Sustained wholesale price divergence between Europe’s bidding zones is producing materially different revenue outcomes across regions, with direct consequences for how renewable projects are valued and financed. The session examines whether zonal prices still provide a sufficient basis for investment decisions, how grid charging, commercial structuring, and flexibility are changing how those prices translate into realised revenues, and how developers, utilities, and investors are adjusting strategy in response. 

• Investment Signals: Do forward curves reflect persistent regional congestion, capture rate erosion, and structural oversupply, or do they continue to assume convergence across zones? Are investors differentiating capital allocation within countries where zonal divergence persists, or still relying on national price assumptions? 

• Zonal Alignment: Do current bidding zones accurately reflect persistent internal transmission constraints, such as north–south congestion in Germany and Sweden, or are structural bottlenecks being masked? Would greater zonal granularity improve locational investment discipline, or simply redistribute volatility? 

• Revenue Formation: In markets experiencing sustained negative price hours, declining capture rates, and transmission constraints, are zonal prices still a reliable indicator of achievable project revenues? How are grid charging changes, cost allocation, and growing storage penetration affecting capture rates and realised revenues across zones? 

• Reform and Response: Would redrawing bidding zones materially improve capital allocation discipline and underwriting confidence? How are developers and investors adjusting siting and exposure to zonal price risk as divergence persists and reform remains uncertain?