Across the US as a whole, the proportion of new renewables projects that were financed and built with corporate PPAs in place had increased to around 25 per cent already by the mid-2010s, despite the fact that such agreements did not feature at all in the relatively large number of states where utilities retained local vertical monopolies.10 The flip side to this trend was the waning of utility PPAs: in the space of just two years, from 2012 to 2014, the share of new US wind capacity commissioned with utility PPAs in place slumped from 76 to 40 per cent.
