Analyst/Consultant, Energy Markets & Infrastructure (full-time, Spain)

Advisor Energy Markets and Infrastructure Full-time – based in Spain Get in touch Job title: Advisor, Energy Markets & Infrastructure Location: Alicante, Spain About ONE Our New Energy (ONE) is a Tier 1 transaction advisory firm uniquely positioned at the confluence of energy markets and strategic consulting within the dynamic green energy and infrastructure sectors. We are more than advisors; we are architects of the energy transition, providing unparalleled insights and strategic guidance to a global clientele. Our mission extends beyond mere transactions; we facilitate complex deal structuring, catalyze investment and drive profound value creation that accelerates the world’s shift towards sustainable energy. At ONE, we pride ourselves on a culture of intellectual rigor, quantitative precision, and a profound understanding of intricate market dynamics, enabling us to navigate and influence the most complex energy landscapes. We tackle challenges that demand deep analytical acumen, innovative solutions, and a truly global perspective. Key Responsibilities: The successful candidate will undertake a diverse range of tasks, predominantly supporting the Partner and the broader ONE team in Alicante, including but not limited to: Renewable Energy Project Support: Conducting in-depth analysis and due diligence for renewable Power Purchase Agreements (PPAs), project development and investment opportunities in solar, wind, batteries, etc. Quantitative and Financial Modeling: Developing and refining sophisticated financial and quantitative models for project valuation, risk assessment and market forecasting. Market Research & Analysis: Performing comprehensive market research, data analysis and preparing insightful studies on energy market trends, regulatory frameworks and competitive landscapes. Client Engagement & Presentation: Supporting client advisory mandates, preparing high-quality presentations, reports and analytical outputs for both internal and external stakeholders whilst assisting in client communication. Strategic Platform Development: Contributing to the continuous strategic development and enhancement of ONE’s proprietary quantitative and Artificial Intelligence platform. Interdisciplinary Project Involvement: Participating in cross-functional projects that span from early-stage research and development to the execution of complex energy transactions.   Qualifications & Desired Profile: Linguistic Proficiency: Fluency in both Spanish and English is mandatory. Proficiency in any other language will be considered an advantage. Quantitative & Scientific Acumen: A strong academic background with a robust foundation in quantitative disciplines (e.g., Engineering, Mathematics, Physics, Computer Science, Economics, Finance or related fields). Demonstrated analytical and problem-solving capabilities are essential. Sector Interest: A keen interest in and, ideally, foundational knowledge or prior exposure to the energy sector, particularly renewable energy and electricity markets. Experience: Previous professional experience is not a prerequisite for this role, though relevant experience in finance, consulting, or the energy industry will be viewed favorably. Interpersonal & Communication Skills: Exceptional interpersonal, communication and presentation skills are required, given the direct client interaction and collaborative nature of our work. The ability to articulate complex ideas clearly and concisely is paramount.   Why Join ONE? Joining Our New Energy means becoming an integral part of a forward-thinking collective that is actively shaping the future of global energy markets. This is not merely a job; it is an opportunity to immerse yourself in unparalleled professional development, gaining hands-on experience in high-stakes projects that define the trajectory of the energy transition. You will: Engage with Cutting-Edge Projects: Work directly on projects that blend sophisticated financial engineering with deep technical understanding of renewable energy assets, from nascent development to large-scale investment. Learn from Industry Leaders: Collaborate closely with, and receive mentorship from, Partners and senior advisors who are recognized experts in their respective fields across diverse energy market disciplines. Contribute to Tangible Impact: Your analytical contributions will directly inform strategic decisions, influence significant capital flows, and contribute to the tangible realization of a sustainable energy future. Thrive in a Collaborative Environment: We foster a culture where intellectual curiosity is celebrated, challenges are met with collective intelligence, and continuous learning is embedded in our daily operations. Experience Rapid Growth: Given ONE’s dynamic growth trajectory and the evolving nature of the energy sector, this role offers exceptional opportunities for accelerated professional advancement and skill diversification.  Application Process: Interested candidates are invited to submit their CV and a cover letter detailing their motivation and suitability for this role to careers@ournewenergy.com.

ITALY – The effects of ARERA Resolution 128/2025/R/EFR on different PPA structure

ITALY – The effects of ARERA Resolution 128/2025/R/EFR on different PPA structure Get in touch ITALY – The effects of ARERA Resolution 128/2025/R/EFR on different PPA structure Thursday, June 19, 2025 By Sofia Ubaldini Until March 2025, all RES assets in Italy were potentially subject to curtailment orders by the TSO. However, only wind assets were eligible for financial compensation, as curtailment frequency was considered material only in their case. With Resolution 128-2025-R-efr.pdf, effective April 1, 2025, the Italian energy regulator ARERA has extended this compensation mechanism to all RES technologies, including PV assets. This marks a significant shift in regulatory recognition: PV curtailment is now acknowledged as potentially sustained and economically relevant, warranting a compensation framework.  Therefore, through such Resolution, ARERA has extended this compensation mechanism to all RES plants, including PV assets. Under the new regime, PV operators are entitled to compensation for curtailed production, calculated as: Day-ahead zonal price (€/MWh), times Estimated producibility of the asset during curtailed hours   The Market Operator (GSE) will determine, on behalf of Terna, the estimated producibility. While the official calculation methodology has yet to be published, it is expected to align with that used for wind assets and be based on solar irradiation data during the relevant curtailment periods. GSE is expected to confirm that compensation will apply retroactively from April 1, 2025, even if the calculation methodology is formalized at a later date. Implications for PPAs: «Pay-as-Produced» No Longer Equals «Pay-as-Shined» This resolution introduces a fundamental shift in how PV production profiles are treated under long-term Power Purchase Agreements (PPAs). Historically, PV curtailments were so negligible that the commonly called «pay-as-produced» (PaP) profile, meaning the electricity produced and delivered at the grid injection point, effectively matched a hypothetical «pay-as-shined» profile, i.e. the theoretical production based on solar irradiance. This meant the injected profile accurately reflected actual solar conditions. After the publishing of Resolution 128/2025, with recognized and compensated curtailments, this equivalence no longer holds. As curtailments increase, the volume of energy delivered to the grid may deviate more significantly from the asset’s theoretical producibility. How to align PPAs to this new mismatch? The following considerations have to be seen as commercial guidelines, while a legal due diligence on each existing PPA has to be conducted. On merchant PPAs In merchant PPAs it is normally agreed that whatever benefit is recognized to the trader from Terna is passed through to the asset. Please note that balancing costs are usually not charged on the curtailed volumes on which the curtailment compensation is calculated. On Fixed price PPAs If the PPA contract refers to actual injections into the grid, the PPA price implicitly assumes curtailment-free conditions with full solar cannibalization on the off-taker. However, this not commercially consistent with the reality, implying the need to commercially re-negotiate some of the PPA terms. There are two commercial approaches that are mostly being discussed to account for the effect of the new resolution: Keep the current PaP definition (payment on injected energy) but adjust the PPA price upwards to reflect the fact that during curtailed hours the PPA is not paid, leaving part of the solar cannibalization risk on the producer. This is rarely a fit for assets under project financing. Maintain the existing PPA price but redefine the profile to reflect «pay-as-shined», based on the asset’s theoretical production, and thus settling also in curtailed hours. This is the most widespread approach at the time being.   Broader Considerations: Volume Commitment and Availability Guarantee Operationally, Resolution 128/2025 might also introduce implications for other commercial clauses of the PPA (if provided for in the contract): GOs and electricity volume commitment Availability Guarantee Relationships with the BRP, if the PPA is physical   For tailored advice or to discuss how Resolution 128/2025 could impact on your ongoing and future PPA contracts, do not hesitate to reach out to our Italian team. Recent Post PPAs: It Will Become Increasingly Difficult for Corporate Consumers to Be “Green” PPAs: It Will Become Increasingly Difficult for Corporate Consumers to Be “Green” Get in touch PPAs: It Will Become Increasingly… Learn More 2025-11-19 ITA BESS | Beyond MACSE: Alternatives Available for Italian BESS Investors ITA BESS | Beyond MACSE: Alternatives Available for Italian BESS Investors Get in touch ITA BESS | Beyond MACSE: Alternatives… Learn More 2025-09-30 Battery Tolling: The Flexible PPA Model Looking for Followers Battery Tolling: The Flexible PPA Model Looking for Followers Get in touch Battery Tolling: The Flexible PPA Model Looking for… Learn More 2025-07-28 Cargar más

Student Analyst for leading PPA transaction firm (DK-based, student position)

Analyst Energy Markets and Infrastructure Part-time/student position – based in Denmark Get in touch Do you want to work with renewable energy, finance and advisory in an internal environment, but based in the heart of Aarhus? Our New Energy is currently looking for a student analyst to join our growing team, and we cannot wait to meet you. Company description From our offices in Denmark, Spain, Germany, Italy, and Poland, Our New Energy (ONE) advises large energy consumers and leading renewable energy developers/investors across Europe. Our advisory is focused on helping our clients build more renewable energy, faster, and since 2016 we have been spearheading the emerging market for Power Purchase Agreements (PPAs). As subsidies for renewable energy (wind/solar) in most European markets are being phased out, PPAs have become a key building block in the further deployment of wind and solar. We help our clients understand and navigate this market. Specifically, we assist them in quantifying the various risks and opportunities associated with the energy markets, and subsequently negotiating and transact the Power Purchase Agreement. ONE has advised and closed + 5GW since 2016 with a transaction value exceeding EUR 2.5 Bil. This has positioned ONE as a leading advisor within this field. Analyst As an Analyst, we will teach you everything there is to know about renewable energy, finance, and energy markets in general. As your skill set is gradually strengthened, you will assume increasing responsibility and start facing clients directly. We work with a clear career plan, and our ambition is that you transfer into a full-time position after graduation. We are open to Internships and thesis collaboration as well. We work closely as a team, however, there is an expectation that from day 1 you will take responsibility for the tasks given. You will be involved in projects across Europe, aiding our colleagues in our offices in Germany, Spain, and Italy on their local cases. You will refer directly to one of our Danish partners. Transaction Team You will mainly be supporting our Transaction Team, and your tasks will include market analysis, desk research, quantitative analysis and modelling in excel, preparation of presentations, etc. Depending on your profile there is also scope for driving new business opportunities forward. We work on large deals, with leading players across Europe. Qualifications: We expect that you… Are enrolled in Denmark in a relevant bachelor’s or master’s degree within Finance, Economics, Business Administration, Engineering, or similar with a minimum of 1½ years left of your studies. Are very confident in using PowerPoint and Excel Are fluent in English – both written and verbal. Proficiency in other languages is a plus.   Personal skills: We expect that you… Are passionate about renewable energy and wish to proactively contribute to pushing the world in a more sustainable direction. Are keen on working on many tasks at the same time and prioritize them independently Have good social skills and enjoy iterative problem solving. Possess the confidence to effectively communicate and promote your ideas when engaging with external stakeholders.   Job start: as soon as possible Type: part-time/student position Cover letter, CV and transcripts should be addressed to Mikkel Kring on careers@ournewenergy.com.  Interviews will be held on an ongoing basis as applications are received.

ITALY – BPA Contracts with Final Consumers: An Additional Revenue Source 

ITALY – BPA Contracts with Final Consumers: An Additional Revenue Source Get in touch ITALY – BPA Contracts with Final Consumers: An Additional Revenue Source  Tuesday, May 27, 2025 By Sofia Ubaldini With the publication of the new Operating Rules (Regole applicative DM 15-9-2022_2025.pdf) under the 2022 Biomethane Decree, the GSE has outlined in detail the contractual structure between biomethane producers and industrial players classified as Hard-to-Abate. This structure was introduced through Article 5-bis of the Agriculture Decree (DECRETO-LEGGE 15 maggio 2024, n. 63) and paves the way for Biomethane Purchase Agreements (BPAs), unlocking new economic prospects for both buyers and producers of biomethane.  Biomethane and Contracts with Final Customers: Understanding the GSE Framework   Before assessing the potential of the new rules and the opportunities they may bring, it is important to understand the contractual framework proposed by the GSE, that we have summarized in the following table:  Economic Benefits for Final Customers: Consuming Biomethane at the Price of Natural Gas  One of the most significant changes introduced by Article 5-bis and incorporated into the new Operating Rules concerns the economic benefits for Hard-to-Abate Final Customers. Thanks to the self-consumption configuration, these customers can avoid the payment to emission-related taxes, namely the EU Carbon Allowances (EUA), at zero cost. Indeed, under the new rules, biomethane GO must be transferred to them at 0 €/MWh.  The following graph illustrates the potential savings for an industrial player purchasing biomethane under a self-consumption BPA according to the contract duration. As it can be easily seen, the benefit is closely tied to the carbon intensity of the biomethane. The higher the CO₂ emissions avoided compared to the fossil fuel benchmark, the lower the fiscal burden for the Final Customer.   Moreover, the longer the contract duration, the greater the expected savings, particularly given that EUA prices are projected to rise as starting from 2027 the ETS system is set to expand to additional sectors.  In a long-term scenario, with biomethane avoiding 100% of natural gas emissions and a contract duration of 15 years, total savings can reach up to 20 €/MWh.  Premium Structure and Economic Returns for the Producer  Since the Producer is the enabler of the Final Customer saving, it is reasonable that this economic benefit is shared between the two parties. As a result, most BPAs include a spread to be factored into the plant’s financial model on top of the incentive granted by the GSE. The point of discussion is on the structure and the value of such premium, that depend on several factors such as the quality of biomethane, the presence of circular add-ons (e.g. composting and CCS), the ability to secure grid connection, the credit rating of the buyer and many others.  The spread can be structured in two main ways. The first option is a variable spread, most often indexed to the EUA price, with a typical range of 40% to 60% of its value. Based on current market conditions and our experience, for a 15-year contract, the spread typically ranges between 8 and 12 €/MWh.  Alternatively, a fixed spread can be agreed upon during contract negotiations, remaining unchanged for the entire duration of the agreement. This is built on expectations of future EUA market trends. Again, based on today’s market and our experience, for a 15-year contract, this spread generally falls between 6 and 9 €/MWh.  When the contract is executed through an Intermediary, it is important to consider that part of the spread may be retained by this third party, potentially reducing the Producer’s net margin.   If you are interested in learning more about this topic, don’t hesitate to get in touch with our Italian team. Our New Energy is a European leader in energy market advisory, founded in Denmark with the mission to accelerate the energy transition through smart, market-based solutions. Since 2017, we have supported energy producers across Europe, successfully closing over 5 GW of market parity PPAs and all kinds of renewable projects, from utility-scale solar and wind to BESS and biogas assets.  In the biomethane sector, we have long-standing experience in Northern Europe and, building on that expertise, we are now actively supporting the first transactions in the Italian market. With our cross-border know-how and hands-on approach, ONE is your trusted partner to navigate the complexities of the BPA market and unlock long-term value.  Recent Post Battery Tolling: The Flexible PPA Model Looking for Followers Battery Tolling: The Flexible PPA Model Looking for Followers Get in touch Battery Tolling: The Flexible PPA Model Looking for… Learn More 2025-07-28 Italian Biomethane – Navigating a Producer-Driven Market Italian Biomethane – Navigating a Producer-Driven Market Get in touch Italian Biomethane – Navigating a Producer-Driven Market Thursday, July 17,… Learn More 2025-07-28 Italy Launches a Public Guarantee Scheme for PPA Default Risk: Market Innovation or Redundant Layer? Italy Launches a Public Guarantee Scheme for PPA Default Risk: Market Innovation or Redundant Layer? Get in touch Italy Launches… Learn More 2025-07-28 Cargar más

ONE’s Expert Modeling Secures Major Investment in Whysol’s Italian Battery Portfolio

ONE’s Expert Modeling Secures Major Investment in Whysol’s Italian Battery Portfolio Get in touch ONE’s Expert Modeling Secures Major Investment in Whysol’s Italian Battery Portfolio Wednesday, April 2, 2025 By Laura Susta Milan, Italy – April 2, 2025 – Our New Energy (ONE), a leading specialist advisory firm in renewable energy and battery storage, highlights its pivotal role in supporting Whysol Investments’ battery energy storage system (BESS) portfolio development in Italy, which recently secured a strategic minority investment from Crédit Agricole Assurances. ONE’s comprehensive technical and commercial advisory services have helped position Whysol Renewables as an influential player in Italy’s rapidly evolving energy storage market. «Our specialized modeling and scenario analysis has been instrumental in identifying and quantifying the exceptional value proposition of Whysol’s battery storage portfolio,» said Dario Gallanti, Partner at Our New Energy. «By developing bespoke BESS valuation models specifically calibrated to Italy’s unique regulatory framework and market conditions, we’ve helped demonstrate the compelling investment case that attracted Crédit Agricole Assurances.» ONE’s advisory services for Whysol Investments encompassed: Advanced BESS modeling customized for the Italian electricity market Complex operational simulations across multiple regulatory scenarios Development of sophisticated valuation methodologies for battery storage assets Innovative PPA structuring and origination for optimal revenue stacking Strategic analysis for participation in Italy’s Capacity Market (MACSE)   BESS technologies are considered the most strategic and reliable flexibility solution for the Italian energy market, supporting coal decommissioning and compensating for the absence of nuclear power. Battery storage is projected to represent approximately 50% of Italy’s installed flexible capacity by 2060. Alberto Bitetto, CEO of Whysol Investments, has emphasized the importance of Italy’s advanced regulatory framework for batteries, considered the most developed in Europe, in supporting their vision of a more efficient, sustainable, and reliable energy system. Whysol aims to participate in the upcoming MACSE auction this autumn, leveraging the mechanism established by Legislative Decree 210/21 that enables the national energy system to acquire new centralized storage capacity.   About Our New Energy Our New Energy provides specialized advisory services in renewable energy and battery storage, offering advanced modeling, market analysis, and commercial structuring to investors and developers across Europe. Through bespoke methodologies and deep market expertise, ONE helps clients optimize investment decisions and maximize asset value in the rapidly evolving energy transition landscape. Contact:Dario Gallanti Partner, Our New Energy dga@ournewenergy.com Recent Post ITALY | SOLAR – Energy Release 2.0: Navigating the Wave of Bilateral Deals Energy Release 2.0: Navigating the Wave of Bilateral Deals Get in touch ITALY | SOLAR – Energy Release 2.0: Navigating… Learn More 2026-01-19 PPAs: It Will Become Increasingly Difficult for Corporate Consumers to Be “Green” PPAs: It Will Become Increasingly Difficult for Corporate Consumers to Be “Green” Get in touch PPAs: It Will Become Increasingly… Learn More 2025-11-19 ITA BESS | Beyond MACSE: Alternatives Available for Italian BESS Investors ITA BESS | Beyond MACSE: Alternatives Available for Italian BESS Investors Get in touch ITA BESS | Beyond MACSE: Alternatives… Learn More 2025-09-30 Cargar más

Harnessing the Solar Surge: The Potential of BESS

Harnessing the Solar Surge: The Potential of BESS Get in touch Harnessing the Solar Surge: The Potential of BESS – A Case Study in Spain Monday, January 20, 2025 By Laura Susta & María Santana As Europe transitions toward a renewable-powered future, the challenge of managing intermittent energy sources is becoming increasingly critical. This year, the captured rate of solar PV has declined across the continent, dropping to 67% in Spain and 69% in Greece. For investors, ensuring expected returns on investment has become increasingly tough, whether through PPAs or by staying merchant. Therefore, reaching the ambitious targets for renewable energy deployment of the coming years is expected to be challenging.  In this context, Battery Storage Systems are emerging as a transformative solution, not only for balancing the grid but also for stabilizing the electricity prices. According to the National Energy and Climate Plan, Spain aims to achieve 22.5 GW of installed storage capacity by 2030, with at least 25% of this capacity expected to come from BESS. Some industry projections are even more aggressive, forecasting up to 20 GW of BESS deployment by 2030.  To understand the potential of this technology to mitigate the solar price cannibalization, we have built a model to compare hourly prices in scenarios with and without substantial BESS deployment in Spain by 2030.   The study is based on historical data and the expected load, PV and wind capacity according to the national targets and market consensus. The methodology used is a mix of statistical techniques based on machine learning, which allows achieving an accuracy of 85% in price prediction.   The findings are represented in the graph above, showing the difference in the two 2030 average hourly price curves, considering a RES deployment according to the national targets and market forecasts. With a BESS installed capacity of 20 GW, the production is almost constant throughout the day, as the peak during the solar hours is absorbed by the storage and then reinjected into the system during the night hours, while with 0 GW of BESS the production is definitely discontinuous.   This strongly impacts the prices, as without BESS they show a standard deviation of 55% compared to the daily average, while with the modelled BESS installation the fluctuations are reduced to 36%. The peaks remain during sunrise and sunset hours due to the higher load, but their amplitude is reduced from 100€ to 50€.   This is due to BESS’s ability to absorb excess energy when prices are low and release stored energy during periods of higher demand, creating a more stable and predictable electricity market. This brings benefits for all stakeholders: for consumers, it leads to more predictable pricing and potentially lower overall costs, for grid operators, it enhances system reliability and minimizes the need for expensive peaker plants, for producers, it improves captured prices, thereby incentivizing investments in renewable energy and fostering a virtuous cycle of growth in renewable capacity.  Surely, BESS are not the only solution available, and they must be complemented with alternatives such as demand side flexibility, which helps stabilize prices through a load shift. This has already been implemented for example by Google, to adjust the consumption of their data centres in different regions. However, demand response solutions have more significant impact on the single company but take more time to reflect on the whole system.  In conclusion, as Spain approaches 2030, BESS are expected to become the key enabler of the energy transition—a trend mirrored across European energy markets, thanks to the combination of ambitious government targets, declining capital costs, and favourable trading conditions.   However, timing and strategy are crucial to avoid the pitfalls of over-saturation and revenue erosion: there is the risk that, through too aggressive targets and supporting systems, BESS could undergo a fast cannibalization effect.   With strategic planning and early adoption, investors can leverage BESS to accelerate the transition to a renewable-powered future, securing economic and environmental benefits for generations to come.  At Our New Energy we give strategic and quantitative support to enable actors to exploit the potentials of the different technologies and maximise the benefits for all. To assist developers in making an informed evaluation, we have also developed a proprietary model to estimate the future expected merchant revenues of a BESS, and compare them with other alternatives such as incentive schemes or PPAs, to maximize the revenues while minimizing the risks.   Recent Post Harnessing the Solar Surge: The Potential of BESS Harnessing the Solar Surge: The Potential of BESS Get in touch Harnessing the Solar Surge: The Potential of BESS –… Learn More 2025-01-20 What is the mechanism about and how are the stakeholders organized? Energy Release: What is the mechanism about and how are the stakeholders organized? Get in touch Energy Release: What is… Learn More 2025-01-13 Offshore Wind Energy: A saturated market results in no bids in Danish auction Offshore Wind Energy: A saturated market results in no bids in Danish auction Get in touch Offshore Wind Energy: A… Learn More 2024-12-12 Cargar más

What is the mechanism about and how are the stakeholders organized?

Energy Release: What is the mechanism about and how are the stakeholders organized? Get in touch Energy Release: What is the mechanism about and how are the stakeholders organized? Monday, January 13, 2025 By Sofia Ubaldini Energy Release 2.0 is a mechanism introduced by the Italian state allowing energy-intensive companies to access electricity at capped prices, provided that, in order to return such cheap energy volumes, they invest in the creation of new renewable energy generation capacity. This investment can be carried out directly by the corporate or delegated to a third-party developer. Also, energy-intensive companies can participate in the mechanism either individually or through a demand aggregator, where the latter takes over the obligation to build new RES capacity or – more often – find a third-party developer to fulfill such obligation towards GSE.  The entities that have so far emerged in the aggregator’s role are mainly industry associations, energy service providers (including some ESCos) and several utilities.   From an economic perspective, aggregators are generally generously remunerated for their service by the industrial consumers for taking over all the obligations (and related risks) towards GSE and the relationship between the corporate and the aggregator often relies on a profit-sharing model. With a consumption strike price set at 65 €/MWh for years 2025, 2026 and 2027, the expected savings for the corporates generated by participating in the initiative lie in the range between 40-50 €/MWh (considering today’s electricity futures). Current aggregators profit sharing offers towards energy consumers span to as much as 50% of such expected profit, which has triggered a rather disorganized frenzy, even from operators not strictly qualified, to get their hands on these supposedly easy profits.    Challenges behind the mechanism: guarantees, volumes, time  Yet, the implementation of Energy Release presents a range of challenges for all the stakeholders involved.  One of the primary issues is the extremely tight timeframe for execution. The challenge becomes even more pressing due to the overlap with the end-of-year holiday season and significantly limits the ability of aggregators and producers to negotiate the contract for delegating the asset development. This may result in a situation where aggregators and consumers will bid on the 14th of February without having a signed agreement with the generators to back their restitution obligations.  Another major challenge arises from the guarantees involved. Firstly, GSE requests a first demand bank guarantee from corporates/aggregators to ensure the future construction of the renewable project. This requirement can be particularly challenging for some players, unless they are well-established utilities. The upside of this constraint is that it excludes less solid players from the system. However, even renown operators who have to create a new business vehicle for the purpose of becoming aggregators might face difficulties in quickly obtaining such bank collaterals.   Secondly, aggregators usually require RES developers to provide a guarantee backing the responsibilities towards GSE related to the asset construction. This guarantee is typically aligned with the independent guarantee asked by the GSE (“garanzia autonoma”), but in some cases can range to the full value of the penalty imposed by the GSE in case of withdrawal from the restitution contract (“contratto di restituzione”) between the producer and GSE. In the first scenario, the aggregator assumes the risk of having to pay the penalty if the producer withdraws from the agreement. However, although they accept to remain liable for the entire amount of the penalty, very few producers would accept to provide a guarantee that matches the total penalty value. Indeed, even if the guarantee would be in place limited to the period between 14th February and the asset COD, such collateral would be both very difficult to receive from the bank and very inefficient from a cost perspective.  Managing volume uncertainty between anticipation contracts and restitution contracts is another key challenge. Such difficulty is double folded as there is uncertainty in both the volumes that will be accepted under Energy Release and the actual volumes that the corporates will consume. The first risk is typically borne by the producer as almost all the delegation contracts include a condition precedent which ensures that the contract is only valid if the aggregator successfully secures volumes with the GSE, yet usually with a minimum volume being guaranteed to the producer. On the contrary, the second risk is often borne by the aggregator who takes on the responsibility of guaranteeing in the delegation contract that the quantity of energy returned cannot be lower than a minimum threshold agreed between the corporate and the aggregator.  Finally, fiscal issues pose significant challenges for aggregators. The energy “borrowed” through Energy Release could be required to be booked as a liability on the corporate/aggregator’s balance sheet until the obligations towards GSE are fully taken over by the producer. While this remains one of the open points currently being investigated by the market, it could give large utilities a strong competitive advantage compared to other aggregators and corporates. To address this challenge, some players are willing to offer a dynamic price premium based on the asset COD: the earlier the operation date, the higher the premium on top of the 65€/MWh. This approach underscores their prioritization of quickly closing the liability line introduced by Energy Release in their balance sheet.    Bankability of Energy Release mechanism and relationship with PPAs  A final challenge of Energy Release is ensuring the bankability of projects where only 50% of the energy could be contractually secured at a fixed price, through energy release. Indeed, banks still have mixed feelings on what financing terms to agree on for such moderate Hedge Ratios. In this context, the Power Purchase Agreements (PPA) market is offering a viable solution to circumvent the problem.  The restitution requirement under Energy Release operates at portfolio level rather with the only condition that each asset participates in the restitution with at least 5% of its energy production. This structure allows for a strategic distribution of the restitution obligations. For instance, most of the energy to be returned, (i.e. up

Offshore Wind Energy: A saturated market results in no bids in Danish auction

Offshore Wind Energy: A saturated market results in no bids in Danish auction Get in touch Offshore Wind Energy: A saturated market results in no bids in Danish auction Tuesday, December 10, 2024 – Staffetta Quotidiana  By G.P. and S.P.   Translated to English using an AI translation software. Read the original article here The first round of the Danish auction without incentives, aiming to allocate three areas in the North Sea for the construction of offshore wind farms with a total capacity of at least 3 GW, received no bids. The deadline for submissions expired last week. The second round of the auction, which will allocate an additional three coastal areas in Denmark with a capacity of 3 GW, has a deadline of April 1, 2025. The procedure for both rounds was launched in April 2024. The Danish Ministry of Climate and Energy has asked the Danish Energy Agency to investigate why no bids were submitted. The areas are allocated without state subsidies, and developers must pay a lease to the state for 30 years. Additionally, the state will own 20% of each project. According to the industry association Green Power Denmark, the lack of interest is due to rising costs for wind turbines, materials, and interest rates. Denmark does not offer incentives, and investors face uncertainties regarding the prices at which the electricity production can be sold. Specifically, there is uncertainty about the use of electricity in hydrogen production. Mikkel Kring, a partner at the consultancy Our New Energy (ONE), explains that the lack of interest is closely tied to characteristics of the Danish PPA market, currently being oversupplied combined with having limited demand growth, ultimately discouraging signing of long-term power purchase agreements (PPAs). Without PPAs or state incentives, investors are unwilling to risk building new facilities. «We have advised several potential bidders over the past 18 months,» says Kring. «Our analysis shows that the Danish PPA market is and will continue to be oversupplied, which explains the limited interest.» On the supply side, there are already many projects seeking PPA contracts, creating an oversupply. At the same time, several major Danish companies have already signed long-term agreements, leading to market saturation. On the demand side, the electrification of Danish consumption is lagging, and the expected increase in energy demand from P2X projects, such as hydrogen production, is delayed by economic challenges and unclear political support. Furthermore, Denmark has few energy-intensive industries. These factors create a gap between the prices buyers are willing to commit to in long-term agreements and the prices demanded by investors. Currently, PPA price bids are often below the costs of new facilities. «The gap between LCOE (levelized cost of energy) and market prices means that PPA prices are in some cases lower than the actual construction costs,» explains Kring. He adds that ONE has developed a proprietary PPA pricing tool  to price PPAs, that shows prices are below the LCOE for offshore wind in Denmark, mainly attributed to rising interest rates and high capital expenditures. The Danish energy system would struggle to absorb the production from the three new offshore wind farms, which could add approximately 12 TWh to the grid. To absorb all this production, additional demand is needed from industrial electrification, P2X projects, and hydrogen exports to Germany. In 2023, Denmark produced 58% of its electricity from wind and 10% from solar, according to AIE. That same year, the country was a net importer of 10% of its demand. Recent Post Offshore Wind Energy: A saturated market results in no bids in Danish auction Offshore Wind Energy: A saturated market results in no bids in Danish auction Get in touch Offshore Wind Energy: A… Learn More Kamilia Michaela Jakobsen12 de December de 2024 Unpacking Article 5-bis of DL Agriculture: Implications for Italy’s Biomethane Sector Unpacking Article 5-bis of DL Agricoltura: Implications for Italy’s Biomethane Sector Get in touch Unpacking Article 5-bis of DL Agricoltura:… Learn More Kamilia Michaela Jakobsen16 de September de 2024 Financing Opportunities for Power-to-X in Denmark: Are the Fundamentals Established? Financing Opportunities for Power-to-X in Denmark: Are the Fundamentals Established? Get in touch Last week (04/06), PwC published a survey… Learn More Miguel Marroquin10 de June de 2024 Cargar más

Senior Advisor for European leading energy transaction firm

Senior Advisor Energy Markets and Infrastructure Full-time – based in Italy Get in touch Company and Job description At Our New Energy we insist on spearheading the European PPA markets through innovative solutions and competent advisory. We are passioned about what we do and see PPAs as a key building block in the energy transition. With more than 5 GW of transacted PPAs, ONE is amongst the leading PPA advisory companies in Europe. To support our growth further, we are looking for a Senior Advisor to help drive and develop our offering and market presence. Our vision is to keep growing the most competent PPA advisory business in Europe, and we hope that you want to join our journey in our new office in Milan.   Work Tasks Do you thrive in a dynamic environment where quantitative analysis, origination and negotiation is your everyday? Do you possess strong project management skills, and the ability to build customer relationships? Are you able to lead a transaction team, and successfully close PPAs? Then you are the perfect match that we are looking for! A few examples of your responsibilities: Lead PPA transactions across Structuring, Origination and Negotiation; supported by our models and team of analysts. Originate new clients and market our services across Europe. Analyze market trends and formulate clear and concise analysis that can be published and shared with clients. Support on business development activities and innovative ideas, ensuring that ONE remains at the forefront of the market.   What We Look For We have a strong company culture and believe that people should work with what they are passionate about. Our experience is that such passion drives performance more than anything else.   We expect you to have: Minimum 3 years of experience with PPAs from an energy consultancy, utility, trader or corporate supported by a clear understanding of energy markets and renewables financing. Excellent communication and presentation skills, enabling you to convey complicated analysis in concise and simple language. Proficiency in English is required. Fluency in Italian or Spanish is a strong plus. An entrepreneurial spirit that wants to drive innovation and lead the market. A strong sense of ownership and responsibility.   Profound understanding of the power market.   What We Offer Impact: We have contributed to over 5 billion Euros of new renewables investments reaching the market (in the last seven years alone!). Top of the class team: You will be surrounded by an unparalleled level of talent and expertise in energy markets, all within the highly specialized sector of energy finance and sustainability business. Exiting workday: Boredom doesn’t happen here. In ever-changing renewables investment strategies, you will most likely never experience a monotonous day and you will never know what to expect from the energy market when you clock in. International reach: Expanding from our core markets in Europe, we are present all over the world so you will have the opportunity to work on very different markets. We expect you to be able to quickly adapt to negotiation habits from all over the world. Fun: Because work is a huge part of our days, it is essential that it is fun. That is why we celebrate our success with various social events.   Location Our New Energy is a modern workplace with a flat organizational structure. With our main office sitting in downtown Aarhus (Denmark) we are currently looking for a candidate to join our new Milan office, home to our South-Eastern European team. Reach out to careers@ournewenergy.com and impress us by telling us what makes you unique.

Ambitious Advisor for European leading energy transaction firm

Advisor Energy Markets and Infrastructure Full-time – based in Italy Get in touch Company and Job description Are you ready to speed up the energy transition through hard work and a data-driven business mindset? The world needs more renewable energy, and Our New Energy (ONE) is committed to facilitating this transition. ONE is one of the leading energy transaction advisory firms on unsubsidized renewable assets in Europe, and we have ambitious growth plans. We assist developers and investors in navigating the rapidly evolving energy landscape, by providing clear and competent transaction advisory services, both on long and short term agreements. As the energy market keeps evolving, we insist on remaining at the forefront of innovation. This requires us to have the best team, determined to make a difference. Hence, if you are looking for an ambitious and dynamic environment alongside experienced colleagues with a strong drive and a mission to make an impact, then Our New Energy might be the right place for you.   Work Tasks We are looking for a highly driven and business-oriented person to join our team and expand our reach even further. A few examples of your responsibilities: Transaction Support: Support Power Purchase Agreements (PPAs) transactions with thorough quantitative analysis of electricity markets’ historical and forecasted behavior. Scenario test/Monte Carlo simulations on likely outcomes, analyse the results and derive recommendations to our clients. Market Insights: Staying curious and updated on the market trends and evolutions, formulate clear and concise quantitative and regulatory analysis that can be published and shared with clients. Business Support: Assist in client dialogs and prepare client and conference presentations ensuring coherent and world class communication. Data Structure: Assist in creating strong and coherent data management.   What We Look For Above all we are looking for a colleague with the right personal match. We expect the successful candidate to have a strong quantitative background (technical and/or finance) as well as meaningful experience or contact with the energy markets and/or renewables industry across Europe. We expect you to be: Quantitative strong: At ONE, we are entrepreneurs at heart, and we support decisions based on numbers. You must have a passion for seeking for numbers to prove your thoughts and love the idea of leveraging data to determine what works and what does not. Natural Negotiator: You possess a keen ability to understand the needs of our clients and think fast to achieve an elegant solution that optimises their interest. Resilient and precise: You are energetic, pay attention to detail, can work under pressure, and persevere through adversity until the job is done Passionate about sustainability: You have the ambition to change the world and impact the sector with your new ideas and concepts. Humble: You are eager to help and contribute to the team, at times sharing the ‘not so fun’ tasks. You are open to feedback and truly value others’ opinions.Proficiency in English is required. Fluency in Italian is a strong plus.   What We Offer Impact: We have contributed to over 5 billion Euros of new renewables investments reaching the market (in the last seven years alone!). Top of the class team: You will be surrounded by an unparalleled level of talent and expertise in energy markets, all within the highly specialized sector of energy finance and sustainability business. Exiting workday: Boredom doesn’t happen here. In ever-changing renewables investment strategies, you will most likely never experience a monotonous day and you will never know what to expect from the energy market when you clock in. International reach: Expanding from our core markets in Europe, we are present all over the world so you will have the opportunity to work on very different markets. We expect you to be able to quickly adapt to negotiation habits from all over the world. Fun: Because work is a huge part of our days, it is essential that it is fun. That is why we celebrate our success with various social events.   Location Our New Energy is a modern workplace with a flat organizational structure. With our main office sitting in downtown Aarhus (Denmark) we are currently looking for a candidate to join our new Milan office, home to our South-Eastern European team. Reach out to careers@ournewenergy.com and impress us by telling us what makes you unique.