The Pexapark Podcast
Welcome to The Pexapark Podcast, your fortnightly edit of impactful intelligence in renewable energy, Power Purchase Agreements (PPA) and beyond. Every two weeks, our COO & Co-Founder Luca Pedretti kicks off with key market, regulatory, pricing and deal making updates in Europe and North America.In the second part, Luca hosts an in-depth conversation with an industry expert, discussing candid perspectives on the critical trends shaping our sector. For more insights, register for a free Pexapark account here: https://go.pexapark.com/podcastsAbout UsPexapark is the price intelligence platform for clean energy, covering solar, wind, and battery storage across more than 20...
The Missing Layer of Power Markets: Battery Optimization with Steffen Schülzchen of Entrix
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 softw...The AWS for Power: How Philipp Man of terralayr Wants to Shape the BESS Offtake Market
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 marketsHow terralayr combines...An Overview of the US BESS Offtake Market: From Tolls to TB Swaps with Supria Ranade from JP Morgan
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 tr...From Volume to Value: The Next Phase of Renewable Investing with Domenico Tripodi of AIP
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...Navigating the New IFRS Reality for PPA with Francisco Jimenez of EY
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...The Big Repricing: How Volatility and BESS Reshape Clean Energy Markets with Dominique Hischier of Pexapark
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 systemWhy price volatility is becoming structural, not cyclicalHow lower capture rates, negative prices, and curtailment are reshaping revenuesWhy value is shifting from generation toward flexibility and BESSHow offtake is...Merchant Value & Volatility: Decoding BESS Bankability with Niels Jakeman of NORD/LB
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 th...
Corporate PPA & The “Hourly Debate” with Jim Boyle of Sustainability Roundtable
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...Risk, Discipline and the Evolution of Trading & Origination with Domenico De Luca of Axpo
Welcome back to The Pexapark Podcast! In the first part of the episode, we zoom out and look at how power markets are shifting across regulation, prices, and the wider energy world. ERCOT is launching real-time co-optimization and fully integrating BESS – the biggest reform since nodal pricing. Germany is moving toward dynamic grid fees that reward flexibility and penalize congestion. Denmark is abandoning “first come, first served” grid queues in favor of maturity-based prioritization.
At the same time, Europe’s renewables landscape has entered a phase of abundance: more negative prices, lower capture factors, and pressure...
The Next-Gen IPP Podcast Series | OX2’s Mehmet Energin
Welcome back to The Pexapark Podcast! In this special edition, we explore how leading developers are evolving into next-generation Independent Power Producers (IPPs).
In this episode Luca Pedretti sits down with Mehmet Energin, Chief Investment Officer at OX2, to discuss how the company is transitioning from a pure-play developer to an active renewable asset owner. With new shareholders, shifting market dynamics, and fast-moving technology, OX2 is building the commercial, digital, and strategic muscles needed to thrive in an era of volatility, capital scarcity, and hybrid portfolios.
Enjoy a d...
The Next-Gen IPP Podcast Series | Mirova’s Jérôme Tricot
Welcome back to The Pexapark Podcast! In this special edition, we look at how next-generation Independent Power Producers (IPPs) are becoming digital, data-driven operators.
In this episode Luca Pedretti is joined by Jérôme Tricot, Director, Asset Performance & Optimisation at Mirova, a Paris-based sustainable asset manager with ~€33bn AUM, including >€4bn invested in energy-transition infrastructure and a sixth fund currently in fundraising. Jérôme explains how Mirova invests in and alongside IPPs – developing, building, and operating renewables – while evolving capabilities for revenue management, hedging, and flexible, dispatchable portfolios.
Enjoy a...
The Next-Gen IPP Podcast Series | Nuveen Infrastructure’s Jordi Francesch and Pierre Bartholin
Welcome back to The Pexapark Podcast! In this special edition, we explore how investors are redefining Independent Power Producers (IPPs) for a new era of complexity and scale.
In this episode Luca Pedretti sits down with Jordi Francesch, Managing Director, and Pierre Bartholin, Senior Director and Head of Power Hedging and Origination at Nuveen Infrastructure, to discuss how the global investment manager is building next-generation IPPs under the Nuveen Clean Energy platform. With roots in Glennmont Partners, Nuveen Infrastructure operates across 12 markets and four core technologies – onshore and offshore win...
The Next-Gen IPP Podcast Series | Nadara’s Joanna Ellis
Welcome back to The Pexapark Podcast! In this special edition, we explore how next-generation Independent Power Producers (IPPs) are evolving beyond development into active commercial and operational players.
In this episode Luca Pedretti sits down with Joanna Ellis, Chief Commercial Officer at Nadara, to discuss how the company – formed in 2024 through the merger of Renantis and Venti and Energy – is shaping the IPP-plus model. With over 4 GW of capacity across nine European markets, Nadara is expanding from onshore wind into solar and offshore wind while managing revenues end to end through in-ho...
The Next-Gen IPP Podcast Series | Eurowind Energy’s Jesper Schaumburg-Düring
Welcome back to The Pexapark Podcast! In this special edition, we explore how Independent Power Producers (IPPs) are redefining what it means to own and optimize renewable assets in a fast-changing market.
In this episode Luca Pedretti sits down with Jesper Schaumburg-Düring, Commercial Director at Eurowind Energy, to discuss how the Danish company has transformed from a traditional developer into a full-fledged, multi-technology IPP with ambitions to become a true power major.
Enjoy a discussion on themes including:
The shift from developer to true IPP — ownin...The Next-Gen IPP Podcast Series | Zelestra’s Ivan Nieto Ruiz
Welcome back to The Pexapark Podcast! In this special edition, we explore how the new generation of Independent Power Producers (IPPs) are evolving from light, asset-based models into active, data-driven energy players.
In this episode Luca Pedretti sits down with Ivan Nieto-Ruiz, Chief Commercial Officer at Zelestra, to discuss how the global multi-technology IPP is reshaping its strategy across India, Europe, and the Americas. With operations spanning Italy, Germany, Spain, the US, and Latin America, Zelestra is building a customer-focused, hybrid portfolio – integrating solar, wind, and storage to deliver dispatchable, flexible ene...
The Next-Gen IPP Podcast Series | Taaleri Energia’s Kai Rintala and Aleksi Nordlund
Welcome back to The Pexapark Podcast! In this special edition, we explore how investors and fund managers are building the next generation of Independent Power Producers (IPPs).
In this episode Luca Pedretti sits down with Kai Rintala, Managing Director and Aleksi Nordlund, Director of Power Markets at Taaleri Energia, to discuss how the Finnish renewables fund manager is evolving its model to capture more value across the energy value chain.
Enjoy a discussion on themes including:
The evolution from developer to full-spectrum value creator a...The Next-Gen IPP Podcast Series | Sonnedix’s Axel Thiemann
Welcome back to The Pexapark Podcast! In this special edition, we explore how leading renewables players are evolving into next-generation Independent Power Producers (IPPs).
In this episode Luca Pedretti sits down with Axel Thiemann, CEO at Sonnedix, to discuss how the company is transitioning from a solar-focused developer into a more diversified and customer-facing IPP active across ten markets.
Enjoy a discussion on themes including:
Redefining the IPP model: from feed-in tariffs to customer-facing renewable generationExpanding from solar into batteries and wind to meet evolving customer n...Inside the Rise of Storage with Tom Thunell of Tyba
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 t...
The Queen of PPAs: Natasha Luther-Jones on how Deal Making in Renewables & BESS is Evolving
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 construc...
Ahead of RE-Source: SolarPower Europe’s Walburga Hemetsberger on Solar, Storage, and Europe’s Next Energy Chapter
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 Atlant...
Watt’s Up: Engie’s Take on BESS and 24/7 CFE
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...
The State of Co-Location. The Way forward for Hybrid PPA
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 Pedret...
State of the Spanish Offtake Market Post-Blackout
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 Europ...
Unpacking the 5 Key Trends That Paint the Full Picture of Europe’s PPA & BESS Offtake Markets
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...
PJM in Flux: Capacity Price Spikes, Renewables & How The World’s Largest Power Market Works
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 Ger...
From Data to Benchmarks: How Price Reporting Shapes Markets
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 u...
From Electrons to Intelligence: How Crusoe Powers AI with Modular, 24/7 Energy
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 procu...
Charged up: The rise of Europe’s BESS offtake market
Welcome back to The Pexapark Podcast! In the first part of the episode, we review the main headlines from across the pond, spotlighting PJM’s proposed revised rules for renewables participation in its capacity markets, all while the passage of the “Big Beautiful Bill” already impacts PPA deal-making in the country. More topics include Germany’s latest EEG onshore wind and solar-plus-storage innovation auctions.
In the second part, Apostolis Valassas – Lead BESS Analyst at Pexapark, takes us for an intense ride on all things BESS offtakes in Europe. Deal flow in 2025 has evolved remarkably, and all eyes are on how...
Optimising the Future: Enspired CEO Jürgen Mayerhofer on the Storage Market’s Next Moves
Welcome back to The Pexapark Podcast! In the first part of the episode, we reflect on the proposed rollback of the US’ clean energy tax credit scheme for renewables and potential short-term and medium-term impacts. More topics include the latest findings from Pexapark’s intensified BESS insights, including tolling price discovery; the current bid ranges in Germany; BESS financing structures based on revenue and business models and more.
In the second part of the episode, Juergen Mayerhofer – CEO and Founder of enspired, BESS and power assets optimiser – discusses the exciting but challenging task of helping an asset owner un...
Unpacking the dynamic Italian PPA market
Welcome back to The Pexapark Podcast! In the first part of the episode, we review some turbulent developments in anti-renewables regulation at the US state and federal levels, as well as the evolution of ERCOT’s PPA price assessments following the market’s revised long-term load forecast. More topics include Denmark’s revised offshore wind framework, and the implications of booming solar in Poland, Portugal, Spain and France.
In the second part of the episode, David Battista – Analyst & Price Reporter at Pexapark, sheds light on the particularly dynamic energy transition story of Italy. For years, Italy’s PPA market...
The rise of the next-gen IPP
Welcome back to The Pexapark Podcast! In the first part of the episode, we review the latest regulatory updates, including Greece’s fast track of 4.7 GW of new standalone merchant BESS and Germany’s consultation on a grid fee reform. More topics include a spotlight on the current play of Virtual PPAs in Europe and lessons from Spain’s April 2025 blackout from a PPA contractual perspective.
In the second part of the episode, we invited Mario Schirru – CEO of Encavis AG, to discuss the burning topic of the rise of the next generation Independent Power Producer (IPP). We recent...
What makes ERCOT such a vibrant and complex energy ecosystem?
Welcome back to The Pexapark Podcast! In this episode, before we go deep into the dynamics of the Texas energy market, we start with a edit of key developments in European renewables. Topics include early takeaways from the Spanish blackout, the latest from Italy’s MACSE auction and possible strategy decisions by players, and Germany’s proposes bidding zone split. We also dive into the increasingly notable trend of rising balancing costs, the price divergence in the Nordics and more.
In the second part of the episode, Ian Niebor – Head of Energy Transition Research at Enverus, offers a deep...
From Backbone to Back up? Understanding Gas’s Role in Setting Future Power Prices
Welcome back to The Pexapark Podcast! In this episode, we start with an ERCOT edit, including an update on the energy market’s PPAs and Tolls pricing following Trump’s tariffs on Chinese imports; a major load forecast revision, and the rising political tension in Texas. More topics include the proposals of the French energy regulator to boost the local PPA market, Germany’s latest EEG solar auction, and more, followed by a deep dive into the evolving nature of gas markets.
Seb Kennedy is the founding Editor of Energy Flux, a premium newsletter analysing global natural gas mar...
Inside the Booming European Short-Term PPA Market
Welcome back to The Pexapark Podcast! In this episode, we start by unpacking Italy’s first FER X auction and how it could impact the country’s PPA market. More topics include Poland’s new support scheme for BESS, the two drivers affecting PPA valuations recently, and the data centers boom in the Nordics, followed by a dive deep into one of the fastest-evolving segments of the renewable energy landscape – the booming European short-term PPA market.
Boon-Li Wong, Head of Portfolio & Trading Services here at Pexapark, carries over 15 years of experience in energy trading and risk management across g...
The 24/7 Challenge: Matching Clean Power Hour by Hour
Welcome back to The Pexapark Podcast! In this episode, we take you through a ride from Texas’ forward-looking ‘firming obligation’ proposal for new renewables, to the latest headlines in Europe – including Portugal’s political quicksand, Poland’s possible upcoming onshore wind opportunity, and the latest subsidy schemes developments in Greece, France and the UK and more, followed by a deep dive into the challenges of hourly matching for 24/7 straight from hands-on industry experience.
Juan Pablo Cedra, is the CEO & Founder at Renewabl – a marketplace for 24/7 carbon-free energy – and the entrepreneurial mastermind behind many net zero-driven ventures. The latest venture he...
Europe's Dynamic Battery Storage Business Models
Welcome back to The Pexapark Podcast! On the regulatory front of this episode, we discuss the European Investment Bank's credit guarantee scheme for PPAs, and some initial reactions from industrial offtakers. More topics include the vibrant Italian energy storage market and its latest developments and reflections on the increased support for nuclear coming from big tech companies, followed by an in-depth conversation on all things battery offtake agreements in Europe.
Besides a Pexapark alumni, Brian Knowles is also a long-standing battery geek and the Director of Energy Storage & Power Marketing at Cube Green Energy. Brian has been at...
The Evolution of PPA and Tolls Pricing in ERCOT
Welcome back to The Pexapark Podcast! On the regulatory front of this episode, we discuss why EU’s Clean Industrial Deal could be a game-changer for PPAs and the takeaway from France’s TURPE 7 grid reforms. The latest pricing insights in two of the most liquid renewable PPA markets, Germany and ERCOT, reveal diverging trends. More topics include the evolving syneries of AI data center demand and battery storage forecasts in ERCOT and PJM, followed by an in-depth conversation on the evolution of PPA and Tolls pricing in the former.
Noam Yaffe is the CEO & Founder of Renew...
Tackling Margin Compression in Renewables Investment
In the eighth episode of The Pexapark Podcast, we kick off with an edit of Europe's latest regulatory updates while also touching upon Norway's socio-political crisis on the back of the country's hydro contribution to the continent's mix. More topics include Germany's new offshore wind pipeline, Spain's emerging financing challenges, GB's mismatch of pricing expectations, and more, followed by a focused discussion on the shifts and trends shaping renewable markets in 2025.
Itamar Orlandi is part of Pexapark's commercial strategy team. Leveraging his vast cross-function experience in renewables investment, he's particularly passionate about interpreting market trends into tangible i...
Commodities & Energy Transition in 2025
In the seventh episode of The Pexapark Podcast, Luca contemplated the US’s latest energy policy updates following President Trump’s prolific executive orders over his first term weeks. More topics include the impact of the new AI tool DeepSeek on PPA prices and energy demand discussions; battery storage stories from around the globe, and more, followed by a guest interview on the macro themes in energy commodities for 2025.
Martin Fraenkel is Pexapark’s newly elected Chairman of the Board of Directors. He’s been dedicated to bringing price transparency to the energy commodities markets for nearly 40 years. Wh...
The State of 24/7 Offtakes
In the sixth episode of The Pexapark Podcast, Luca reflects on Europe’s recent CfD rounds and how they compare to PPA prices in France, Poland and Germany. More topics include Norsk Hydro’s new risk management strategy for procurement; why 2025 could transform Europe’s offshore wind; the hidden messages behind Constellation Energy becoming the biggest power generator in the US and more, followed by a 360 discussion on the state of the 24/7 procurement journey.
Killian Daly is an Executive Director at EnergyTag- a non-profit dedicated to enabling 24/7 offtakes – aka, hourly matching of consumption with green production. Having worked i...
