PPAs unlocked the power of renewables leading to the sectors incredible rise over the past decade. These long term agreements, primarily selling the power to utilities, provided the foundation for a whole slate of new developers to create wind and solar farms across Europe and US. Everything worked well in a decade of low prices and low volatility. Then came 2021 and these long term PPAs created an existential risk to certain participants. Utilities have faced huge margin calls to manage their exposure to hedged PPAs warehoused on their balance sheets. What is the history of the PPA? What do the events of 2021 mean for the PPA going forwards? How will their structure and tenure change in response? And what will it do to the appetite of buyers and what will that mean for the renewable power industry? Our guest is Werner Trabesinger, Head of Quantitative Analytics at Pexapark, a software company enabling market players to sell, manage and buy renewable power.