As Europe faces yet another energy crisis, Veyt compares the 2022 and 2026 crises and looks at the potential PPA market implications. While the war-driven energy price shock may temporarily suppress PPA activity as market players recalibrate expectations, heightened price volatility ultimately strengthens the appeal of PPAs as a risk management tool. Furthermore, the market response beyond the short-term horizon could be largely shaped by policy instruments that promote PPAs and remove barriers.