LevelTen puts the 25th percentile of German solar-plus-battery offers at €65.50 a megawatt-hour, down 12.7% - Spain's solar-only cut is €30.93, and a posted offer is not a signed contract
On 22 October 2026 LevelTen Energy published its third-quarter European price index for power purchase agreements. The 25th percentile of solar-plus-battery offers in Germany is €65.50/MWh, down 12.7% on the quarter. In Spain that hybrid figure is €48.00/MWh, about €17 above standalone solar at €30.93/MWh. The continental hybrid index reads 0.94, down about 3% on the quarter. These are offers on a marketplace. A contract for one factory is a different page.
A company signing a long contract for renewable power is buying a promise of kilowatt-hours, not a battery in the car park. On 22 October 2026 LevelTen Energy published the third-quarter edition of its European price index for those contracts.
A power purchase agreement, a PPA, is that contract. The buyer agrees to take electricity for a term. A hybrid offer, in this index, is solar paired with a battery. The pages do not say the buyer owns the kit.
The price they print for a single market is a P25. That label means the 25th percentile. In plain terms, a quarter of the posted offers sit at that figure or under it. It is not the average of the board. It is not a contract a named factory has signed.
Germany. The P25 of hybrid offers fell 12.7% to €65.50 per megawatt-hour. LevelTen says that is the largest decline among the markets on its hybrid index. Its index note says hybrid deals are now the main route for solar to reach corporate buyers in Germany. The same note says hybrid prices in Finland fell this quarter as well. It prints no euro figure for Finland. Pieter van der Meulen, LevelTen's country manager for Germany, said: "Historically low gas-storage levels highlight the urgency of this hybridisation drive. Every megawatt-hour of solar delivered in the evening via battery storage is one less that depends on gas. For buyers, a hybrid PPA means a more predictable product with a shaped generation profile, and a hedge against winter price spikes."
Spain. Standalone solar, solar with no battery in the offer, has a P25 of €30.93 per megawatt-hour. That is down 1.2% on the quarter and 7.7% on the year. LevelTen calls Spain the lowest-priced market for solar PPAs, and says it hosts more than a third of all solar offers on the platform. The hybrid P25 rose 6.8% to €48.00 per megawatt-hour, about €17 above the standalone solar figure. Spain and Portugal together account for nearly half of all hybrid offers. The press release says real negotiations in Spain sit closer to the market's P10, in the sub-€30 range. It does not print the P10.
The continental picture is an index, not a euro price. LevelTen sets an earlier quarter at 1.00 and scores later quarters against it. Solar rose 0.4% to 0.86. The release reads that as 86% of the third-quarter 2024 level, and calls it the price of a typical solar PPA in aggregate. That "typical" line belongs to the 0.86 index. It does not belong to the German €65.50. Wind rose 0.6% to 0.99, which is 99% of the third-quarter 2024 level. Hybrid stands at 0.94, down about 3% on the previous quarter, about 15% under its fourth-quarter 2025 peak, and about 6% under the second quarter of 2025, when LevelTen says it began tracking hybrid prices. Nine markets had hybrid offers. Five of them cleared the anonymity line LevelTen uses before it will print a P25. The Nordic and Baltic markets host more than 40% of the hybrid offers. Every Portuguese offer this quarter was tied to a multi-technology project. The index note says: "The cost of adding storage to a PPA is coming down, though the premium over standalone solar still varies widely between markets." Spain is the place they print both numbers side by side.
Plants already running. This is the first quarter the index counts operational projects next to new-build ones. Operational projects make up almost 40% of standalone offers. For wind, the share is close to 60%. In Spain, LevelTen says operational assets now account for most of the country's solar offers. Plácido Ostos, director of European analytics, said operational assets "naturally lower risk and bring fewer development hurdles and permitting delays compared to new-build projects" and "generally represent a faster, and often more cost-effective, route to power compared to new green energy infrastructure." He said deals tied to operational projects can be more attractive for a buyer focused on speed and price.
What the pages leave blank. No term of years on the €65.50. No battery size in megawatts or megawatt-hours. No name of a buyer or a plant. No savings figure for a factory. The index note says price points for operational offers do not consistently sit above or below new-build offers. Sweden's operational bids were above pre-operational ones this quarter. Finland's were below. That is a direction, not a euro gap. The note does not print those euro gaps. A German auction price for solar paired with storage is a different sheet, already on this desk in the innovation-tender note.
Analogy: the board is a shop window. €65.50 is the tag on the cheaper quarter of the German window. The 0.94 is a mark on a chart that started at 1.00. Neither one is the receipt a workplace signs.
Good: A public date, a public split between solar-only and solar-plus-battery in Spain, and a public German hybrid figure with the size of the quarterly move.
Bad: No signed price, no term, no battery size, no site. The continental hybrid reading is an index. A reader who treats 0.94 as €0.94 has misread the unit.
Ugly: Reading €65.50 as the price of a battery on a factory wall. Reading the cheap quarter of posted offers as the price a buyer will pay. LevelTen says Spanish negotiations sit closer to a P10 it does not print. A workplace quote that copies €65.50 onto an invoice has skipped the gap between a marketplace offer and a contract.
Soft next step: set €65.50, €48.00 and €30.93 on the same sheet as the offer in front of you, and keep the blank term and the blank battery size on that sheet.
Source: LevelTen Energy, 22 Oct 2026 - press release, operational projects now make up 40% of Europe's PPA offers. Primary for the 22 October publication of the third-quarter European PPA Price Index, the first edition to include operational project data, operational projects as almost 40% of standalone European offers and close to 60% of wind offers, the solar P25 up 0.4% to 0.86 on the Continental Index and read as 86% of the third-quarter 2024 level and as the price of a typical solar PPA in aggregate, wind at 0.99 or 99% of the third-quarter 2024 level, Spain's solar P25 of €30.93/MWh down 1.2% on the quarter and 7.7% on the year, Spain as the lowest-priced solar PPA market and host of more than a third of solar offers, Spanish negotiations closer to the P10 in the sub-€30 range with no exact P10 printed, Spain's hybrid P25 up 6.8% to €48.00/MWh and about €17/MWh above standalone solar, Spain and Portugal as nearly half of hybrid offers, and Germany's hybrid P25 down 12.7% to €65.50/MWh as the largest decline on the Hybrid Index. Also primary for the lines from Plácido Ostos on operational assets and from Pieter van der Meulen on gas storage, evening delivery and a shaped hybrid product. The release does not print a contract term, a battery size, a buyer name, a plant name or a factory saving. LevelTen Energy, 22 Oct 2026 - European PPA Price Index, Q3 2026. Primary for wind up 0.6% to an index of 0.99, the hybrid Continental Index at 0.94, down about 3% on the previous quarter, about 15% under the fourth-quarter 2025 peak and about 6% under the second quarter of 2025 when hybrid tracking began, nine markets hosting hybrid offers and five clearing the anonymity line for a printed P25, hybrid prices down in Germany and Finland and up in Spain with no euro figure printed for Finland, Spain and Portugal as nearly half of hybrid offers with every Portuguese offer this quarter tied to a multi-technology project, the Nordic and Baltic markets as more than 40% of hybrid offers, the line that hybrid deals are now the main route for solar to reach corporate buyers in Germany, the line that the cost of adding storage is coming down and the premium over standalone solar still varies widely, operational assets as most of Spain's solar offers, and the statement that operational bids were above pre-operational equivalents in Sweden this quarter and below them in Finland, with no euro gap printed. The index figure is not a euro price. €65.50, €48.00 and €30.93 are marketplace percentiles, not a workplace invoice.