Reading power markets as an energy-intensive operator

Q: Should an energy-intensive operator sign long PPAs when forward curves look high? A: The question that matters is your demand-side option: what can you shift, store, or shed, and at what cost? The PPA price only makes sense against that number.

Q: And hedge ratios? A: Set them by the load-shedding sequence you have already agreed with production. If the sequence is not written, no ratio is defensible.