Trends in PPA Prices
Wind P25
PPA prices shown reflect the 25th quartile of flat, unit-contingent offers inclusive of project RECs. Markets and technologies with offers from fewer than three distinct projects in a given quarter are not shown.
Key Takeaways
• Trio is introducing price trend data for operating wind and solar in ERCOT, with P25 prices this quarter of $39.25 for solar and $40 for wind.
• New-build wind price trends are not being reported for Q2 due to small sample size, reflecting industry-wide delays in required FAA approvals for turbine siting.
• Solar P25 new-build PPA price trends had minimal movement in most markets, though ERCOT saw an increase over 10% since last quarter. Higher financing costs, additional congestion risk, and policy uncertainty have all been noted as drivers of price increases
• MISO prices fell, with P25 new-build solar prices dipping about 5% from Q1
• PJM’s P25 new-build solar edged up slightly, though the net increase over last year is only 5%
Current PPA Prices Q2 2026
U.S. Renewable Energy Marketplace: Price Snapshot
Upper WhiskerMaximum PPA Price
Inter-Quartile Range of PPA Prices Lower WhiskerMinimum PPA Price
Trends in PPA Prices
European Renewable Energy Marketplace: Solar Median Trends
Key Takeaways
PPA prices for the three markets shown reflect the median of flat, unit-contingent offers inclusive of project GOs received over time. Markets and technologies with offers from fewer than three distinct projects in a given quarter are not shown. Wind PPA price trends are not shown this quarter due to fewer than three wind projects seeking offtake in each market.
• Solar PPA prices remained relatively stable across most European markets in Q2 2026, although notable differences between countries persisted.
• Compared to Q2 2025, solar PPA prices showed only minor changes in the UK and Poland, declining by 5.6% and increasing by 1.5%, respectively, indicating that these markets have largely stabilized following the highly volatile period of recent years. Spain experienced a more pronounced yearon-year decrease of 16.6%, reflecting both continued market stabilization and increased solar cannibalization resulting from significant solar capacity additions.
• Spain continued to offer the most competitive solar PPA prices in Europe, with median pricing remaining below €30/MWh in Q2 2026.
• The UK remained the highest-priced solar PPA market, with median prices of €86.88/MWh, down just 0.6% from Q1 2026 and nearly three times higher than solar PPA prices in Spain.
Current PPA Prices Q2 2026
European Renewable Energy Marketplace: Price Snapshot
PPA prices shown above reflect flat, unit-contingent offers received in Q2 2026. Markets and technologies with offers from fewer than three distinct projects are not shown. Some offers shown may no longer be on the market. The dotted line indicates where the median PPA price was one year ago.
Corina Melchor
Associate Director, Sustainability & Clean Energy
+40-73-399-8964
Corina.Melchor@TrioAdvisory.com
Joey Lange
Sr. Managing Director, Sustainability & Clean Energy
+1-617-663-8240
Joey.Lange@TrioAdvisory.com
About Trio
Trio is a global energy and sustainability advisory company that helps large commercial, industrial, and institutional organizations navigate the energy landscape. Trio provides integrated strategy and implementation offerings across energy supply management, data management, energy optimization and electrification, clean energy, and sustainability to help the world’s largest organizations deliver on their strategic objectives and priorities.
For more information visit trioadvisory.com
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