The Pexapark Podcast

• Risk, Discipline and the Evolution of Trading & Origination with Domenico De Luca of Axpo

  Welcome back to The Pexapark Podcast! In the first part of the episode, we zoom out and look at how power markets are shifting across regulation, prices, and the wider energy world. ERCOT is launching real-time co-optimization and fully integrating BESS – the biggest reform since nodal pricing. Germany is moving toward dynamic grid fees that reward flexibility and penalize congestion. Denmark is abandoning “first come, first served” grid queues in favor of maturity-based prioritization. At the same time, Europe’s renewables landscape has entered a phase of abundance: more negative prices, lower capture factors, and pressure on debt structures where legacy PPAs weren’t designed for today’s volatility. Owners are rewriting contracts, reshaping hedges, and bridging the next 3–5 years until storage and flexibility scale. A new generation of IPPs is emerging – defined not by how well they build megawatts, but by how well they manage risk, revenue, and flexibility in markets where volatility is becoming the norm.In the second half, Luca Pedretti speaks with Domenico De Luca, Head of Trading & Sales and Executive Board Member at Axpo, for a deep dive into how one of Europe’s largest trading organizations is navigating volatility, managing global portfolios, and preparing for a future shaped by renewables, storage, and shifting market fundamentals.Enjoy a discussion on themes including:How trading & origination have evolved — and which fundamentals still anchor the businessThe shift from long-term to short-term value as volatility growsHow renewables, cannibalization, and batteries are reshaping PPAs and merchant riskThe emerging role of hybrid assets and tolling structures in storageWhy Europe still needs long-duration flexibility and disciplined risk-takingNotes𝗧𝗵𝗲 𝗻𝗲𝘅𝘁-𝗴𝗲𝗻 𝗜𝗣𝗣 𝗴𝗼𝗲𝘀 𝗯𝗲𝘆𝗼𝗻𝗱 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻. Instead of passively taking weather-driven output, they control and optimize when and how renewables hit the grid and the market – shaping, shifting, and firming power as they scale into multi-GW, multi-tech, multi-market portfolios.If you want to understand what “next-gen IPP” looks like in practice, we’ve made two free resources available on the Pexapark website:𝗣𝗲𝘅𝗮𝗽𝗮𝗿𝗸 𝗣𝗼𝗱𝗰𝗮𝘀𝘁 𝗦𝗲𝗿𝗶𝗲𝘀: 8 interviews with early leaders who are re-defining the IPP model in Europe. Listen here𝗧𝗵𝗲 𝗜𝗣𝗣 𝗣𝗹𝗮𝘆𝗯𝗼𝗼𝗸: a hands-on guide for energy leaders, unpacking how IPPs are evolving to capture value, manage risk, and optimize revenues in modern power markets. Read/download free here (no forms)Unlock More PPA Market InsightsRegister for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

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• The Next-Gen IPP Podcast Series | Mirova’s Jérôme Tricot

  Welcome back to The Pexapark Podcast! In this special edition, we look at how next-generation Independent Power Producers (IPPs) are becoming digital, data-driven operators. In this episode Luca Pedretti is joined by Jérôme Tricot, Director, Asset Performance & Optimisation at Mirova, a Paris-based sustainable asset manager with ~€33bn AUM, including >€4bn invested in energy-transition infrastructure and a sixth fund currently in fundraising. Jérôme explains how Mirova invests in and alongside IPPs – developing, building, and operating renewables – while evolving capabilities for revenue management, hedging, and flexible, dispatchable portfolios.Enjoy a discussion on themes including:The evolution of IPPs: from maximising generation to optimising when and how energy is produced amid price volatilityOperational control as a core skill: EMS systems, curtailment, AI-driven forecasting, and hybridisation with storageInternalising key expertise and building local partnerships across Europe to manage risk and drive efficiencyThe new energy-management frontier: balancing, route-to-market, and merchant exposure as core revenue leversCross-market innovation inspired by Australia and California – capacity swaps and virtual tolling as future modelsMirova’s digital stack: from in-house stochastic models to a SaaS + API ecosystem integrating SCADA, asset, and risk toolsThe road ahead: VPPs, AI, and regulatory readiness – why the shift from electricity to electronicity defines the next era of IPPsUnlock More PPA Market InsightsRegister for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

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• The Next-Gen IPP Podcast Series | Nadara’s Joanna Ellis

  Welcome back to The Pexapark Podcast! In this special edition, we explore how next-generation Independent Power Producers (IPPs) are evolving beyond development into active commercial and operational players. In this episode Luca Pedretti sits down with Joanna Ellis, Chief Commercial Officer at Nadara, to discuss how the company – formed in 2024 through the merger of Renantis and Venti and Energy – is shaping the IPP-plus model. With over 4 GW of capacity across nine European markets, Nadara is expanding from onshore wind into solar and offshore wind while managing revenues end to end through in-house trading, origination, analytics, and risk management.Enjoy a discussion on themes including:The evolution from developer to “IPP-plus”: owning, operating, and optimizing assets for long-term valueBuilding in-house commercial capability – origination, analytics, risk, and trading desksManaging physical dispatch in the UK, Italy, and Spain within strict risk frameworksCreating a single source of truth through digital and risk management platformsEvolving the team: 50+ commercial specialists and growing IT partnerships across the businessNavigating the future revenue stack – corporate vs. utility PPAs, merchant exposure, and portfolio-level managementHow Nadara differentiates through scale, in-house expertise, and strong shareholder alignmentUnlock More PPA Market InsightsRegister for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

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• The Next-Gen IPP Podcast Series | Eurowind Energy’s Jesper Schaumburg-Düring

  Welcome back to The Pexapark Podcast! In this special edition, we explore how Independent Power Producers (IPPs) are redefining what it means to own and optimize renewable assets in a fast-changing market. In this episode Luca Pedretti sits down with Jesper Schaumburg-Düring, Commercial Director at Eurowind Energy, to discuss how the Danish company has transformed from a traditional developer into a full-fledged, multi-technology IPP with ambitions to become a true power major. Enjoy a discussion on themes including:The shift from developer to true IPP — owning, operating, and optimizing assets for long-term valueEurowind’s goal to become a power major by scaling across technologies and marketsBuilding flexible assets ready for future market mechanisms like Picasso and ancillary servicesBringing trader knowledge into the IPP model to manage capture rates, volumetric risks, and PPA complexityHow Eurowind’s commercial division operates like a trading company — with originators, analysts, and portfolio managers across key marketsThe critical role of data, IT infrastructure, and ETRM systems in managing risk and optimizing revenuesThe challenge of hybrid assets combining wind, PV, and BESS — and the shift from corporate to utility PPAsWhy understanding risks, market correlations, and flexibility is key to the next generation of IPPsUnlock More PPA Market InsightsRegister for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

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• The Next-Gen IPP Podcast Series | Nuveen Infrastructure’s Jordi Francesch and Pierre Bartholin

  Welcome back to The Pexapark Podcast! In this special edition, we explore how investors are redefining Independent Power Producers (IPPs) for a new era of complexity and scale. In this episode Luca Pedretti sits down with Jordi Francesch, Managing Director, and Pierre Bartholin, Senior Director and Head of Power Hedging and Origination at Nuveen Infrastructure, to discuss how the global investment manager is building next-generation IPPs under the Nuveen Clean Energy platform. With roots in Glennmont Partners, Nuveen Infrastructure operates across 12 markets and four core technologies – onshore and offshore wind, solar PV, and batteries – with a growing footprint spanning Europe, the US, and Asia.Enjoy a discussion on themes including:How Nuveen Infrastructure integrates development, construction, operation, and revenue structuring under one clean energy platformThe evolution from passive infrastructure to agile, risk-aware IPPs combining energy management, procurement, and digital systemsWhy today’s IPPs must think like investors – vertically integrated, equity-minded, and growth-orientedThe rise of “virtual utilities”: balancing long-term PPAs with merchant exposure and active portfolio optimizationBuilding commercial capabilities: from energy risk and hedging teams to short-term market optimization and guarantees of origin tradingDigitalization and data strategy – deploying ETRMs, digital twins, and automation to manage complex portfolios efficientlyScaling smart: around 20 FTEs per gigawatt as a market benchmark for efficient, system-driven IPPsThe next wave: batteries, co-location, and mastering optimization across hybrid portfoliosKey challenges and opportunities – regulatory adaptability, talent density, and putting the off-taker and grid at the center of the IPP modelUnlock More PPA Market InsightsRegister for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

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