# Our New Energy

> World Leading Energy Advisory


## Homepage

- [Our New Energy | Expert PPA Advisory for Energy Transition](https://ournewenergy.com): Our New Energy accelerates the energy transition with expert PPA advisory and tailored solutions for renewable energy stakeholders.

## Pagine Principali

- [About Us - Company profile](https://ournewenergy.com/about-us/): Our New Energy is an international energy services company supporting the energy transition through innovative solutions and expert PPA advisory.
- [ONE Capital - for a better tomorrow](https://ournewenergy.com/one-capital/): ONE capital deploys the profit from the ONE group into direct and impactful investments related to the energy transition. Learn more!
- [Services - Energy market advisory](https://ournewenergy.com/services/): Our New Energy provides clear and innovative energy market advisory, that enables its clients to efficiently navigate the complexities of the energy transition.
- [Blog, news and insights](https://ournewenergy.com/blog/): Read our blog posts to stay up to date with the latest news, insights, and expert analysis on the energy market and its key trends.
- [Newsletter PPA Insights Monthly](https://ournewenergy.com/newsletter/): Sign up to our newsletter to receive monthly exclusive news, in-depth insights, and expert analyses on the PPA market, trends, and opportunities.

## Articoli Recenti

- [ONE acquires 30% stake in ENZEE](https://ournewenergy.com/one-acquires-30-stake-in-enzee/): ONE expands its collaboration with Aarhus based energy trader, ENZEE, by acquiring 30% of ENZEE Holding alongside its pre-existing investment in ENZEE USW
- [Italy Solar Energy Release 2.0: Bilateral Deals Trends](https://ournewenergy.com/italy-energy-release-2-0-navigating-the-competitive-auction/): Explore Italy’s Energy Release 2.0 and how bilateral solar power agreements are reshaping energy markets for industries and renewable investments.
- [Italian Biomethane: Navigating a Producer-Driven Market](https://ournewenergy.com/italian-biomethane-navigating-a-producer-driven-market/): Explore the Italian biomethane market and understand how producer-driven dynamics are shaping pricing, contracts and growth opportunities.
- [Battery Tolling: The Flexible PPA Model to Watch](https://ournewenergy.com/battery-tolling-the-flexible-ppa-model-looking-for-followers/): Battery tolling is emerging as a flexible PPA model. Learn how it works, why it matters and what it means for energy storage markets.
- [BESS as an Alternative to MACSE in Energy Markets](https://ournewenergy.com/bess-alternative-macse/): Discover how BESS can act as an alternative to MACSE, supporting grid stability, flexibility services and new opportunities in energy markets.
- [Student Legal Manager for Leading PPA Firm – Denmark](https://ournewenergy.com/student-legal-manager-for-leading-ppa-transaction-firm-dk-based-student-position/): Student legal manager position in Denmark at a leading PPA transaction firm. Support renewable energy deals and power purchase agreements.
- [Analyst for Leading PPA Transaction Firm – Student Role](https://ournewenergy.com/analyst-for-leading-ppa-transaction-firm-dk-based-student-position/): Student analyst position in Denmark at a leading PPA transaction firm. Gain hands-on experience in renewable energy and power markets.
- [German-Speaking Analyst for PPA Firm – Student Position](https://ournewenergy.com/german-speaking-analyst-for-leading-ppa-transaction-firm-dk-based-student-position/): Student job opportunity in Denmark for a German-speaking analyst at a leading PPA transaction firm operating in European energy markets.
- [PPAs: Why Going Green Gets Harder for Corporate Buyers](https://ournewenergy.com/ppas-it-will-become-increasingly-difficult-for-corporate-consumers-to-be-green/): Corporate PPAs are becoming more complex. Learn why it’s harder for companies to go green and how power purchase agreements are evolving.
- [Office and Communications Manager – Denmark (Part-Time)](https://ournewenergy.com/office-and-communications-manager-dk-based-part-time/): We’re hiring a part-time Office and Communications Manager in Denmark. Join a dynamic energy company and support operations, marketing and communications.
- [E-World Energy & Water 2026: Why You Should Attend](https://ournewenergy.com/one-to-attend-e-world-energy-water-february-10-12-2026-in-essen-germany/): Discover why attending E-World Energy & Water 2026 in Essen is key for energy professionals, utilities and innovators shaping the future of power markets.
- [Italy Solar Energy Release 2.0: Bilateral Deals Trends](https://ournewenergy.com/italy-solar-energy-release-2-0-navigating-the-wave-of-bilateral-deals/): Explore Italy’s Energy Release 2.0 and how bilateral solar power agreements are reshaping energy markets for industries and renewable investments.
- [ITALY – The effects of ARERA Resolution 128/2025/R/EFR on different PPA structure](https://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
- [Energy transaction manager](https://ournewenergy.com/energy-transaction-manager/): Energy Transaction Manager Energy Markets and Infrastructure Full-time – flexible location 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 4.5 GW of transacted PPAs, ONE is amongst the leading PPA advisory companies in Europe. To support our growth further, we are looking for a Manager to help drive and develop our offering and market presence. Our vision is to build the most competent PPA advisory business in Europe, and we hope that you want to join our journey.   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 team of analysts and models. 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 6 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 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. Impact: We have contributed 4.5 billion Euros of new renewables investments reaching the market (in the last six years alone!). 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. We have a main office at the Energy Transition House in downtown Aarhus (Denmark), the European capital of energy trading and renewables, and local offices in Alicante, Milan, and Munich. As a flexible organization, we can adapt the job location to meet the needs of the right candidate, offering a hybrid work arrangement that combines in-office and/or remote work options. Reach out to careers@ournewenergy.com and impress us by telling us what makes you unique.
- [Analyst/Consultant, Energy Markets & Infrastructure (full-time, Spain)](https://ournewenergy.com/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.
- [Student Analyst for leading PPA transaction firm (DK-based, student position)](https://ournewenergy.com/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.
- [Advisor for leading](https://ournewenergy.com/advisor-for-leading/): Advisor Energy Markets and Infrastructure Full-time – based in Denmark 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 renewables 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. As the energy market is evolving, we insist on remaining at the forefront of innovation. This requires us to have the best employees, 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.   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 Execution: Support (and in time lead) PPA transactions with thorough quantitative analysis of electricity prices and forecasts. Scenario testing/Monte Carlo simulations on likely outcomes, analyze and derive recommendations. Origination Services: Assist the structuring of new products to propose to origination departments in trading houses/utilities and deliver on the related transaction. Business Support: Assist in client dialogs and prepare client and conference presentations ensuring a coherent and world class communication. Research and Analysis: Conduct research and analysis ensuring that we stay at the forefront of innovation. Company Ambassador: Participate and present at conferences across Europe and grow our geographical presence. Communications support: Make sure that our accomplishments and ideas are communicated efficiently with the aim of generating further opportunities.   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 good quantitative background (technical and/or finance) as well as meaningful experience or contact with the energy markets and/or renewables’ industry across Europe. Proficiency in English is required while fluency in Italian or Spanish is a strong plus. We expect you to be: Business and data driven: At ONE, we are entrepreneurs at heart, and we support decisions based on numbers. You must have a passion for seeing the results of your work and love the idea of leveraging data to determine what works and what does not. Resilient and precise: You are energetic, pay attention to detail, can work under pressure, and thrive in an ambitious environment. Passionate about sustainability: You have the ambition to change the world and impacting the sector with your new ideas and concepts. Creative: You are inventive and a natural out-of-the-box thinker, coming up with all sorts of new concepts for your work, that help drive the green energy transition. 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.   What We Offer Impact: We have contributed to 4.5 billion Euros of new renewables investments reaching the market (in the last five years alone!). Top of the class team: You will be surrounded by an unparalleled level of talents and expertise in energy markets, all within the highly specialized sector of energy finance and sustainability business. Diverse 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. We have a main office at the Energy Transition House in downtown Aarhus (Denmark), the European capital of energy trading and renewables. We also have offices in Copenhagen, Madrid, Alicante, Milan, and Munich. Reach out to careers@ournewenergy.com and impress us by telling us what makes you unique.
- [Ambitious Advisor for European leading energy transaction firm](https://ournewenergy.com/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.
- [Senior Advisor for European leading energy transaction firm](https://ournewenergy.com/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.
- [ITALY – BPA Contracts with Final Consumers: An Additional Revenue Source ](https://ournewenergy.com/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
- [Italy Launches a Public Guarantee Scheme for PPA Default Risk: Market Innovation or Redundant Layer?](https://ournewenergy.com/italy-launches-a-public-guarantee-scheme-for-ppa-default-risk/): Italy Launches a Public Guarantee Scheme for PPA Default Risk: Market Innovation or Redundant Layer? Get in touch Italy Launches a Public Guarantee Scheme for PPA Default Risk: Market Innovation or Redundant Layer? Tuesday, July 8, 2025 By Laura Susta In Brief On June 20, 2025, the Italian government adopted a long-anticipated ministerial decree to activate a national platform for the negotiation of renewable energy PPAs, complemented by a state-backed guarantee scheme. Under this scheme, Italy’s GSE will intervene as a “guarantor of last resort” in case of counterparty default. This mechanism, developed under the REPowerEU reforms, sets a precedent in Europe — but it raises questions on its necessity and effectiveness for a market that thrives on tailored bilateral agreements. The Core of the Decree The decree, adopted jointly by the Ministry of Environment and Energy Security and the Ministry of Economy and Finance, implements Article 28 of Legislative Decree 199/2021. Key provisions include: The creation of a new organized market platform (MPPA) managed by the GME for long-term renewable PPAs. The GSE will serve as a guarantor of last resort, stepping in to fulfil the obligations of a defaulting party, whether seller or buyer, within certain financial limits. The platform is voluntary, and only counterparties that pass GSE-defined eligibility and financial criteria can participate. The guarantee mechanism is limited to €45 million/year for 2025–2027, financed via ETS auction proceeds. Contracts must have a duration between 5 and 10 years and follow standardized formats similar to those of the existing MTE (Mercato a Termine dell’Energia). The GSE will define “prezzo di riserva” (reserve prices) to apply in case of substitution. ARERA will set the fees that parties will pay to access the guarantee service, within 90 days from the decree’s entry into force.   The EU Context: A First-of-its-Kind Model The measure draws its legitimacy from the EU Electricity Market Design reform, which calls on Member States to eliminate unjustified barriers to PPAs and promote aggregation and guarantee tools. While Spain and France have introduced similar support schemes, key differences remain—and both have seen limited market uptake. Unlike Italy, neither country operates a centralized trading platform, offering “only” credit guarantees that cover up to 80% of PPA termination costs, and focusing primarily on shielding industrial offtakers. Italy’s model is more balanced, offering symmetrical support to both buyers and sellers, and uniquely integrates a state-operated trading infrastructure. A Useful Tool, but Not a Game-Changer From the perspective of investors and corporate buyers, the guarantee may ease concerns in isolated cases, such as with smaller offtakers or developers with limited track records. However, given the current maturity of the Italian PPA market, the core value of these contracts still lies in their flexibility: custom tenors, price structures (e.g. pay-as-produced, baseload, floor), indexation clauses, ESG linkages, and carefully negotiated risk allocations. The platform is voluntary and built around standardized contracts, which may limit its appeal for sophisticated market players seeking tailored arrangements. Given the persistently low liquidity on the EEX Italian forward market—where no volumes are traded beyond year Y+3—it is difficult to foresee significant trading activity on the MPPA under a standardized product structure. Furthermore, credit risk is only one of many variables in a PPA: this scheme does not address risks related to shape, volume, imbalance, regulatory shifts, or offtake strategies. While the guarantee may offer a degree of additional security, particularly for new entrants, it is unlikely to substitute the need for thorough credit diligence, structured contracts, and tailored negotiation, which remain essential. What It Means for Market Participants For developers: The platform may help de-risk certain transactions, particularly with mid-sized industrial offtakers. However, developers with large pipelines will likely continue to pursue bilateral deals. For offtakers: The GSE backstop may lower entry barriers for buyers who might otherwise struggle to obtain parent guarantees or LC coverage. Yet, larger corporate buyers seeking custom structures and full hedging will find limited added value in the standardized format. For banks and investors: This may reduce perceived credit exposure in limited cases, but is unlikely to fundamentally shift underwriting criteria. As such, the decree may be more symbolically important, representing Italy’s commitment to scaling renewables and improving market liquidity.   Final Takeaway Italy’s new GSE-backed PPA platform introduces a bold, state-supported innovation, potentially inspiring similar mechanisms elsewhere in the EU. However, its practical impact on the PPA market remains to be seen. For now, the most bankable and strategic PPAs will likely remain outside the platform — negotiated directly, privately, and uniquely. Recent Post ITALY – The effects of ARERA Resolution 128/2025/R/EFR on different PPA structure – Copy ITALY – The effects of ARERA Resolution 128/2025/R/EFR on different PPA structure Get in touch ITALY – The effects of… Learn More 2025-07-28 Battery Tolling: The Flexible PPA Model Looking for Followers Article on Battery Tolling in Italy published by Qualenergia In this blog post, we are pleased to share the English… Learn More 2025-07-23 Italian Biomethane – Navigating a Producer-Driven Market Italian Biomethane – Navigating a Producer-Driven Market In this blog post, we are pleased to share the English version of… Learn More 2025-07-17 Cargar más
- [Polish Analyst for leading PPA transaction firm (DK-based, student friendly))](https://ournewenergy.com/polish-analyst/): Polish Analyst for leading PPA transaction firm Part-time/student position – Expected incorporation: as soon as possible 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. 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. While the majority of your work will focus on projects in Poland, you will also contribute to selected assignments across Europe. 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 and Polish – 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 excited about helping to develop Our New Energy presence in the Polish market and exploring new business opportunities locally Are entrepreneurial by heart and seek responsibility. Are keen on working on many tasks at the same time and prioritize them independently Have good social skills and enjoy iterative problem solving Drive your ideas convincingly and confidently in exchange with external stakeholders   Job start: as soon as possible Type: part-time/student position For more information about ONE, click here.  Cover letter, CV and transcripts should be addressed to Mikkel Kring and Piotr Raczkowski on careers@ournewenergy.com. Interviews will be held on an ongoing basis as applications are received.
- [ONE’s Expert Modeling Secures Major Investment in Whysol’s Italian Battery Portfolio](https://ournewenergy.com/ones-expert-modeling-secures-major-investment-in-whysols-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 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… Learn More 2025-04-02 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 Cargar más
- [Svea Solar x Ljusgårda](https://ournewenergy.com/svea-solar-x-ljusgarda/): Svea Solar x Ljusgårda Get in touch Svea Solar x Ljusgårda 2024 Our New Energy acted as the exclusive advisor in the 8 MW power purchase agreement between Svea Solar and Ljusgårda that will deliver energy for 10 years. 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 Kamilla Michaela2025-01-20 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 Kamilla Michaela2025-01-13 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 Kamilla Michaela2024-12-12 Cargar más
- [CIP x Google](https://ournewenergy.com/cip-x-google/): CIP x Google Get in touch CIP x Google 2024 Our New Energy acted as the exclusive advisor in the 250 MW power purchase agreement between CIP and Google that will deliver energy from the Zeevonk project for 15 years. 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 Kamilla Michaela2025-01-20 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 Kamilla Michaela2025-01-13 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 Kamilla Michaela2024-12-12 Cargar más
- [Harnessing the Solar Surge: The Potential of BESS](https://ournewenergy.com/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?](https://ournewenergy.com/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](https://ournewenergy.com/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
- [Unpacking Article 5-bis of DL Agriculture: Implications for Italy’s Biomethane Sector](https://ournewenergy.com/unpacking-article-5-bis-of-dl-agriculture-implications-for-italys-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: Implications for Italy’s Biomethane Sector Written by Sofia Ubaldini Italy’s recent release of Agriculture Law Decree, through its article 5-bis can introduce significant changes to the country’s biomethane sector. Together with our local team, leading the BPA transaction space in the market, we have explored the implications of these new regulations on various stakeholders of the biomethane supply chain as well as on the overall market dynamics. Speeding up the decarbonization of difficult sector as the main reason behind the decree The objective of Article 5-bis is to promote the production of biomethane from agricultural biomass and to increase its use in hard-to-decarbonize sectors. This is facilitated through direct sale and purchase agreements between biomethane producers and industrial consumers within these sectors. Uncertainties on the definition of “production chains which are difficult to decarbonize” Article 5-bis aims to promote the use of biomethane in «production chains which are difficult to decarbonize.» However, the term is not clearly defined, and there is no explicit reference with hard-to-abate sectors or EU ETS members. As a result, the specific industries that fall under this category remain unclear. Such definition is essential as the decree provides that the direct purchase agreements recognize a biomethane GOs price of 0 €/GO, carrying significant economic implications. Industrial buyers within these production chains could claim zero GHG emissions without incurring additional costs compared to the purchase of methane. This is especially advantageous for EU ETS members, who would avoid paying both the biomethane GO and the cost of the EUA, gaining a substantial economic advantage over non-ETS players seeking to decarbonize. How this advantage will be split commercially between the producer and the ETS member will have to be agreed in the direct biomethane purchase agreement. Direct Contracts, will utilities be cut off? A significant change introduced by the decree is the requirement for direct contracts between biomethane producers and industrial buyers, a set-up that seems to exclude utilities from their traditional intermediary role. This could reshape the biomethane supply sector, diminishing utilities’ position in the value chain and limiting their role to transport and unbalance management activities. Nevertheless, utilities have always played a central part in the gas supply chain and the mentioned requirement is expected to be questioned by their representatives. Self-consumption configuration is currently an advantage for producers, but the situation can change The interpretation of self-consumption rules in Article 5-bis has sparked discussions about its consistency with the current Biomethane Decree’s operative rules. As a matter of fact, under the self-consumption configuration subsidy formula, the tariff received from GSE serves as a price floor rather than a fixed price for producers. Thus, GSE might decide to modify the operative rules in the coming future to prevent this potential distortion in the self-consumption framework. In synthesis a decree with a large potential impact on the entire supply chain but perceived as hard to be practically implemented Article 5-bis marks a significant shift in Italy’s approach to biomethane production and consumption. However, its practical implementation remains unclear, leaving market participants facing numerous uncertainties, contradictions, and concerns about its feasibility. The sector is looking forward to the release of the updated operational guidelines, expected withing next couple of months, as biomethane transactions, currently slowed, depend on this clarity to move ahead. Recent Post Unpacking Article 5-bis of DL Agriculture: Implications for Italy’s Biomethane Sector Unpacking Article 5-bis of DL Agriculture: Implications for Italy’s Biomethane Sector Get in touch Unpacking Article 5-bis of DL Agriculture:… 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 The energy transition puzzle has not a single solution The energy transition puzzle has not a single solution Get in touch ONE’s Partner Jakob Bendixen on the Danish GreenLab,… Learn More Jakob Bendixen1 de April de 2024 Cargar más
- [Financing Opportunities for Power-to-X in Denmark: Are the Fundamentals Established?](https://ournewenergy.com/financing-opportunities-for-power-to-x-in-denmark/): Financing Opportunities for Power-to-X in Denmark: Are the Fundamentals Established? Get in touch Last week (04/06), PwC published a survey of 36 active players in the Power-to-X market, highlighting the critical role of financing. While 50% of respondents expect to reach FID within two years, industry experts deem this timeline unrealistic under current conditions with lacking infrastructure, uncertain regulatory frameworks, and complex value chain management. Potential demand and potential supply for of greener alternatives like green hydrogen, ammonia, and methanol are strong, with both sides eager to transition from conventional fuels. Denmark, with its favorable geography and expertise in renewable energy, is well-positioned for this transition. However, the shift requires a complex transformation of the energy sector, necessitating a robust regulatory framework and transparent business practices to attract investors and unlock Power-to-X’s potential. The business case development is further complicated by the complex nature of the energy market where the fundamentals shift according to the energy transition highly impacting the feasibility of Power-to-X. Investors require solid business plans with “Proof-of-Concept,” long-term agreements such as PPAs, and trusted management to ensure stable operations. Power-to-X’s success hinges on the supply of renewable power, determining the hydrogen’s “greenness”, production profile, and cost of operation.Denmark’s energy mix supports high capture rates especially with PV, as seen with European Energy’s plant in Kassø, though operational hours are a trade-off. Additionally, electrolysers require a substantial water supply, restricting potential plant locations. Fact Box: Water Requirement: A plant producing 1000 Tonnes per Annum (TPA) of hydrogen requires 9 L of ultra-pure water per kg of hydrogen, and 1.5 L of groundwater per 1 L of ultra-pure water, amounting to 13,500 m3 of groundwater annually, equal to the average groundwater consumption in 300 private persons. Conclusion: Water is not an issue  Transport Challenges: Considering a 10 MW Power-to-X plant with a mix of solar and wind ensuring 5000 full-load hours (57%), and a 67% efficient electrolyzer, it would produce approximately 1000 TPA of hydrogen. Transporting this hydrogen in 500 kg tube-trailers would require 2000 trucks annually. Conclusion: Transport is an issue (Hydrogen pipeline etc. is key) Hydrogen, the smallest molecule, needs significant compression or space for transport. Without a pipeline to Germany, large-scale hydrogen transport from Denmark is infeasible. Without clear plans and timelines to establish the needed infrastructure, the risk of transportation risk is a crucial decisive factor. Electrolyzer technology for large-scale operations is still emerging, indicated by low TLR (Technological Readiness Level), increasing OEM risk. Different technologies have varying operational patterns, influencing their role in ancillary services, a potential revenue stream. The fundamentals of for Power-to-X in Denmark are visible but not well-established. Acknowledging the uncertainties prevalent reveals a sector with high potential and high risk. Technology is nothing without capital and capital is nothing without technology.Ensuring long-term financing entails a need for long-term certainty for investors, significantly enhancing the need for concluding long-term agreements with suppliers and off-takers. Investor Perspective Investors view Power-to-X investments with caution due to inherent uncertainties. Early developments need strong leadership and reputable partners to attract investment and enhance local impact. Leveraging the local economy is crucial; utilizing residual heat from hydrogen production for district heating or fostering new investments can strengthen the business case and reputation.Identifying additional value components that can be exploited enables revenue stacking through ancillary services, district heating, flexible optimization against the spot market and PPA which is fundamental in establishing sound business cases. The “First-mover” advantage is not evident in gaining finance, as investors prefer a proven track record. Current OEM supplies offer a two-year efficiency guarantee, presenting a significant risk for the business case with potential vulnerabilities in long-term agreements. Projects are expected to operate for 10-15+ years, making PPAs crucial for cost mitigation and alignment with EU RFNBO production requirements. HPAs (Hydrogen Purchase Agreements) are needed to ensure stable offtake with foreseeable revenue streams and strong partnerships to build a solid business case. The development of Power-to-X is complex. Project developers need financing to deploy their projects, and financiers need deployed projects to assess risks and attractiveness. Both sides share excitement and vision but are interlocked in their positions. Bridging the Gap Our New Energy seeks to be the missing link between project developers and investors, aligning expectations and realizations to ensure feasible and healthy business case development. ONE can assist in navigating through regulatory framework, identifying components for revenue stacking, applications for public tenders, and feasibility studies.With our extensive knowledge and proven track record in transactions through PPAs, we offer insights and expertise from business case development to transaction completion. Feel free to reach out for more information and support in your Power-to-X ventures. Recent Post 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 The energy transition puzzle has not a single solution The energy transition puzzle has not a single solution Get in touch ONE’s Partner Jakob Bendixen on the Danish GreenLab,… Learn More Jakob Bendixen1 de April de 2024 The Silverlining: BESS and the Future of Renewables in Spain PPAs: why Italy only witnessed a few corporate cases Get in touch The Silverlining: BESS and the Future of Renewables… Learn More Miguel Marroquin14 de March de 2024 Cargar más