New analysis has found that the UK has the second highest proportion of projects with PPA offers out of fourteen European countries.
The report, which is from renewable energy marketplace LevelTen Energy, tracks the most competitive PPA price offers on the LevelTen Marketplace – those in the 25th percentile – and analyses the 14 countries to provide insight into the most attractive PPA offers available to renewable energy buyers.
It found that Spain came in first, with 26% of the projects with PPA offers, and the UK came in second at 14%.
It also found that solar had a smaller range of offer prices than wind. When looking at the range between the lowest and highest percentile offer prices, wind PPAs had near double the spread at €40.33/MWh (£36.71/MWh) versus €21.90/MWh (£19.94) for solar.
However, when looking at the 25th percentile pan-European index price came in at €38/MWh (£35/MWh) for solar, higher than the €31/MWh (£28/MWh) for wind.
The index is to be released every quarter, with this quarter’s setting a baseline so that in future reports LevelTen can track the percentage that the indices change over time.
For this quarter, there was “significant variation of the wind and solar indices” among countries, it said, suggesting this could be attributed to factors like regulatory conditions, commercial operation date ranges and regional differences in resource availability and development costs.
Jason Tundermann, vice president of business development at LevelTen Energy, said: “Corporations are joining the call to build back better, but they’re also not waiting for governments to act; they’re taking it upon themselves to reduce their own carbon footprint by procuring renewable energy through PPAs.”