Beyond two-way: Where does CfD design go next?

The latest Danish offshore wind auction marked a clear turnaround. After a subsidy-free tender failed to attract bidders in 2024, the introduction of 20-year two-way CfDs brought developers back to the table and secured 1.8GW of capacity. Yet while the two-way support scheme successfully reduced revenue risk for generators, it also raised two broader questions: why should price certainty be reserved for producers alone, and how can the risk mitigation be on par with a healthy energy market?