电网瓶颈加剧： 欧洲2024年弃电逾10太瓦时 【Saur Energy网 1月9日报道】 报告还强调，仅到2030年，欧洲就需要约6000亿欧元的新增投资，之后投入还将进一步加速，以满足气候目标并替代老化的化石能源发电设施。短期内， 补贴机制和购电协议（Power Purchase Agreements，PPAs）仍将是可再生能源项目的主要入市路径，但其吸引力在不同国家和技术之间差异显著。 目前，欧洲大部分PPA支持的装机容量集中在西班牙、英国和德国。不过，受"蚕食效应"（cannibalisation）影响，太阳能PPA价格已跌至历史低位，在德 国和西班牙均降至每兆瓦时40欧元以下。 Aurora Energy Research泛欧电力市场、政策与技术研究负责人约恩·里希施泰因（Jörn Richstein）表示，PPA在欧洲可再生能源增长中逐渐发挥主导作用， 尤其是在补贴机制不足或企业脱碳需求快速上升的国家。未来，具有创新性和灵活性的PPA合同将成为满足企业购电方与能源生产商需求变化的关键。 电网约束不断加剧，欧洲可再生能源弃电问题正在恶化。2024年，欧洲因技术原因被迫弃用的电力已超过10太瓦时（TW ...

Financial Data and Key Metrics Changes - The company reported a revenue increase of 53% year-over-year, reaching $135 million, and adjusted EBITDA rose by 57% to $96 million [6][24][28] - Net income decreased to $6 million from $9 million in the same quarter last year, primarily due to a foreign currency shareholder loan revaluation [6][26] - The company raised its full-year 2025 guidance, projecting revenues between $520 million and $535 million and adjusted EBITDA between $385 million and $400 million, reflecting a 5.5% to 6% increase [7][28] Business Line Data and Key Metrics Changes - Revenue from electricity sales grew by 37% to $160 million, driven by newly operational projects, contributing $30 million to revenues [24][25] - The company’s adjusted EBITDA growth was supported by $47 million from the same factors driving revenue increases, despite a $13 million rise in cost of sales linked to new projects [26][27] Market Data and Key Metrics Changes - Revenue distribution for the second quarter was 40% from Israel, 35% from Europe, and 25% from the U.S., indicating a diversified revenue base [25] - The company is well-positioned in the U.S. market due to regulatory clarity and a supportive business environment, which is expected to drive accelerated growth [10][12] Company Strategy and Development Direction - The company aims for an annual revenue run rate of approximately $2 billion by 2028, which is about four times the 2025 revenues [7] - The focus is on expanding energy storage projects in Europe and Israel, with significant planned storage capacity [12][13] - The company is also exploring opportunities in data centers, leveraging its renewable energy assets [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive market environment for renewable energy, driven by electrification trends and AI demand [9] - The company believes that lower capital expenditures and higher power prices will maintain attractive project returns [10] - Management highlighted the importance of adapting to regulatory changes and maintaining a diversified supply chain to mitigate risks [39][58] Other Important Information - The company has secured $310 million in financing for the hybridization of the Hekama project in Spain, enhancing its financial flexibility [27] - The leadership transition is set to occur in October, with the current CEO becoming Executive Chairman [7][20] Q&A Session Summary Question: Safe harbor and project completion timelines - Management confirmed that six gigawatts are fully safe harbored, positioning the company well to meet future criteria [33][36] Question: Supply chain and tariff impacts - The company has a diversified supply chain strategy and is not locked into any specific supplier, allowing flexibility in pricing [39][41] Question: Future project supply and PPA trends - Management indicated that the demand for electricity, particularly from data centers and AI, will drive future project development [50][52] Question: FX contributions to guidance - FX has positively impacted guidance, but strong operational performance is the primary driver of confidence in future results [56] Question: Component costs and market adaptation - The company expects U.S. component costs to gradually adapt, reflecting changes in tariffs and market conditions [58][59]