The first panel was comprised of Elena Busson (BonelliErede), Nikolas Hübschen (RWE Renewables GmbH), Bregje Korthals Altes (Ysquare Dispute Resolution) and Sebastian Schneider (Hengeler Mueller). Moderated by Florian Cahn (Framatome GmbH), the panel discussed contractual best practices to cover for uncertainty in energy-related transactions. With regard to M&A transactions it was noted that cheap financing and a boom in investments in renewable and ESG sectors during the last years has lead to a seller’s market and the risks being largely passed on to the buyers, which, however, is likely to change in light of recent developments and rising financing costs. In long term energy projects involving multiple players, covering for uncertainties can be more complex. Regulatory uncertainty is regularly a key aspect in the negotiation of such projects. While known risks can be specifically addressed in the project contract, long-term projects are often also confronted with changes that were unforeseeable and therefore could not be specifically addressed. This is where hardship and force majeure clauses come into play, which are currently being invoked more and more frequently in disputes.