3. Capital has not left clean energy - but it is pivoting decisively from generation to flexibility, with contracted under FPAs and optimization agreements, triple the prior year. FPAs have emerged as the backbone of BEss bankability, unlocking infrastructure-style capital and enabling rapid scale-up beyond Great Britain into Germany, Italy, and the Netherlands. Contract innovation accelerated, with profiles - including traders, insurers, and hedge funds - entering the flexibility market. 4. Volatility is reshaping market roles: utilities are reasserting themselves as system risk managers, while IPPs and corporates diverge sharply. Utilities increased PPA offtake volumes by over 2o0% year- on-year and accounted for 77% of contracted FPA volumes, leveraging portfolio scale, strong balance sheets, and flexibility assets to intermediate volatility. IPPs are being pushed downstream, shifting from asset-centric models toward revenue management, structuring, and portfolio optimization. At the same time, corporate buyers are splitting into two camps: a small group of advanced players (notably big tech) moving toward firm power and utility-like strategies, while much of the broader corporate market is grappling with the market's complexity, sometimes holding back procurement. clean energy capacity at record speed in 2025, but policy-driven uncertainty exposed growing fragility beneath the surface. Accelerated tax credit sunsets and tariff risk pushed PPA offer prices higher while saturation and a beneficiary of rising long-term reliability needs, especially in ERCOT and PJM, where load growth forecasts are particularly bullish.