European PPA prices rose 5% in September as contracting recovered

Victoria Shinder14 October 2026, 09:322 min read

Power purchase agreement prices in Europe rose 5% in September 2026, according to the monthly data of Swiss consultancy Pexapark, reported by pv magazine on 13 October. Pexapark's EURO Composite Index followed higher forward electricity prices across most markets; rising gas prices lifted PPA fair values, and part of the move came from calibration adjustments.

Country by country. Great Britain recorded the largest monthly increase at 10.9%, followed by Italy and Poland (6.9% each), the Nordic countries (4.3%) and the Netherlands (4.1%). Germany rose 3.6% and France 3.1%. The Iberian Peninsula was the exception: prices fell 3.5% in Spain and 1.4% in Portugal. Pexapark also recalibrated Danish fair values after buyers raised the risk discounts they apply, which cut 10-year baseload values for contracts starting in 2028 by about €5/MWh; an upward revision to capture curves partly offset the effect on pay-as-produced deals. In Poland, an update to the hourly forward curve increased the extra value available to solar PPAs paired with batteries.

Deals. Contracting recovered after the summer: 25 agreements for about 1.2 GW were disclosed in September, against 14 contracts and 335 MW in August. Corporate buyers accounted for 21 deals and nearly 1.1 GW, or 92% of announced capacity. The largest included Google's 22-year, 507 MW agreement supporting the extended operation of Finland's Loviisa nuclear plant, and Amazon's virtual PPA for 156 MW at the Big Fish agrivoltaic project in Sicily. Onshore wind (281 MW) slightly exceeded solar (276 MW); solar paired with storage added 167 MW. Italy led by number of deals, with seven.

Flexibility contracts. The faster-growing segment was flexible power agreements: 16 deals for about 2.1 GW and 4.7 GWh, more than double August's 869 MW and 2.4 GWh. Four tolling agreements made up 925 MW, among them a 10-year, 400 MW contract between Statkraft and Greenvolt described as the first of its kind in Poland. Structures with revenue floors and profit sharing covered 548 MW, merchant deals with revenue sharing just 80 MW — a split pv magazine reads as a preference for hedged revenue. Three hybrid PPAs were announced, the highest monthly number so far, and the third quarter set a record for such structures.

The figures are Pexapark's, based on publicly announced deals; undisclosed contracts are not in the count.

Source: pv magazine, "European PPA prices rise 5% in September" (Pexapark data) — https://www.pv-magazine.com/2026/10/13/european-ppa-prices-rise-5-in-september/