GB and EU markets also differ in another important respect. The GB BESS offtake market is highly concentrated - a trend that became even more pronounced in 2025. The three largest offtakers, EDF, Statkraft, and SSE, accounted for 77% ofthe roughly 5 GW of disclosed FPAs across both standalone and it may also limit contractual innovation and competition in an otherwise vibrant market. EU markets are more competitive, even though the three largest offtakers still account for 66% of disclosed contracted volumes. In markets such as Germany, Spain, and Southeastern Europe, a broader range of utility players is competing to establish a presence in the emerging FPA market. where the BESS part is contracted under an FPA. The large European utilities dominated the FPA landscape, accounting for 77% of disclosed contracted volumes. As they have large renewable energy portfolios and retail customer bases, these players naturally seek access to BEss flexibility as a hedge for their renewable positions, diversifying their portfolios and reducing imbalance costs. Utilities can also function as pure optimizers, offering their trading capabilities to third-party assets. They typically have the expertise, balance-sheet strength, and creditworthiness to offer fixed-payment FPAs. However, utilities are not the only players seeking to increase their market share in the FPA space. New companies, and hedge funds. These players aim to monetize volatility in electricity markets, capturing value and market share without directly owning BEsS assets. They typically offer financial structures that allow asset owners to retain greater contractual flexibility and physical control of their assets. The