Bernstein
2026-06-12
BERNSTEIN Utilities Daily – June 12th
Report Summary
This daily note covers European utilities and clean energy developments including France's launch of a mega 10GW offshore wind auction (AO10) with a 100/MWh price cap, Meta-RWE's 298MW solar PPA in Texas, and Germany debating an additional 5GW wind tender in 2026. Major M&A activity includes multiple funds preparing bids for Acciona Energia and Masdar acquiring a 49.99% stake in Repsol's 849m renewable portfolio. Data center power demand emerges as a key theme with Finland's Fortum CEO and UK developers highlighting 'delivered power' PPA structures.
Key Takeaways
- France launches AO10 offshore wind auction with 11 lots (5GW fixed-bottom + 5GW floating), price cap at 100/MWh with grid connection costs ~20bn
- Meta and RWE sign long-term PPA for 298MW Rabbit's Foot solar plant in Texas, adding to existing 574MW partnership
- Germany's Bundesrat proposes additional 5GW onshore wind tender in 2026 as permitted projects soar beyond EEG 2023 framework
- Large funds (Blackstone, BlackRock GIP, KKR, Brookfield, Norges, etc.) line up to bid for Acciona Energia after hire of two investment bank advisors
- French water tariffs should rise 3.5%-6% per year until 2040 to fund infrastructure renewal per La Banque Postale study
Topics Covered
Offshore Wind
European Utilities
Solar PPA
Data Center Power Demand
Renewable Energy M&A
Water Infrastructure
Onshore Wind
Clean Energy Transition
Companies Mentioned
RWE
TotalEnergies
Meta
Fortum
Acciona Energia
Masdar
Repsol
EDF
Veolia
Nordex
Iberdrola
Engie
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