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Transmission brings you insights from thought leaders, energy experts and cleantech specialists from across the industry.
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6 OCT 2026 · Batteries earn volatile revenues, but lenders want fixed ones. Financial swaps that trade a fixed payment for floating battery revenue, from day-ahead spreads to full revenue indices, are how that gap is starting to close.Chris Kennedy, Founder & Managing Director at Miranda Energy, joins Ed Porter in Berlin to explain how battery swaps actually work, where basis risk hides, and why he treats power volatility as an asset class in its own right.They cover:- Why basis risk is the most misunderstood part of day-ahead TB swaps, and how round-trip efficiency, degradation schedules, payout caps and availability adjustments bring the swap closer to what the asset really earns.- How day-ahead swaps are evolving into total revenue swaps benchmarked to broader battery revenue indices like Modo Energy's, and why capturing more of the revenue stack cuts basis risk further.- Why fixed-for-floating battery swaps borrow the ISDA playbook from interest rate markets, and how a TB swap let a German solar portfolio hedge the duck curve without building a battery.- Why Chris sees volatility, not the depreciating battery, as the asset to own, and how ten-year TB swaps, credit-light offtakes for BESS SPVs and 245MW of fixed offtakes across Germany, Poland and Hungary set Amaranth Energy apart from the big trading houses.- Chris's contrarian view: the market puts too much weight on backwardation in the TB forward curve, when spreads may prove directionally persistent as solar continues to outpace flexibility.Want to go deeper on battery revenue swaps and indices? Sign up for free to Ko, Modo Energy's AI analyst, at modoenergy.comExploring a battery revenue swap? Talk to our team about using Modo Energy indices in your contracts. Chapters:0:00 Intro1:19 Basis Risk in Day-Ahead Battery Swaps3:42 Unlimited Liability, Payout Caps and Availability6:54 Total Revenue Swaps and Battery Revenue Indices8:21 Battery Offtakes: Profit Shares, Floors and Tolls9:55 Fixed-for-Floating Swaps and ISDA11:21 German Solar, Negative Rates and the Duck Curve13:23 Virtual Battery Hedge for Solar Portfolios16:48 Three Use Cases for TB Swaps17:27 Power Volatility as an Asset Class19:57 Prop Shops vs Trading Houses22:16 Credit-Light Offtakes for BESS SPVs23:52 Options, Volga and Exotic Battery Hedges26:22 Poland, Hungary and Emerging BESS Markets29:48 Spain and Negative Power Prices31:44 The Ideal Swap Counterparty33:31 Contrarian View
6 OCT 2026 · Batteries earn volatile revenues, but lenders want fixed ones. Financial swaps that trade a fixed payment for floating battery revenue, from day-ahead spreads to full revenue indices, are how that gap is starting to close.Chris Kennedy, Founder & Managing Director at Miranda Energy, joins Ed Porter in Berlin to explain how battery swaps actually work, where basis risk hides, and why he treats power volatility as an asset class in its own right.They cover:- Why basis risk is the most misunderstood part of day-ahead TB swaps, and how round-trip efficiency, degradation schedules, payout caps and availability adjustments bring the swap closer to what the asset really earns.- How day-ahead swaps are evolving into total revenue swaps benchmarked to broader battery revenue indices like Modo Energy's, and why capturing more of the revenue stack cuts basis risk further.- Why fixed-for-floating battery swaps borrow the ISDA playbook from interest rate markets, and how a TB swap let a German solar portfolio hedge the duck curve without building a battery.- Why Chris sees volatility, not the depreciating battery, as the asset to own, and how ten-year TB swaps, credit-light offtakes for BESS SPVs and 245MW of fixed offtakes across Germany, Poland and Hungary set Amaranth Energy apart from the big trading houses.- Chris's contrarian view: the market puts too much weight on backwardation in the TB forward curve, when spreads may prove directionally persistent as solar continues to outpace flexibility.Want to go deeper on battery revenue swaps and indices? Sign up for free to Ko, Modo Energy's AI analyst, at modoenergy.comExploring a battery revenue swap? Talk to our team about using Modo Energy indices in your contracts. Chapters:0:00 Intro1:19 Basis Risk in Day-Ahead Battery Swaps3:42 Unlimited Liability, Payout Caps and Availability6:54 Total Revenue Swaps and Battery Revenue Indices8:21 Battery Offtakes: Profit Shares, Floors and Tolls9:55 Fixed-for-Floating Swaps and ISDA11:21 German Solar, Negative Rates and the Duck Curve13:23 Virtual Battery Hedge for Solar Portfolios16:48 Three Use Cases for TB Swaps17:27 Power Volatility as an Asset Class19:57 Prop Shops vs Trading Houses22:16 Credit-Light Offtakes for BESS SPVs23:52 Options, Volga and Exotic Battery Hedges26:22 Poland, Hungary and Emerging BESS Markets29:48 Spain and Negative Power Prices31:44 The Ideal Swap Counterparty33:31 Contrarian View
29 SEP 2026 · Poland's battery storage market is skipping the pilot phase, with its first projects starting at 200MW, a size it took Germany five years to reach. And because of the way Poland runs its grid, two identical batteries in different locations can earn very different amounts. With over 2GW of batteries expected on the grid by 2028, the market is about to change fast.Ed Porter is joined by Aleksandra Radwańska, Country Lead Poland at Entrix, and Jan Kłoczko at Entrix, to unpack what it takes to optimise batteries in a market scaling this fast.They cover:
- How two identical batteries in different parts of Poland can earn very different amounts, and why each needs its own scorecard.
- Why getting a new battery approved to support Poland's grid can take up to two years, while everyone is still learning the rules.
- How over 2GW of batteries expected by 2028, in a country that peaks at around 25GW, will change the way power is traded in Poland.
- What battery owners are choosing between: guaranteed-income deals that help secure loans, or betting on the market.
- Why Poland's single national electricity price is coming under strain as the grid gets more congested.
Want to see how battery assets in Poland are performing? https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=entrix&utm_content=ko_signup. CHAPTERS 0:00 Poland's battery storage market: straight to 200MW 1:17 Central dispatch and location-based battery revenues 4:11 Credible battery optimisers vs good pitch decks 6:46 Benchmarking optimiser performance per asset 9:08 Ancillary services prequalification in Poland 12:47 Starting with 100-200MW batteries: no sandbox 13:19 Intraday liquidity and the TSO balancing crackdown 15:27 Wholesale trading patterns and Poland's duck curve 18:44 Over 2GW of batteries by 2028 20:11 Route to market: floors, tolls and merchant 24:01 Flexible and asymmetric grid connections 27:29 Lessons from bringing large batteries online 28:48 Contrarian view: one national price, a constrained grid 30:47 Contrarian view: collaboration over complaint
29 SEP 2026 · Poland's battery storage market is skipping the pilot phase, with its first projects starting at 200MW, a size it took Germany five years to reach. And because of the way Poland runs its grid, two identical batteries in different locations can earn very different amounts. With over 2GW of batteries expected on the grid by 2028, the market is about to change fast.Ed Porter is joined by Aleksandra Radwańska, Country Lead Poland at Entrix, and Jan Kłoczko at Entrix, to unpack what it takes to optimise batteries in a market scaling this fast.They cover:
- How two identical batteries in different parts of Poland can earn very different amounts, and why each needs its own scorecard.
- Why getting a new battery approved to support Poland's grid can take up to two years, while everyone is still learning the rules.
- How over 2GW of batteries expected by 2028, in a country that peaks at around 25GW, will change the way power is traded in Poland.
- What battery owners are choosing between: guaranteed-income deals that help secure loans, or betting on the market.
- Why Poland's single national electricity price is coming under strain as the grid gets more congested.
Want to see how battery assets in Poland are performing? https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=entrix&utm_content=ko_signup. CHAPTERS 0:00 Poland's battery storage market: straight to 200MW 1:17 Central dispatch and location-based battery revenues 4:11 Credible battery optimisers vs good pitch decks 6:46 Benchmarking optimiser performance per asset 9:08 Ancillary services prequalification in Poland 12:47 Starting with 100-200MW batteries: no sandbox 13:19 Intraday liquidity and the TSO balancing crackdown 15:27 Wholesale trading patterns and Poland's duck curve 18:44 Over 2GW of batteries by 2028 20:11 Route to market: floors, tolls and merchant 24:01 Flexible and asymmetric grid connections 27:29 Lessons from bringing large batteries online 28:48 Contrarian view: one national price, a constrained grid 30:47 Contrarian view: collaboration over complaint
22 SEP 2026 · As the electrification of heat increases and technologies like heat pump adoption grows, it's tempting to assume the gas network can simply be wound down street by street, in line with falling demand. But it’s not as simple as this: network topology, not customer count, decides when decommissioning is actually viable, and the UK gas network is nowhere close to that point today.Sam Wilson, Director of Energy System Operations at Cadent, joins the podcast to explain the engineering reality behind that constraint — and how things like pressure control, storage, and gas injection all factor into it.They cover:
- Why network topology, not customer count, decides when decommissioning is actually viable
- How gas goes from completely odourless at transmission pressure to detectable on your street.
- What it takes to step pressure down from around 90 bar in the transmission system, through off-takes and above ground installations, to roughly 30 millibars at a domestic appliance.
- How line packing turns the pipe network itself into short-duration storage, with operators raising or lowering in-pipe pressure to absorb daily demand swings.
- What's actually limiting how much biomethane and hydrogen can go into the network today, and why hydrogen can be blended in without any changes needed to downstream appliances.
Want to know how heat electrification could reshape power demand in GB? Ask Ko - Modo Energy’s AI energy analyst - sign up for https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=sam_wilson&utm_content=ko_signupTranscript available here: You can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy.Chapters:0:00 Introduction1:09 What people get wrong about the gas network.3:03 From gas field to home boiler: the full journey4:33 UK's four gas distribution networks explained5:15 Transmission pressure: 90 bar and above6:25 Line packing - storing gas inside the pipes7:55 Industrial vs domestic gas pressure needs12:34 Replacing 100-year-old cast iron gas pipes13:56 Biomethane in the gas network17:15 Hydrogen blending: how much the network can take21:22 Getting hydrogen to industrial gas users23:18 Electrification vs the gas network's engineering reality24:26 What happens when homes remove their gas connection25:46 Why decommissioning the gas network isn't linear31:57 Sam Wilson's contrarian take on the energy transitionMusic licensed via Artlist.🔔 Subscribe for more energy market analysis: / @modoenergy 🔗 Follow Modo Energy:→ LinkedIn: linkedin.com/company/modo-energy→ Twitter/X: x.com/modoenergy
22 SEP 2026 · As the electrification of heat increases and technologies like heat pump adoption grows, it's tempting to assume the gas network can simply be wound down street by street, in line with falling demand. But it’s not as simple as this: network topology, not customer count, decides when decommissioning is actually viable, and the UK gas network is nowhere close to that point today.Sam Wilson, Director of Energy System Operations at Cadent, joins the podcast to explain the engineering reality behind that constraint — and how things like pressure control, storage, and gas injection all factor into it.They cover:
- Why network topology, not customer count, decides when decommissioning is actually viable
- How gas goes from completely odourless at transmission pressure to detectable on your street.
- What it takes to step pressure down from around 90 bar in the transmission system, through off-takes and above ground installations, to roughly 30 millibars at a domestic appliance.
- How line packing turns the pipe network itself into short-duration storage, with operators raising or lowering in-pipe pressure to absorb daily demand swings.
- What's actually limiting how much biomethane and hydrogen can go into the network today, and why hydrogen can be blended in without any changes needed to downstream appliances.
Want to know how heat electrification could reshape power demand in GB? Ask Ko - Modo Energy’s AI energy analyst - sign up for https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=sam_wilson&utm_content=ko_signupTranscript available here: You can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy.Chapters:0:00 Introduction1:09 What people get wrong about the gas network.3:03 From gas field to home boiler: the full journey4:33 UK's four gas distribution networks explained5:15 Transmission pressure: 90 bar and above6:25 Line packing - storing gas inside the pipes7:55 Industrial vs domestic gas pressure needs12:34 Replacing 100-year-old cast iron gas pipes13:56 Biomethane in the gas network17:15 Hydrogen blending: how much the network can take21:22 Getting hydrogen to industrial gas users23:18 Electrification vs the gas network's engineering reality24:26 What happens when homes remove their gas connection25:46 Why decommissioning the gas network isn't linear31:57 Sam Wilson's contrarian take on the energy transitionMusic licensed via Artlist.🔔 Subscribe for more energy market analysis: / @modoenergy 🔗 Follow Modo Energy:→ LinkedIn: linkedin.com/company/modo-energy→ Twitter/X: x.com/modoenergy
15 SEP 2026 · The grid is swapping spinning turbines for grid forming inverters, and something is getting lost in the trade. A turbine could always throw 5 times its normal output to clear a fault, for free, using nothing but physics. Inverters can only manage around 1.5 times theirs. So if renewables are going to take over, where does that missing strength come from instead?Ben Braun is Chief Engineer at Fluence, where he's spent his career working on power electronics - from batteries to the grid. In this episode, he breaks down grid forming vs grid following inverters for everyone without an electrical engineering degree.They cover:- Why "grid forming is slower" than grid following - and why that slower response is actually what makes it more stable in a fault.- Why NESO in GB and AEMO in Australia are chasing completely different things from grid forming batteries.- Why grid inertia disappears as spinning turbines retire, and how a sudden burst of power from a battery can fake it.- Why volatile AI training loads are turning data centres into miniature grids of their own, and how batteries are used to stop that volatility ever reaching the wider network.- Why Ben's biggest concern isn't too little fault current on the grid, but too much of it - and why that could force a wave of grid upgrades most people haven't priced inWant to see which grids are paying for inertia and fault current today, or where the next stability tenders are opening? Ko, Modo Energy's AI analyst, is built for exactly these questions. Free sign up: https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=youtube&utm_campaign=ben_braun&utm_content=ko_signup📄 Related article: [companion article link]―――――――――――――――⏱ CHAPTERS―――――――――――――――
- 00:00 – Why the Grid Needs More Than Power Flow
- 01:31 – Grid Forming Inverters: Common Misconceptions
- 04:51 – Grid Forming vs Grid Following Speed Explained
- 07:16 – Bathtub Analogy for Grid Forming Batteries
- 11:44 – NESO Stability Pathfinder and Global Grid Forming Numbers
- 14:11 – AEMO's System Strength Charge Explained
- 16:28 – Inertia and Short Circuit Level for Beginners
- 17:10 – Grid Inertia Explained With Lorries and Cyclists
- 21:44 – How Batteries Replicate Grid Inertia
- 23:03 – Fault Current Basics: Fuses and Circuit Breakers
- 26:16 – Fault Current Math and Retiring Turbines
- 28:52 – Voltage Stiffness and System Strength
- 39:07 – Reactive Power Explained With a Circus Tent
- 42:23 – Black Start and Grid Restoration Explained
- 46:57 – Grid Forming Inverters for Data Centres
- 53:30 – Contrarian View: Too Much Fault Current
- 61:18 – Grid Upgrades for High Fault Current Levels
You can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy.Music licensed via Artlist.🔔 Subscribe for more energy market analysis: / @modoenergy 🔗 Follow Modo Energy:→ LinkedIn: linkedin.com/company/modo-energy→ Twitter/X: x.com/modoenergy
8 SEP 2026 · Joe McDonald says close to 30% of a business power bill can go to trading desks, balancing costs and wholesale market fees most customers never see. Behind suppliers can sit five or six more intermediaries, each taking a cut before the energy ever arrives. Is that a market working as designed, or one taking more than it should?Joe is Founder & CEO of Tem Energy, and has spent over a decade inside the middle of the energy market, watching where the money actually goes on its way to the meter. He's now building the AI infrastructure to strip those middlemen out of the chain, with Tem already transacting over £1 billion a year across thousands of UK businesses, backed by a fresh Series B to fund expansion into Texas and Australia.They cover:
- Why up to 30% of a business energy bill can go to trading desks, balancing costs and wholesale fees layered behind the supplier.
- How forward market contracts fix energy prices for months or years and why "shape matching" between generators and buyers creates a shadow market worth billions.
- The P442 grid charging exemption, and why a change this small took two years to push through.
- Why Joe believes Tem's AI agents could remove around 90% of labor costs in energy transactions, and why he sees that trade-off as necessary.
- Tem Energy's plan after its Series B - expanding into Texas and Australia before Europe and the case for energy AI becoming the UK's next trillion-dollar industry.
Want to dig deeper into where that 30% actually goes, or how forward contracts are priced? Ask Ko, Modo Energy's AI analyst, for free sign up also gets you trial access to Modo Energy's research.You can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy.Chapters:0:00 Introduction1:24 The Real Cost Layers Behind A Business Energy Bill3:17 The Mechanics Of Forward Energy Contracts5:25 Shape Matching Explained6:35 The Shadow Market Behind The Grid11:12 Pricing And Settling Energy Trades With AI26:46 The P442 Grid Charging Exemption36:29 The Slow Pace Of Energy Market Regulation37:37 The Same Problem Across Global Energy Markets38:36 Cutting Utility Operating Costs With AI39:22 Comparing This Model To Octopus And Kraken40:40 Joe McDonald's Contrarian View On Energy Markets41:34 Cutting 90% Of Energy Labor Costs With AI
8 SEP 2026 · Joe McDonald says close to 30% of a business power bill can go to trading desks, balancing costs and wholesale market fees most customers never see. Behind suppliers can sit five or six more intermediaries, each taking a cut before the energy ever arrives. Is that a market working as designed, or one taking more than it should?Joe is Founder & CEO of Tem Energy, and has spent over a decade inside the middle of the energy market, watching where the money actually goes on its way to the meter. He's now building the AI infrastructure to strip those middlemen out of the chain, with Tem already transacting over £1 billion a year across thousands of UK businesses, backed by a fresh Series B to fund expansion into Texas and Australia.They cover:
- Why up to 30% of a business energy bill can go to trading desks, balancing costs and wholesale fees layered behind the supplier.
- How forward market contracts fix energy prices for months or years and why "shape matching" between generators and buyers creates a shadow market worth billions.
- The P442 grid charging exemption, and why a change this small took two years to push through.
- Why Joe believes Tem's AI agents could remove around 90% of labor costs in energy transactions, and why he sees that trade-off as necessary.
- Tem Energy's plan after its Series B - expanding into Texas and Australia before Europe and the case for energy AI becoming the UK's next trillion-dollar industry.
Want to dig deeper into where that 30% actually goes, or how forward contracts are priced? Ask Ko, Modo Energy's AI analyst, for free sign up also gets you trial access to Modo Energy's research.You can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy.Chapters:0:00 Introduction1:24 The Real Cost Layers Behind A Business Energy Bill3:17 The Mechanics Of Forward Energy Contracts5:25 Shape Matching Explained6:35 The Shadow Market Behind The Grid11:12 Pricing And Settling Energy Trades With AI26:46 The P442 Grid Charging Exemption36:29 The Slow Pace Of Energy Market Regulation37:37 The Same Problem Across Global Energy Markets38:36 Cutting Utility Operating Costs With AI39:22 Comparing This Model To Octopus And Kraken40:40 Joe McDonald's Contrarian View On Energy Markets41:34 Cutting 90% Of Energy Labor Costs With AI
1 SEP 2026 · Battery storage went from an unproven bet to one of Europe's fastest-growing energy assets in a but the exceptional returns early investors saw have already faded as more batteries crowd the market. The real question today isn't whether a battery can make money, it's whether an optimiser can keep making money from it, market after market, year after year.In this conversation, Brecht Dierckx, Director of Physical Asset Trading & Optimisation at Centrica, joins Ed to unpack what actually separates a good battery optimiser from an average one, and why pricing, contracts and risk are becoming as important as trading itself.They cover:- Why the exceptional early returns 2017–2018 battery investors saw are gone for good, and what actually lets some optimisers keep repeating strong performance while others can't- How battery revenue has shifted over time — from grid-support services, to adjusting trades as markets move, to buying and selling across multiple markets at once — and why each edge shrinks as more batteries chase it- Why pricing a battery deal is nothing like pricing a financial instrument, and how modelling different future scenarios (rather than simple averages) reveals the real value of holding a diversified portfolio- What project developers are actually asking optimisers for now — performance guarantees, profit shares, protection from regulatory changes — and why some of those guarantees aren't realistically workable- Which European markets look most promising for battery growth next, and how emerging grid restrictions could shape how much value new assets are able to captureWant to know how flexible connection agreements or grid restrictions are changing your battery's revenue forecast? https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=brecht_dierckx&utm_content=ko_signupChapters:0:00 – Battery Storage Returns Are Saturating1:04 – Battery Optimisation Operational Excellence2:22 – Repeatable Battery Storage Returns5:43 – Ancillary Services Revenue Saturation8:14 – Battery Optimiser Performance Benchmarks10:08 – Small Vs Large Battery Trading Teams14:25 – AI In Energy Trading16:29 – Autonomous AI Battery Trading Risks18:40 – Extreme Weather Impact On Energy Trading21:49 – Best European Battery Storage Markets24:13 – Battery Storage Toll Pricing28:59 – Battery Portfolio Diversification Strategy31:36 – Flexible Connection Agreements Explained35:51 – Battery Storage Investment Guarantees38:30 – Battery Storage And Grid Transmission
Transmission brings you insights from thought leaders, energy experts and cleantech specialists from across the industry.
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