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Transmission brings you insights from thought leaders, energy experts and cleantech specialists from across the industry.
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3 NOV 2026 · Germany’s battery storage pipeline looks like a “tsunami” on paper, but grid connection requests say little about how many projects actually get built. The ones that do face a hard deadline: reach final investment decision this year to keep the grid fee exemption, while the rules that replace it are still being finalised.Ed Porter is joined by Marie-Sophie Braun, Head of Markets and Regulatory Affairs at Kyon Energy, a German battery storage developer that now operates its own assets as an independent flexibility provider, to unpack how investment decisions get made when the rules are still moving.They cover:- Why the flood of grid connection requests says little about how much BESS Germany will build, and why the storage industry has no incentive to overbuild.- How Kyon is approaching final investment decisions to keep the grid fee exemption for assets live before August 2029, why seven months is tight for an infrastructure investment, and why Marie still calls the new grid fee regime a fair compromise.- What separates a flexible connection agreement a bank will finance from one that stalls projects, and why uncompensated curtailment needs a clear cap.- Why Kyon splits comparable assets across different route-to-market providers, and what it wants to see from optimisers beyond the pitch deck.- Why Germany pushes co-located storage and renewables while applying different grid rules to each, and what a split into price zones would mean for flexibility.Want to see how German batteries are performing? https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=marie_sophie_braun&utm_content=ko_signup, can answer questions on German BESS revenues, grid fees and the build-out.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.### Chapters00:00 Intro01:11 What people get wrong about German battery storage03:31 Why Kyon went from developer to operator07:42 Should developers optimise in-house?08:57 The FID deadline and AgNes grid fee reform12:17 Dynamic and locational grid fees14:20 Flexible connection agreements and financing17:03 Benchmarking route-to-market providers19:57 TSO vs DSO: who benefits from batteries?23:52 Should Germany split into price zones?27:28 Contrarian view: different rules for co-located assets
3 NOV 2026 · Germany’s battery storage pipeline looks like a “tsunami” on paper, but grid connection requests say little about how many projects actually get built. The ones that do face a hard deadline: reach final investment decision this year to keep the grid fee exemption, while the rules that replace it are still being finalised.Ed Porter is joined by Marie-Sophie Braun, Head of Markets and Regulatory Affairs at Kyon Energy, a German battery storage developer that now operates its own assets as an independent flexibility provider, to unpack how investment decisions get made when the rules are still moving.They cover:- Why the flood of grid connection requests says little about how much BESS Germany will build, and why the storage industry has no incentive to overbuild.- How Kyon is approaching final investment decisions to keep the grid fee exemption for assets live before August 2029, why seven months is tight for an infrastructure investment, and why Marie still calls the new grid fee regime a fair compromise.- What separates a flexible connection agreement a bank will finance from one that stalls projects, and why uncompensated curtailment needs a clear cap.- Why Kyon splits comparable assets across different route-to-market providers, and what it wants to see from optimisers beyond the pitch deck.- Why Germany pushes co-located storage and renewables while applying different grid rules to each, and what a split into price zones would mean for flexibility.Want to see how German batteries are performing? https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=marie_sophie_braun&utm_content=ko_signup, can answer questions on German BESS revenues, grid fees and the build-out.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.### Chapters00:00 Intro01:11 What people get wrong about German battery storage03:31 Why Kyon went from developer to operator07:42 Should developers optimise in-house?08:57 The FID deadline and AgNes grid fee reform12:17 Dynamic and locational grid fees14:20 Flexible connection agreements and financing17:03 Benchmarking route-to-market providers19:57 TSO vs DSO: who benefits from batteries?23:52 Should Germany split into price zones?27:28 Contrarian view: different rules for co-located assets
27 OCT 2026 · What if a battery storage project could lock in its revenue before it's earned it? SSE and Statkraft have done just that with a battery revenue swap: SSE gave up the ups and downs of battery income for a fixed price, Statkraft took them on, and both energy companies came out with less risk.On this episode of Transmission, Ed Porter is joined by Josh Brown, Origination Team Manager at SSE, and Cian O'Duffy, Energy Markets Quantitative Analyst at Statkraft, two people behind the deal, to explain how energy trading deals like this work and who could do one next.They cover:- How a battery revenue swap is set up, and why it needs far less paperwork than a wind farm PPA.- Whether a swap changes how you run your battery, and what basis risk means for owners.- How wind farms, solar farms and energy suppliers could use battery revenues to manage risk.- Why big businesses might buy a virtual battery instead of building their own.- What's next for battery storage deals, plus two contrarian views on CfDs and battery revenues.Ask Ko, Modo Energy's AI analyst, about battery revenues, power prices, wind, solar and data centres: https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=youtube&utm_campaign=sse_statkraft&utm_content=ko_signupYou 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:00:00 What is a battery revenue swap?01:11 How energy trading deals get set up03:07 Why SSE sold its battery revenue risk05:11 Why Statkraft wanted more battery risk06:27 How big the SSE and Statkraft deal is07:40 How swap contracts work (ISDA explained)10:39 Does a swap change how you run your battery?12:35 UK-wide vs regional battery indices13:55 Can wind and solar farms hedge with batteries?17:26 Battery revenues vs other ways to hedge20:27 Virtual batteries for big energy users24:30 What comes after swaps? Options and floors28:46 How CfDs affect negative electricity prices31:02 Why battery revenues could be a rocky ride33:26 Wrap-up
27 OCT 2026 · What if a battery storage project could lock in its revenue before it's earned it? SSE and Statkraft have done just that with a battery revenue swap: SSE gave up the ups and downs of battery income for a fixed price, Statkraft took them on, and both energy companies came out with less risk.On this episode of Transmission, Ed Porter is joined by Josh Brown, Origination Team Manager at SSE, and Cian O'Duffy, Energy Markets Quantitative Analyst at Statkraft, two people behind the deal, to explain how energy trading deals like this work and who could do one next.They cover:- How a battery revenue swap is set up, and why it needs far less paperwork than a wind farm PPA.- Whether a swap changes how you run your battery, and what basis risk means for owners.- How wind farms, solar farms and energy suppliers could use battery revenues to manage risk.- Why big businesses might buy a virtual battery instead of building their own.- What's next for battery storage deals, plus two contrarian views on CfDs and battery revenues.Ask Ko, Modo Energy's AI analyst, about battery revenues, power prices, wind, solar and data centres: https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=youtube&utm_campaign=sse_statkraft&utm_content=ko_signupYou 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:00:00 What is a battery revenue swap?01:11 How energy trading deals get set up03:07 Why SSE sold its battery revenue risk05:11 Why Statkraft wanted more battery risk06:27 How big the SSE and Statkraft deal is07:40 How swap contracts work (ISDA explained)10:39 Does a swap change how you run your battery?12:35 UK-wide vs regional battery indices13:55 Can wind and solar farms hedge with batteries?17:26 Battery revenues vs other ways to hedge20:27 Virtual batteries for big energy users24:30 What comes after swaps? Options and floors28:46 How CfDs affect negative electricity prices31:02 Why battery revenues could be a rocky ride33:26 Wrap-up
20 OCT 2026 · Battery storage in Germany has a grid connection problem: far more projects want to connect than the grid can take, so Germany has scrapped first come, first served and moved to a maturity-based allocation scheme that rewards projects that are ready to build. But for 50Hertz and Germany's other transmission system operators, connecting BESS is only half the challenge. Merchant batteries could push grid congestion costs and grid fees up, or bring them down.Wilhelm Kiewitt, Head of Energy Economics at 50Hertz, one of Germany's four transmission system operators, joins Ed Porter to explain how a grid operator sees the battery boom from the inside.They cover:
- Why Germany scrapped first come, first served for grid connections, and how the new maturity-based scheme scores projects on land, permits and finance instead of speed.
- How 50Hertz went from a handful of transmission connection requests a year to more than 100, and why even the 14GW of batteries already holding grid reservations may not all get built.
- Should batteries pay more towards wider grid upgrades? Why Wilhelm says no, and why data centres are a different case.
- Dynamic grid fees or smaller bidding zones? Where Wilhelm and Ed disagree on the cleanest way to send batteries to where the grid needs them.
- Could merchant batteries cut Germany's roughly 4 billion euros a year in congestion management costs, or push them up?
Building in Germany? Ask Ko, Modo Energy's AI analyst, what a battery earns there today, how it compares with wind and solar, and where power prices are heading.https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=wilhelm_kiewitt&utm_content=ko_signupThemen: Batteriespeicher, Netzanschluss, Reifegradverfahren, Netzentgelte, Engpassmanagement, 50Hertz
20 OCT 2026 · Battery storage in Germany has a grid connection problem: far more projects want to connect than the grid can take, so Germany has scrapped first come, first served and moved to a maturity-based allocation scheme that rewards projects that are ready to build. But for 50Hertz and Germany's other transmission system operators, connecting BESS is only half the challenge. Merchant batteries could push grid congestion costs and grid fees up, or bring them down.Wilhelm Kiewitt, Head of Energy Economics at 50Hertz, one of Germany's four transmission system operators, joins Ed Porter to explain how a grid operator sees the battery boom from the inside.They cover:
- Why Germany scrapped first come, first served for grid connections, and how the new maturity-based scheme scores projects on land, permits and finance instead of speed.
- How 50Hertz went from a handful of transmission connection requests a year to more than 100, and why even the 14GW of batteries already holding grid reservations may not all get built.
- Should batteries pay more towards wider grid upgrades? Why Wilhelm says no, and why data centres are a different case.
- Dynamic grid fees or smaller bidding zones? Where Wilhelm and Ed disagree on the cleanest way to send batteries to where the grid needs them.
- Could merchant batteries cut Germany's roughly 4 billion euros a year in congestion management costs, or push them up?
Building in Germany? Ask Ko, Modo Energy's AI analyst, what a battery earns there today, how it compares with wind and solar, and where power prices are heading.https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=wilhelm_kiewitt&utm_content=ko_signupThemen: Batteriespeicher, Netzanschluss, Reifegradverfahren, Netzentgelte, Engpassmanagement, 50Hertz
13 OCT 2026 · Battery storage investment in Europe now depends less on whether the revenue exists and more on how it gets financed. With Italy's first MACSE auction won largely by a single player while Germany's fully merchant market is pushing lenders towards shorter, tighter debt, investors have to work out what makes a battery project bankable without a long-term contract.Grace Kankindi, Deputy Head of Investment Management at Aquila Clean Energy, joins Ed Porter to walk through how she assesses battery investments across multiple European markets.They cover:- Why the first MACSE auction worked as designed, even though prices cleared low and one bidder took most of the contracts, and what new anti-concentration rules could change in round two.- What happens to Italian battery projects that miss out on MACSE, from tolling to the capacity market, and why Italian lenders still won't back fully merchant projects.- How lenders are financing merchant batteries in Germany, with debt terms of around 3 to 7 years instead of 15 to 20, and cash sweeps to pay debt down faster.- The risk investors most often underprice, the optimiser, and why the lowest profit share isn't always the cheapest deal as German two-hour battery revenues fall.- Why timing decides returns in smaller markets like Lithuania and Finland, why Poland is next on Grace's radar, and why she thinks contracted revenue is riskier than it looks.Want to stress-test how a German battery's revenues hold up as saturation sets in? Ko, Modo Energy's AI analyst, is built for exactly these questions. https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=grace_kankindiChapters0:00 Intro1:22 MACSE Auction Results and What People Got Wrong2:38 Italy Battery Storage Investment Beyond MACSE5:18 MACSE vs Merchant by Italian Price Zone6:29 Battery Revenue Strategies Without a MACSE Contract10:05 Battery Project Finance: MACSE, Tolling and Merchant12:12 Second MACSE Auction and Anti-Concentration Rules13:58 Merchant Battery Financing in Germany16:14 What Lenders Want From a Merchant BESS Project18:38 German Battery Revenue Saturation20:27 Battery Optimiser Risk and Profit Share23:12 Dynamic Grid Fees in Germany25:25 Diversifying a Battery Portfolio Across 12 Markets28:13 Lithuania and Finland Battery Storage Markets30:13 Where to Invest Next: Poland31:12 Best Performing Battery Assets in 10 Years33:46 The Hidden Risk in Contracted Battery Revenue
13 OCT 2026 · Battery storage investment in Europe now depends less on whether the revenue exists and more on how it gets financed. With Italy's first MACSE auction won largely by a single player while Germany's fully merchant market is pushing lenders towards shorter, tighter debt, investors have to work out what makes a battery project bankable without a long-term contract.Grace Kankindi, Deputy Head of Investment Management at Aquila Clean Energy, joins Ed Porter to walk through how she assesses battery investments across multiple European markets.They cover:- Why the first MACSE auction worked as designed, even though prices cleared low and one bidder took most of the contracts, and what new anti-concentration rules could change in round two.- What happens to Italian battery projects that miss out on MACSE, from tolling to the capacity market, and why Italian lenders still won't back fully merchant projects.- How lenders are financing merchant batteries in Germany, with debt terms of around 3 to 7 years instead of 15 to 20, and cash sweeps to pay debt down faster.- The risk investors most often underprice, the optimiser, and why the lowest profit share isn't always the cheapest deal as German two-hour battery revenues fall.- Why timing decides returns in smaller markets like Lithuania and Finland, why Poland is next on Grace's radar, and why she thinks contracted revenue is riskier than it looks.Want to stress-test how a German battery's revenues hold up as saturation sets in? Ko, Modo Energy's AI analyst, is built for exactly these questions. https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=podcast_apps&utm_campaign=grace_kankindiChapters0:00 Intro1:22 MACSE Auction Results and What People Got Wrong2:38 Italy Battery Storage Investment Beyond MACSE5:18 MACSE vs Merchant by Italian Price Zone6:29 Battery Revenue Strategies Without a MACSE Contract10:05 Battery Project Finance: MACSE, Tolling and Merchant12:12 Second MACSE Auction and Anti-Concentration Rules13:58 Merchant Battery Financing in Germany16:14 What Lenders Want From a Merchant BESS Project18:38 German Battery Revenue Saturation20:27 Battery Optimiser Risk and Profit Share23:12 Dynamic Grid Fees in Germany25:25 Diversifying a Battery Portfolio Across 12 Markets28:13 Lithuania and Finland Battery Storage Markets30:13 Where to Invest Next: Poland31:12 Best Performing Battery Assets in 10 Years33:46 The Hidden Risk in Contracted Battery Revenue
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
Transmission brings you insights from thought leaders, energy experts and cleantech specialists from across the industry.
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