Operational renewable energy projects account for almost 40% of standalone power purchase agreement (PPA) offers in Europe, according to the latest quarterly PPA Price Index from LevelTen Energy. For wind power offers, the share is close to 60%.
The report includes data on operational projects for the first time. Existing projects can offer buyers a faster route to securing renewable electricity, avoiding some of the construction, permitting and grid-connection risks associated with new developments. Rising gas prices are also prompting large energy consumers to seek price hedges ahead of winter.
European wind and solar PPA prices changed little during the quarter, while prices for hybrid agreements combining renewable generation and battery storage declined slightly.
The European average 25th percentile (P25) for solar PPAs increased by 0.4% quarter on quarter, reaching 0.86 on LevelTen’s Continental Index. This indicates that the price level is 86% of that recorded in the third quarter of 2024.
The wind index reached 0.99, equivalent to 99% of its third-quarter 2024 level. Wind PPA prices have recovered steadily since late 2025, following a sharp decline in prices for both wind and solar agreements over the preceding 12 months.
LevelTen attributes the price difference between wind and solar in many markets partly to the generation profiles of the two technologies. Solar output is concentrated around midday, when high levels of generation can reduce market prices, while wind can provide electricity across a broader range of hours. This can make wind PPAs more attractive to buyers seeking a more consistent supply profile.
