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PPA Valuation & Pricing

December 7, 2026 Online :: Central Time

Offtake is harder to price than it was five years ago. Contract structures continue to multiply, basis and curtailment risks are widening, tax credit and tariff rules have shifted, and data centers are entering the market with power contracts that look different from those of traditional buyers.

This course takes a transaction-level approach to PPA valuation and pricing. A single project runs throughout the day: a 200 MW solar project paired with 100 MW / 400 MWh of storage in ERCOT, with a corporate offtake and a data center offtake competing for the same project. Participants will build the project’s price, stress it for basis risk, put a value on contractual concessions, and negotiate toward a final deal price. Each module is grounded in a real-world transaction.

This practical and interactive course examines both buy-side and sell-side perspectives across utility, corporate, community choice aggregator, industrial and data center procurement. Examples span U.S. and European markets, providing a practical look at how changing market conditions, project risks and buyer requirements are reshaping PPA pricing and valuation.

Learning Outcomes

  • Read a PPA end to end and explain how a monthly settlement is calculated
  • Differentiate physical PPAs, VPPAs, financial hedges and storage tolls
  • Build a PPA price from cost, incentive and financing inputs
  • Explain why a PPA price differs from LCOE
  • Evaluate quantitative and machine learning approaches now used in offtake valuation
  • Assess basis risk, capture ratio and delivery point selection
  • Distinguish RTO from vertically integrated markets, and energy value from REC compliance value
  • Compare pricing across ERCOT, PJM, MISO, CAISO, the Northeast and European markets
  • Quantify the price impact of curtailment, force majeure, performance and change in law provisions
  • Assess how tax credit, transferability and tariff risk is being allocated in current deals
  • Apply negotiation tactics that balance risk allocation against commercial flexibility
  • Design and evaluate a competitive procurement from the buyer side
  • Compare onsite structures, including self-consumption PPAs, shared savings, energy as a service and leases
  • Evaluate data center offtake, including co-location, hourly matching and curtailable load terms

Register

Please Note: This event is being conducted entirely online. All attendees will connect and attend from their computer, one connection per purchase. For details please see our FAQ

If you are unable to attend at the scheduled date and time, we make recordings available to all attendees for 7 days after the event

REGISTER NOW FOR THIS EVENT:

Individual attendee(s)$ 995.00 each(early bird rate)
(price after November 20, 2026 is $ 1,095.00)
Volume pricing also available

Individual attendee tickets can be mixed with ticket packs for complete flexibility

Pack of 5 attendees$ 4,230.00 (15% discount)(early bird rate)
(price after November 20, 2026 is $ 4,655.00)
Pack of 10 attendees$ 7,960.00 (20% discount)(early bird rate)
(price after November 20, 2026 is $ 8,760.00)
Pack of 20 attendees$ 14,925.00 (25% discount)(early bird rate)
(price after November 20, 2026 is $ 16,425.00)

Your registration may be transferred to a member of your organization up to 24 hours in advance of the event. Cancellations must be received on or before November 06, 2026 in order to be refunded and will be subject to a US $195.00 processing fee per registrant. No refunds will be made after this date. Cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other EUCI event. This credit will be good for six months from the cancellation date. In the event of non-attendance, all registration fees will be forfeited. In case of conference cancellation, EUCIs liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at 303-770-8800

EUCI retains the right to refuse registration by any individual or company.

Agenda

Monday, December 7, 2026
Central Time

Online

Log In & Welcome

8:15 AM

Lunch Break

12:15 - 1:00 PM

Adjourn for the day

4:45 PM

8:15 AM - 8:30 AM

Log In & Welcome

8:30 - 9:30 AM

How a PPA Works

  • One contract read end to end: price, escalation, term, delivery point, and how the monthly invoice is calculated
  • Fixed, floating, collar, contract for differences and self-consumption structures
  • Storage offtake: tolls, capacity contracts, index-linked storage credits
  • Recontracting rights and the merchant tail
  • The project we price today: 200 MW solar plus 100 MW / 400 MWh storage in ERCOT, corporate offtake against data center offtake

Case: Sterling, New York, set against a 20-year utility toll in Indiana and a self-consumption PPA in Belgium. Three settlement mechanics.

9:30 - 10:15 AM

Physical PPAs, Virtual PPAs and Hedges

  • What changes when no electrons move
  • VPPA settlement month by month, including a month the buyer pays out
  • When a trading desk hedge beats a corporate PPA, and what the seller gives up
  • Shape risk and settlement basis
  • Accounting treatment and what a buyer will sign

Case: A day-ahead revenue floor across a 1.5 GW ERCOT battery portfolio.

10:15 - 10:30 AM

Morning Break

10:30 - 11:30 AM

Pricing: Building the Number

  • LCOE from CapEx, EPC pricing, operating cost, degradation and useful life
  • Why the PPA price is not the LCOE
  • Capture ratio and curtailment
  • The project finance floor: coverage ratios, tax equity hurdle, cash sweep
  • Quantitative valuation: stochastic price modeling, and where machine learning is being applied to offtake valuation
  • Worked example: building the ERCOT price live on the course worksheet

Case: REC-anchored solar in Illinois, where three revenue streams carry three discount rates.

11:30 AM - 12:15 PM

Basis, Location and Market Structure: US and Europe

  • Forecast curves against traded curves
  • Hub against busbar, and the cost of nodal risk
  • RTO markets against vertically integrated markets with no nodal price
  • REC compliance value against energy value
  • European contracting: UK contracts for difference, German and Nordic PPAs, Iberia and Italy, and what transfers to US practice
  • Worked example: stressing the price for basis and curtailment

Case: Node selection across fifteen ERCOT batteries, and ComEd against PJM on the same asset.

12:15 - 1:00 PM

Lunch Break

1:00 - 1:45 PM

The Clauses That Set Price

  • Change in law, force majeure, curtailment compensation, performance guarantees, liquidated damages, step in rights
  • Alternative site rights and pricing adjustment mechanisms
  • Storage terms: availability, round trip efficiency, degradation, augmentation
  • Hedging and insurance, and what exposure is left over
  • Worked example: pricing each concession against the ERCOT number

Case: A Colorado behind-the-meter contract renegotiated after a site change, and zinc batteries made financeable to lithium-only investors in California.

1:45 - 2:30 PM

Tariffs, Tax Credits and Current Deal Terms

  • Where the transferability market is clearing
  • Foreign entity of concern rules and what they add to diligence
  • Start of construction and placed in service deadlines
  • Section 232 and antidumping duties in EPC pricing, and who is carrying them
  • Where offtakers are conceding and where they are holding this year

Case: Tax credit and tariff allocation compared across three recent term sheets.

2:30 - 3:15 PM

Negotiating a PPA

  • Sequencing: what to settle early and what to hold back
  • Curtailment, performance and credit negotiated as one package
  • Credit support, security and parent guarantees
  • Buyer side: RFP design and bid comparison on a levelized cost to buyer basis
  • After signature: milestones, COD delay damages, and the first five years of administration
  • Worked example: negotiating to a signed price from both chairs

Case: A two-year, six-state procurement of 2,000 MW for a 1 GW aluminum smelter that cannot be interrupted.

3:15 - 3:30 PM

Afternoon Break

3:30 - 4:15 PM

Buyer Types and Onsite Offtake

  • Utilities: resource adequacy, IRP alignment, prudence review
  • Corporates: targets, tenor appetite, tolerance for basis risk
  • Community Choice Aggregators: local procurement and ratepayer impact
  • Onsite: pricing against a retail tariff, and why demand charge value often beats the energy
  • Four industrial structures: self-consumption PPA, shared savings, energy as a service, lease
  • Long tenor PPAs in emerging markets and what makes them bankable locally

Case: Onsite projects in Belgium, Colorado, Vermont, Arkansas, Germany, Kentucky and El Salvador.

4:15 - 4:45 PM

Data Centers and Large Loads

  • What the buyer is actually purchasing, and why schedule beats price
  • Co-location and behind the meter supply against front of meter contracting
  • Large load interconnection and the bridge generation being contracted to cover the gap
  • Hourly matching against annual REC matching, and what it costs
  • Curtailable load agreements
  • Credit and tenor: hyperscaler against colocation developer

Case: The ERCOT project repriced for a data center offtake and compared to the corporate deal.

Instructor

Andreas Sakellaris

Director, EMEA Distributed Generation

CBRE Renewables

Andreas Sakellaris is Head of Energy for Europe at CBRE Renewables. He founded Telkes, an advisory business that has implemented 5 GW of power projects on behalf of cement, steel, aluminum and semiconductor manufacturers, as well as front of the meter power deals. He also works on sell-side M&A and capital placement for solar and storage portfolios in ERCOT, PJM and MISO, behind-the-meter origination at industrial sites, and procurement advisory for energy-intensive buyers. He has negotiated PPAs from both sides of the table, in English, Spanish, Portuguese and French.

His work includes more than fifty onsite projects for clients including Amazon, Emirates Global Aluminium, Pacific Steel Group and Holcim, opposite developers including TotalEnergies, Enel, EDF, AES, Eneco and Verbund. Among them: a two-year, six-state procurement of a 1 GW baseload supply for Emirates Global Aluminium’s new smelter in Oklahoma, a 31 MW floating solar PPA at a cement plant in Belgium, a 21 MW twenty-year PPA in El Salvador, and behind-the-meter agreements in Colorado, Vermont, Kentucky and Arkansas.

Andreas studied chemical engineering at Princeton University and holds a master’s degree from Ecole Polytechnique.

Continuing Education Credits

IACET

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EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 0.7 CEUs for this event

Verify our IACET accreditation

 

Who recognizes IACET Credits?

 

Requirements for Successful Completion of Program

Participants must Log in and be in attendance for the entirety of the course to be eligible for continuing education credit.

 

Instructional Methods

Case studies, PowerPoint presentations

CPE

Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion.

Course CPE Credits: 8.0
There is no prerequisite for this Course.
Program field of study: Specialized Knowledge
Program Level: Basic
Delivery Method: Group Internet Based
Advanced Preparation: None

CpeEUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

CLE

Only registered attendees can request CLE credits for an EUCI course/event. Please email [email protected] prior to the course start date and list the state where you are licensed and your bar# as well as the name and date of your course/event in your request, and someone will be in contact.

Who Should Attend

  • Renewable Energy & Storage Developers
  • Power Marketers & Energy Procurement Professionals
  • Utility Resource Planning & Origination Teams
  • Energy Risk & Portfolio Managers
  • Project Finance & Investment Banking Professionals
  • Tax & Renewable Energy Finance Professionals
  • Energy Attorneys & PPA Contract Negotiators
  • Commercial & Business Development Leaders
  • Energy Consultants & Advisors
  • Sustainability & Renewable Energy Procurement Teams
  • Offtake Origination & Structured Finance Teams
  • Engineering, Procurement & Construction (EPC) Professionals
  • Regulatory & Energy Policy Professionals
  • Community Choice Aggregator (CCA) Procurement Teams
  • Battery Storage & Energy Storage Professionals