Following the journey at the Ateneo de Energia we would like to share some of the ideas elaborated during our presentation:

• We see renewable projects going 100% merchant in northern Europe. These decisions are made based on the expectations on leaner CapEx & Opex at the time of erecting and expected regulatory and market design changes leading to a more favourable economics at final investment decision (post 2020).

• Current situation in Spain is a prelude of future of Europe’s renewable industry, a scenario with no investment / generation incentives given their maturity and market parity. This opens a fantastic opportunity to initiate the process in a country with great fundamentals and still a rather supportive market price level.

• This change in paradigm requires and invites industry agents to take-part and coordinate action to develop new products answering to this new situation and opportunities. A scenario where PPAs will turn from an investment requirement into a choice for hedging investors’ returns.

• The above will become also true for financing institutions, where we expect to see a reduction in PPAs bankability requirements, where banks will become increasingly comfortable with shorter hedged periods and consider instead other forms of exotic cash-flow hedging.

• Whereas today, our electricity market is ‘controlled’ by those who optimize and dispatch conventional until, having access and information about large portfolios of renewable assets will turn into the competitive advantage of the future.

In short: Exciting times ahead…