This report provides updates on auctions as a mechanism for price discovery and market development. Chapter 1 gives the highlights of renewable energy auctions held or announced in 2016. Chapter 2 reviews the main trends and analyses the evolution of prices resulting from auctions. Price determinants, analyzed in Chapter 3, include access to finance and country-specific conditions, investor confidence and a conducive environment, other policies aimed at supporting renewable energy development, and auction design elements. Chapter 4 presents country case studies to show how the design of each auction has to be tailored to a specific context and objectives. Chapter 5 analyses the use of auctions to promote less mature technologies, such as offshore wind and biomass, while also delivering socioeconomic benefits. Chapter 6 outlines key considerations in renewable energy auction design, including trade-offs between maximum cost-effectiveness and other objectives.