As battery energy storage systems scale up, so do the risks. For insurers, developers, and investors, understanding how to manage those risks has never been more important. From fire events like Moss Landing to the evolving role of insurance across development, construction, and operations, the way insurers are underwriting storage is changing fast.

In this episode we unpack how the insurance world is thinking about batteries, exploring how risk is priced, what underwriters look for in new technologies, and why insurability is becoming a key commercial consideration for project developers. Whether you're securing project finance, evaluating warranties, or just navigating changing industry expectations, this conversation is packed with insight from someone working at the frontier of energy infrastructure risk.

In this episode of Transmission, Ed is joined by Michael Bogdan, Partner at Lockton. Over the course of the conversation, you’ll hear about:

• Moss Landing and fire risk: What recent high-profile battery failures tell us about risk and how the industry is adapting.
• Insurance across the asset lifecycle: From development through to operations, how risk profiles evolve and what coverage actually looks like.
• Bankability and risk transfer: Why insurance is now a core part of making projects financeable and what’s driving underwriter decision-making.
• Emerging tech and evolving standards: How insurers approach new chemistries, control systems, and unfamiliar manufacturers.
• The future of battery insurability: What needs to change, from data access to design practices to make large-scale storage lower risk and more cost-effective.

About our guest

Michael Bogdan is a Partner at Lockton, where he specialises in insurance and risk advisory for renewable energy and energy storage projects. With a background in structuring coverage for complex infrastructure assets, Michael works closely with developers, investors, and insurers to ensure that clean energy projects are bankable, resilient, and ready to scale.

Lockton is the world’s largest privately held insurance brokerage, providing tailored risk management, insurance, and employee benefits solutions. With deep expertise in energy and infrastructure, Lockton advises developers, investors, and operators on how to structure coverage for complex assets—including renewable energy and battery storage projects. For more information, head to their website.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.