Aurora’s takeaways from the 2nd REER auction results.
The second renewables auction under Spain's REER regime has taken place, with some interesting results. With average clearing prices at 30-32 EUR/MWh, this auction has registered an increase of over 20% compared to the previous one. Aurora believes that this is a combination of increased EPC costs, reduced competition from large utilities, and higher wholesale market prices which might be expected to filter through PPAs in the next several months. More details on the results and our initial reactions below: