April 15, 2026
Mikhail Sharov, Associate Analyst
The PPA market is maturing. Three forces are concurrently pushing the market towards higher-velocity, shorter-term transactions for operational projects.
1. Aging projects = more exposure to market volatility
In 2026, the volume of “aging” projects – those that reached commercial operations over a decade ago – will exceed 100 GW. A number of these projects have their original offtake agreements expiring, or set to expire, shortly. For the infrastructure investors holding these now-merchant assets, bearing exposure to wholesale power prices is out of line with their risk aware investment mandates – and can make it difficult to sell assets to future buyers.
2. Operational projects = more predicatable, faster to transact, and more competitive pricing- but no additionality
We’re seeing corporate buyers increasingly turn to operating projects for procurement, as the operating projects can represent lower risk, faster speed, and better priced opportunities to procure clean power. While greenfield projects offer additionality, the greenfield price premium is becoming harder to ignore and the other benefits to operating projects are real in an age of policy and supply chain uncertainty. Our data shows that PPA costs are, on average, $11/MWh lower for operating projects than for greenfield ones, holding all else equal.
3. Secondary PPA market = risk management for corporate buyers
Corporate PPA buyers have historically accepted what some call a “Win-Win-Loss” scenario: a Win for sustainability claims, a Win for long-term hedging, but a Loss in the form of short-term P&L swings. This is because virtual PPAs (vPPAs) often settle at wholesale prices that don’t align with a company’s retail load, so they can introduce financial volatility month to month and quarter to quarter.
Sophisticated buyers are now using the secondary PPA market to support their sustainability budgets for the next 1–5 years by hedging out of the financial settlement of their PPA near-term, removing that potential third loss while keeping their RECs and long-term hedges intact. By entering into hedges in this secondary market, corporates are trying to manage their settlement risks more effectively, potentially freeing up risk budget for more energy purchases or other corporate activities.
These three market forces are converging to rapidly change the clean energy offtake market, driving a 130% increase in bids and offers for operational projects in the last six months alone.
Reports = REsurety data + insights
The competition for offtake is intensifying as the market matures, operational activity picks up, and new market participants, like commodity trading firms, enter the space.
To provide insight into these rapidly changing market dynamics, we’re excited to be releasing our latest product offering, CleanSight Reports.
Our new Reports section in the CleanSight platform brings together our robust proprietary data with strategic guidance. Our first report, the State of the Market for Clean Power Offtake, leverages data directly from REsurety’s CleanTrade, the only CFTC-approved transaction platform for PPAs. We are able to provide insight into real-world, transactable bids and offers, exposing market activity in a way that hasn’t been visible before. You’ll be able to access clear, informative charts, paired with big-picture insights to support decision-making across your organization.
Whether you are re-contracting an aging fleet or hedging a volatile corporate portfolio, transparency to help navigate this shift is finally here.
Contact us below or email [email protected] to access the full State of the Market report and see how our new intelligence offerings can support your strategy:
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