Hyperscalers face shrinking clean energy deals amid offshore wind delays and volatile wholesale power prices.
European data center power purchase agreement volumes fell to 2.6 GW in 2025 from 4.2 GW in 2024, despite accelerating capacity expansion. The decline stems from offshore wind project delays and pricing challenges, including lower solar capture rates and more frequent negative wholesale power price hours.
Prior to 2024, PPAs had grown steadily, driven by hyperscalers’ clean energy commitments. However, recent market conditions have forced some operators to scale back ambitions, weakening a key demand driver for European renewable energy projects.
No immediate market reaction was reported, but the trend signals potential headwinds for long-term power procurement strategies.