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 Europe.

In the second part, Jesús Boccio – Senior Originator at Pexapark – joins us to unpack the state of Spain’s offtake market after this year’s blackout.

Enjoy a discussion on themes including:

• From blackout to blueprint: Operating Procedure 7.4, synthetic inertia, and a fast-track for co-located BESS
• Hybrid PPAs: early Spanish deals and how batteries can lift PPA value profiles
• Negative prices & balancing: managing exposure as BRP models tighten and costs rise
• Spain’s buyer lens: fewer deals, smarter structures, and short-tenor hedges as a bridge
• Outlook & timing: when Spain’s storage wave could break – and how to be ready

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