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European power purchase agreement offers drift lower in Q4 2020: Zeigo

Highlights

Offers down 2% quarter on quarter

Nordics cheapest, Germany dearest

GB potential for aggregation

London — The lowest power purchase agreemenr, or PPA prices in Europe are still to be found in the Nordics, with offer prices in Denmark, Finland and Sweden hovering around the low Eur30/MWh mark, according to data from renewable energy platform Zeigo.

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The final quarter of 2020 saw average offer prices decrease 2% on the third quarter 2020, and prices were down in a year-on-year comparison too, if only marginally.

Excluding the Nordics, the lowest PPA prices were to be found in Spain due to growing activity and significant solar resources, Zeigo energy analyst Matthieu Paturet told S&P Global Platts Feb. 9.

There were numerous PPA deals signed in Spain last year with continued interest from corporates, some looking to hedge against volatile wholesale prices, he said.

At the other end of the scale, the highest prices on the Zeigo platform were seen in Germany, which has only recently seen a growth in PPA deals.

"PPA potential is high in Germany with large consumers holding ambitious sustainability targets and some assets looking to secure revenue for their post-subsidy end of lifecycle," said Paturet.

The GB market remains an established corporate PPA market and there was continued activity in Q4 2020.

"Growing momentum for PPAs and a fragmented corporate demand shows good potential for aggregation in the UK, where smaller consumers could be pooled together to form a large off-taking group for a project," Paturet said.

The price data in this report reflect an average of what developers of renewable energy facilities are seeking on Zeigo's platform in order to proceed to project financing.