Investor Survey: How can ERAA better reflect real investment behaviour?

Overview

ENTSO-E is currently preparing to propose amendments to the ERAA methodology, drawing on the recommendations from the Commission, ACER, as well its experience in conducting the previous four editions of the ERAA. One key aspect under review is the Economic Viability Assessment (EVA), the step within ERAA that aims to assess the likelihood and conditions under which generation, storage, or demand-side resources may exit or enter the market over a 10-year horizon. The latest EVA results from the ERAA 2024 edition were released on 7 April 2025, and can be found on ENTSO-E’s website (ERAA 2024). In its report, the Commission highlighted that some stakeholders have raised concerns that the EVA may be too optimistic on investment behaviour, and special attention should be given to the conditions for investment decision-making process by rational investors.

Thus, the purpose of this survey to gather insights from investors, utilities, advisory firms, and financial institutions actively involved in investment and retirement decisions for electricity assets. Your input will directly inform ENTSO-E's upcoming proposal to amend the ERAA methodology and help improve how real-world investor decision-making is captured — particularly under uncertainty and changing market conditions.

Note that this is an informal survey, separate from both the public consultation on the ERAA 2024 (open until 16 May 2025 via the link here), and the formal public consultation ENTSO-E will conduct on its proposed revisions to the ERAA methodology, foreseen for June/July 2025. Many questions are optional, and respondents can choose to answer the questions most relevant for them. However, input received already at this early stage will support ENTSO-E to improve the robustness of the ERAA methodology in light of future adequacy assessments.

This survey is primarily aimed at:

• Utilities and developers managing or considering investments in technologies such as gas-fired generation and other conventional generation technologies, renewable energy sources (RES), battery storage, and demand-side response (DSR);
• Market consultancies, advisory firms, and financial institutions involved in project assessment, due diligence, or financing.

The survey questions focus on the following key areas:

• future scenarios and investment under uncertainty
• relevant revenues, investment criteria and risk aversion for different technologies
• additional barriers for market exit and entry
• more detailed questions on electricity price forecasting for economic viability assessments

Note: Several questions in this survey (e.g., Q14, Q25, Q27, and Q31) allow for technology-specific responses, enabling investors with diverse portfolios to provide relevant input. These detailed responses should be submitted via a single Excel file, using the provided template (link). Respondents are only expected to complete the sections that apply to the technologies relevant to their portfolio.

The survey is expected to take between 20 and 40 minutes to complete, depending on your company profile and asset portfolio. You can save your progress at any time, and come back to your answers later.