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Developers signed 8.4 GW of power purchase agreements (PPAs) in Europe in 2022, down 21% by volume from the preceding year, according to Pexapark’s newly published annual report. However, the Swiss consultancy notes that the 161 deals that were actually signed rose by 4.5% year on year, with Spain leading the way.
Pexapark says in a new report that renewable-energy PPAs remained “impressively stable” in Europe in 2022, despite broader market turbulence. Contracted volumes fell to 8.4 GW, down 21% from 2021, but the total number of PPAs increased by 4.5% in 2022, with 161 agreements.
Corporate PPAs accounted for 80% of the total in 2022, and 83% of the contracted volumes. The contracted capacity of corporate PPAs grew by at least 20%, from just 5.8 GW in 2021.
“The maturity of the PPA market shone in the middle of the European energy crisis, and the resistance it showed was, at the very least, remarkable,” said Luca Pedretti, director of operations (COO) for Pexapark.
Spain was the largest PPA market last year, with around 3.2 GW of disclosed capacity across 31 deals. Spanish companies Greenalia and Endesa accounted for more than 1.8 GW, or 20%, of the contracted capacity.
The top five buyers were Alcoa (1,830 MW), Microsoft (900 MW), Amazon (420 MW), Renault (350 MW), and Meta (300 MW), while the top five sellers were Greenalia (924 MW), Endesa (906 MW), Statkraft (687 MW), Energia Group & Power Capital Renewable Energy (534 MW), and Voltalia (380 MW).
“The year experienced extreme volatility levels throughout, but two spikes are the ones to be remembered the most: January 2022, and September 2022 where volatility reached up to 230%,” said Pexapark.