Industry Analysis
Nov 2, 2023

Tracking ERCOT PPA Bid Prices

How have offtakers been pricing renewables in ERCOT?

In Q2 and Q3, many offtakers were interested in solar, but they largely disagreed on how to price various solar structures across ERCOT. In contrast, there were fewer offtakers interested in wind and much more consensus on how to price those products.

Based on 96 bids posted to RenewaFi from April to September, we learned that:

  • The most popular product, by far, was North solar. That was followed by Houston solar, West wind, North wind, South solar, and finally West solar
  • Half of the bids for North solar fell within the relatively large range of $34.50 (P25) to $40.70 (P75). Houston solar also saw a wide range of price points, from $37.50 (P25) to $42.50 (P75).
  • In contrast, the ranges of bid prices for wind were more consistent. At North hub, $30.00 (P25) to $30.40 (P75). And at West hub, $26.92 (P25) to $28.40 (P75).

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