Transmission

Getting battery energy storage systems built isn’t just an engineering challenge - it’s a financial one.

While the technology is ready and the pipeline is booming, getting these projects financed remains one of the biggest challenges in the market.

From navigating merchant risk to structuring offtake agreements, financing a grid-scale battery project is a high-stakes balancing act.

In this episode of Transmission, Harrison Moore, Partner at Azure Capital, joins Wendel to unpack the financial side of energy storage in Australia, what’s working, what’s not, and what’s needed next.

Over the conversation, they discuss:

• The key steps and common roadblocks in financing battery project.
• How different commercial models impact bankability and investor interest.
• The growing appetite (and caution) from equity and debt providers.
• How policy shifts like the Capacity Investment Scheme (CIS) are influencing deal flow.
• Whether the Australian market has enough capital and advisory depth to keep up with demand.

About our guest

Harrison Moore is a Partner at Azure Capital, where he leads the firm’s work in energy and renewables. With over a decade of experience advising on mergers, acquisitions, and capital raising, Harrison specialises in structuring and financing large-scale infrastructure projects, particularly battery energy storage systems. His team has supported transactions totalling over 10GW of battery capacity, helping navigate the commercial, technical, and regulatory challenges that come with building grid-scale flexibility in Australia.

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. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week. https://share-eu1.hsforms.com/1kDKOqrBjTpGU82n__HV7dQexu3k

As the UK accelerates its transition to a net-zero electricity system, the challenge of maintaining grid stability is growing. 
A key part of a balanced system is large-scale, long-duration flexibility: assets that can store energy when it’s abundant and release it when it’s needed most.

But much of the capacity that can provide it already exists.

One of the most mature and proven forms of energy storage - pumped hydro is able to deliver gigawatts of power in seconds, store energy for hours, and provide inertia and frequency response that batteries alone can't match. Despite being decades old, they remain some of the fastest, most reliable, and highest-capacity tools for balancing supply and demand. In a world aiming for net zero, understanding and upgrading these assets is no longer optional, it’s essential.

In this episode, Delphine Chérel-Sparham - Engie’s Managing Director of Hydro UK joins Ed Porter to discuss how ENGIE is breathing new life into two of the UK’s most iconic pumped storage assets: Dinorwig and Ffestiniog. Over the conversation, they discuss:


• Why pumped hydro remains unmatched for long-duration storage and grid inertia.
• How ENGIE is modernising vast underground infrastructure.
• The role of fast-responding, synchronous machines in providing inertia and flexibility to the grid.
• How repowering legacy assets creates headroom for more renewables on the system.
• Delphine’s engineering journey and her advice for young people considering careers in energy infrastructure.

About our guest

Delphine is Managing Director of ENGIE’s pumped hydro business, where she leads the strategy, operations, and refurbishment of some of Europe’s most iconic energy infrastructure. With over 30 years’ experience in the energy sector, Delphine has worked across gas, LNG, oil, and renewables. Today, she’s focused on revitalising legacy pumped hydro assets like Dinorwig and Ffestiniog, to support the evolving needs of a flexible, decarbonised grid.

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.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week.

As the UK accelerates its transition to a net-zero electricity system, the challenge of maintaining grid stability is growing. 
A key part of a balanced system is large-scale, long-duration flexibility: assets that can store energy when it’s abundant and release it when it’s needed most.

But much of the capacity that can provide it already exists.

One of the most mature and proven forms of energy storage - pumped hydro is able to deliver gigawatts of power in seconds, store energy for hours, and provide inertia and frequency response that batteries alone can't match. Despite being decades old, they remain some of the fastest, most reliable, and highest-capacity tools for balancing supply and demand. In a world aiming for net zero, understanding and upgrading these assets is no longer optional, it’s essential.

In this episode, Delphine Chérel-Sparham - Engie’s Managing Director of Hydro UK joins Ed Porter to discuss how ENGIE is breathing new life into two of the UK’s most iconic pumped storage assets: Dinorwig and Ffestiniog. Over the conversation, they discuss:


• Why pumped hydro remains unmatched for long-duration storage and grid inertia.
• How ENGIE is modernising vast underground infrastructure.
• The role of fast-responding, synchronous machines in providing inertia and flexibility to the grid.
• How repowering legacy assets creates headroom for more renewables on the system.
• Delphine’s engineering journey and her advice for young people considering careers in energy infrastructure.

About our guest

Delphine is Managing Director of ENGIE’s pumped hydro business, where she leads the strategy, operations, and refurbishment of some of Europe’s most iconic energy infrastructure. With over 30 years’ experience in the energy sector, Delphine has worked across gas, LNG, oil, and renewables. Today, she’s focused on revitalising legacy pumped hydro assets like Dinorwig and Ffestiniog, to support the evolving needs of a flexible, decarbonised grid.

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.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week.

Battery costs have shaped the pace and scale of the energy transition. For years, falling cell prices underpinned bullish business cases, opened up new flexibility markets, and helped grid-scale storage move from niche to mainstream.

But what happens when those cost declines level off?In this episode of Transmission, Aaron Wade returns to unpack the state of battery pricing in 2025. With lithium prices stabilising and cell costs holding firm in the $40–50/kWh range, the era of dramatic year-on-year price drops appears to be over.

That shift is changing how developers plan, how integrators position themselves, and what buyers prioritise when building or procuring storage.

We dig into the structural factors behind the price plateau, explore the commercial and technical implications, and ask: if price is no longer the main lever - what is?

In this episode we explore

⚡ Why have cell prices stabilised around $40–50/kWh and what’s keeping them there?

⚡ Are the big cost drops over for battery manufacturing?

⚡ What matters more than price now when designing storage systems?

⚡ How integrators are adapting to a more stable, competitive market

⚡ Are buyers over-specifying solutions and adding avoidable cost?

About our guest

Aaron is a leading figure in the battery industry, currently serving as the Business Development Lead at Gaussion, a UK-based startup focused on enhancing battery performance through magneto-enhancement technology. He also holds the position of Project Director at the Volta Foundation, where he co-authors the annual Battery Report and organizes European networking events to foster collaboration within the battery community. You can find Aaron on LinkedIn

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.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week.

#BatteryStorage #CleanEnergy #EnergyTransition #CapexTrends #PowerMarkets

Battery costs have shaped the pace and scale of the energy transition. For years, falling cell prices underpinned bullish business cases, opened up new flexibility markets, and helped grid-scale storage move from niche to mainstream.

But what happens when those cost declines level off?In this episode of Transmission, Aaron Wade returns to unpack the state of battery pricing in 2025. With lithium prices stabilising and cell costs holding firm in the $40–50/kWh range, the era of dramatic year-on-year price drops appears to be over.

That shift is changing how developers plan, how integrators position themselves, and what buyers prioritise when building or procuring storage.

We dig into the structural factors behind the price plateau, explore the commercial and technical implications, and ask: if price is no longer the main lever - what is?

In this episode we explore

⚡ Why have cell prices stabilised around $40–50/kWh and what’s keeping them there?

⚡ Are the big cost drops over for battery manufacturing?

⚡ What matters more than price now when designing storage systems?

⚡ How integrators are adapting to a more stable, competitive market

⚡ Are buyers over-specifying solutions and adding avoidable cost?

About our guest

Aaron is a leading figure in the battery industry, currently serving as the Business Development Lead at Gaussion, a UK-based startup focused on enhancing battery performance through magneto-enhancement technology. He also holds the position of Project Director at the Volta Foundation, where he co-authors the annual Battery Report and organizes European networking events to foster collaboration within the battery community. You can find Aaron on LinkedIn

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.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week.

#BatteryStorage #CleanEnergy #EnergyTransition #CapexTrends #PowerMarkets

Germany’s battery boom is charging ahead - without subsidies. So how is it working?


While many markets rely on government support to kickstart energy storage, Germany is doing things differently. With more than 500 GW of battery connection requests in the pipeline, it’s quickly becoming one of Europe’s most competitive and dynamic battery markets.


From stacking wholesale and ancillary revenues to striking new kinds of long-term contracts, we explore how Germany’s storage sector is evolving in real time and how that’s changing the game for developers, corporates, and financiers alike.


In this episode of Transmission, Martin Daronnat, Head of Flexibility and Structured Origination in Germany at Engie, joins Quentin to explore the market mechanisms, commercial strategies, and contract structures that are enabling battery storage to scale, without public funding.


Highlights include:

• How batteries in Germany stack revenue across energy, capacity, and grid services.
• Why fixed-price flexibility agreements are emerging as a key financial innovation for managing merchant risk.
• The role of large industrial players, and why developers and buyers are both leaning in.
• What other countries can learn from Germany’s approach, especially when it comes to risk appetite and regulatory design.


About our guest

Martin is Head of Flexibility and Structured Origination in Germany at Engie, the French multinational electric utility. He’s at the forefront of commercialising flexibility in one of Europe’s fastest-moving energy storage markets, structuring offtake agreements, managing risk, and unlocking new revenue models for grid-scale batteries. With a background spanning power trading, corporate PPAs, and clean energy project origination, Martin brings deep insight into how flexibility is becoming investable in real-world markets.


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.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week.

Germany’s battery boom is charging ahead - without subsidies. So how is it working?


While many markets rely on government support to kickstart energy storage, Germany is doing things differently. With more than 500 GW of battery connection requests in the pipeline, it’s quickly becoming one of Europe’s most competitive and dynamic battery markets.


From stacking wholesale and ancillary revenues to striking new kinds of long-term contracts, we explore how Germany’s storage sector is evolving in real time and how that’s changing the game for developers, corporates, and financiers alike.


In this episode of Transmission, Martin Daronnat, Head of Flexibility and Structured Origination in Germany at Engie, joins Quentin to explore the market mechanisms, commercial strategies, and contract structures that are enabling battery storage to scale, without public funding.


Highlights include:

• How batteries in Germany stack revenue across energy, capacity, and grid services.
• Why fixed-price flexibility agreements are emerging as a key financial innovation for managing merchant risk.
• The role of large industrial players, and why developers and buyers are both leaning in.
• What other countries can learn from Germany’s approach, especially when it comes to risk appetite and regulatory design.


About our guest

Martin is Head of Flexibility and Structured Origination in Germany at Engie, the French multinational electric utility. He’s at the forefront of commercialising flexibility in one of Europe’s fastest-moving energy storage markets, structuring offtake agreements, managing risk, and unlocking new revenue models for grid-scale batteries. With a background spanning power trading, corporate PPAs, and clean energy project origination, Martin brings deep insight into how flexibility is becoming investable in real-world markets.


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.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week.

As we shift toward a net-zero power system, inverter-based resources are rapidly replacing traditional generators.

But replicating the critical system services once provided by large rotating machines isn’t just about plugging in renewables - it’s about designing smarter, more stable infrastructure at the grid edge.

In this episode of Transmission, we dive into one of the most technically important, yet often overlooked, aspects of modern power systems: the role of inverters. Ed Porter is joined by Daniel Duckwitz, who leads SMA’s global grid stability portfolio, to unpack the differences between grid-forming and grid-following inverters and why that distinction matters more than ever.

This episode covers:

• What grid-forming inverters actually do and why they’re crucial for system strength and inertia replacement.
• How grid-forming requirements differ across global markets, and where the industry is heading.
• The role of inverter controls in stabilising power systems with high renewables.
• What makes grid-following and grid-forming inverters technically distinct and what’s just marketing.
• Why transitioning to a 100% inverter-based grid is both possible and already underway.

Whether you're an engineer working on battery integration, a policymaker shaping grid code, or just trying to understand how inverters affect system resilience, this conversation is packed with insight into one of the most transformative shifts in power system design.

About our guest

Dr. Daniel Duckwitz is the Product Manager for Grid Services at SMA Solar Technology AG, where he leads the development of large-scale stability applications. His work focuses on optimizing battery energy storage systems (BESS) to provide critical grid services such as inertia, short-circuit current, and system restoration through advanced grid-forming technology.
For more information on what Daniel and SMA do, head to the website. https://www.sma.de/en/company/about-sma

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.

As we shift toward a net-zero power system, inverter-based resources are rapidly replacing traditional generators.

But replicating the critical system services once provided by large rotating machines isn’t just about plugging in renewables - it’s about designing smarter, more stable infrastructure at the grid edge.

In this episode of Transmission, we dive into one of the most technically important, yet often overlooked, aspects of modern power systems: the role of inverters. Ed Porter is joined by Daniel Duckwitz, who leads SMA’s global grid stability portfolio, to unpack the differences between grid-forming and grid-following inverters and why that distinction matters more than ever.

This episode covers:

• What grid-forming inverters actually do and why they’re crucial for system strength and inertia replacement.
• How grid-forming requirements differ across global markets, and where the industry is heading.
• The role of inverter controls in stabilising power systems with high renewables.
• What makes grid-following and grid-forming inverters technically distinct and what’s just marketing.
• Why transitioning to a 100% inverter-based grid is both possible and already underway.

Whether you're an engineer working on battery integration, a policymaker shaping grid code, or just trying to understand how inverters affect system resilience, this conversation is packed with insight into one of the most transformative shifts in power system design.

About our guest

Dr. Daniel Duckwitz is the Product Manager for Grid Services at SMA Solar Technology AG, where he leads the development of large-scale stability applications. His work focuses on optimizing battery energy storage systems (BESS) to provide critical grid services such as inertia, short-circuit current, and system restoration through advanced grid-forming technology.
For more information on what Daniel and SMA do, head to the website. https://www.sma.de/en/company/about-sma

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.

As demand for electricity skyrockets, large flexible loads like data centers and Bitcoin miners are reshaping how – and where – energy infrastructure is built. But integrating these loads into a grid already under pressure requires a rethink of both project development and power market participation.



In this episode of Transmission, Quentin is joined by Brock Petersen, COO at Satoshi Energy, to unpack how digital infrastructure is co-locating with renewables – and why that could unlock new opportunities for grid flexibility and clean energy investment.

From the load profiles of AI data centers to the geographic arbitrage of Bitcoin mining, this episode explores what these emerging industries mean for grid planning, transmission bottlenecks, and the economics of new build generation.


In this episode, you'll learn:

• How co-location unlocks stranded renewables: Why pairing flexible data center load with renewable assets helps monetize energy that would otherwise go unused.
• Bitcoin vs. AI load profiles: The key differences in cooling needs, flexibility, and infrastructure requirements.
• ERCOT’s load boom: What 135 GW of new load requests means for one of the world’s most dynamic power markets.
• The role of transmission and interconnection queues: How load-following strategies could help relieve pressure on grid infrastructure.
• What utilities and developers should know: Insights for navigating site selection, market design, and emerging opportunities in flexible load integration.

About our guest

Brock Petersen is the Chief Operating Officer of Satoshi Energy, a Houston-based energy technology company pioneering the integration of renewable energy with data center operations. Brock leads the company's strategy and execution, focusing on co-locating flexible data center loads with renewable energy assets.

Satoshi Energy has secured over 467 MW in contracted projects and is developing an additional 2,000 MW pipeline, aiming to enhance grid reliability and support sustainable energy investments.
For more information, check out their website.

https://satoshienergy.com/

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.