind farm.
- While in France, innovation in multi-buyer agreements was highlighted with a 10-corporate PPA led by energieTEAM, connected to the "3 Rivières" wind project.
- Overall, the largest deals of 2024 were significantly smaller compared to those in 2023. In 2023, the top deal was an 869MW solar PPA, with the fifth-largest reaching 469 MW.
- By contrast, 2024's top deal was 596MW, and the fifth largest was 300MW
- The total capacity of the top five deals in 2024 amounted to approximately 2GW, compared to 3GW in the previous year.
Pexapark’s EURO Composite closed December at €51.76/MWh, a 1.2% rise month-on-month amid a steady upward trend in energy prices.
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