.png)
LevelTen Energy’s Q2 2026 European PPA Price Index Report is now available for subscribers.
Each quarter, the LevelTen Energy PPA Price Index reports the prices that wind and solar project developers have offered for power purchase agreements (PPAs) on the LevelTen Energy Marketplace, the world’s largest collection of PPA pricing offers.
This quarter’s edition includes a deep dive into European onshore wind, exploring the regulatory context, future opportunities, and PPA values that this technology provides.
Key highlights from the report:
Solar prices see slight uptick
Q2 saw prices on LevelTen's Solar Index rise for the first time in a year, nudging up by 2.8%. However, market-level price movements were varied, with the upward trend being driven largely by surging prices in Poland.
The Nordic region is experiencing a modest development push, as buyers look to balance out wind-heavy portfolios. Denmark, Finland, and Sweden all re-emerged on our Index in Q2 as offer liquidity in the region saw a resurgence.
Meanwhile, the quest for more battery storage is manifesting itself across Europe’s markets, particularly those with very high PV penetration such as Germany and Spain. The increased appetite for hybrid PPAs — which combine storage with generation — has created enough liquidity for LevelTen to debut our Hybrid PPA Index as part of this Q2 report.
The Hybrid PPA Index, available in the full Index, allows market players to better navigate the hybrid landscape, see where offer liquidity is, and understand price-competitiveness across markets. For a complete analysis of a hybrid deal’s financial value against a variety of third-party price forecasters, readers are invited to explore MarketPulse.
Wind prices continue decline
Wind markets remain dynamic across Europe, with offered volumes on the rise in many markets. LevelTen's European Wind Index continued its longstanding declining trend in Q2, nudging down 1.6%.
In Poland, liberalised permitting rules for onshore wind development have borne fruit in the form of an expanded pipeline of high-quality projects, offering corporate buyers additionality opportunities in one of Europe’s most carbon-intensive grids.
Meanwhile, Italian wind deals are boasting strong financial value thanks to a combination of high wholesale power prices and low onshore wind curtailment. Alongside Spain, Italy has one of the oldest onshore wind fleets in Europe, offering the promise of a new wave of repowered projects that offer buyers additionality claims without the development risk of new-build projects.
Finnish wind prices held steady in Q2, as curtailment risk eats into project revenues for developers and brings increased volume risk for buyers. Finnish hybrid wind+storage deals are seeing traction, offering reduced curtailment risk and more uptime from projects.
World events underscore PPAs' value
Conflict in the Middle East and the closure of the Strait of Hormuz has caused long-lasting disruption to energy markets, with forward prices up significantly in Great Britain, Germany and Italy — markets where price signals are particularly sensitive to the cost of gas. Markets with a high share of renewables and less gas reliance, like Spain, have been relatively insulated from price shocks.
The European Commission has deployed several legislative measures to soften the impact of the war on power consumers. The AccelerateEU package, announced this quarter, aims to stimulate investment into domestic sources of renewable energy and streamline permitting processes across the bloc. PPAs are widely considered a fundamental tool to ensure that clean energy projects — essential for Europe’s energy sovereignty — secure the financial backing they need to get built.
Meanwhile, GO prices are rising. For buyers highly reliant on unbundled certificates to meet their clean energy goals, PPAs are getting a closer look as a means of meeting long-term energy goals — GOs included — at a fixed price.
Storage deals emerge as key tool
PV price cannibalisation and negative price hours are jeopardising the value of traditional, pay-as-produced PPAs for corporate energy buyers — especially for those with large amounts of standalone solar in their portfolios. Battery storage continues to emerge as an essential tool for improving the financial performance of their contract stack.
Buyers are in a prime position to capitalise on battery-enabled hedges. As smart contracting structures become more accessible, more offtakers are capturing the value-boosting benefits of battery storage while avoiding operational complexities. At LevelTen, we continue to see hybrid deals boosting the financial performance of PPA portfolios while de-risking new contracts from ongoing market uncertainty.
LevelTen's Hybrid PPA Index, debuting this quarter, provides buyers with unprecedented insights into Europe's hybrid PPA market.
Subscribers of the PPA Price Index can log in to the new LevelTen Report Center to read the full report. Not a subscriber? Contact us today to get access.
.png)
