Episódios
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Raising capital for grid-scale storage in Australia is a balancing act. Projects need to navigate volatile wholesale prices, tight grid constraints and uncertain policy timelines while still delivering reliable returns.
Government-backed green banks and specialist financiers have stepped in to bridge that gap, creating new structures that share merchant risk, widen the pool of lenders and move projects from concept to construction.
This episode of Transmission breaks down how innovative finance is
accelerating battery storage across the National Electricity Market. Modo Energy Director, Wendel Hortop sits down with Niall Brady - Head of Solar and Storage at the Clean Energy Finance Corporation (CEFC) to explore the mechanics of concessional debt, profit-share structures and revenue floors, and examine how early deals paved the way for today’s multi gigawatt pipeline.
If you want to understand why capital remains a bottleneck for Australia’s energy transition and how the right instruments can unlock it, this conversation is for you.
In this episode you’ll learn:
• Why merchant risk still scares traditional lenders and how tailored debt packages make first-of-a-kind battery projects bankable
• How profit-share and upside mechanisms work to align public finance, private equity and project developers
• What makes an effective revenue stack in the NEM, including energy arbitrage, FCAS and emerging capacity payments
Lessons from Australia’s earliest solar-storage hybrids and how their financing models have evolved with falling capex and sharper price spreads
• The next frontiers for green finance, from long-duration storage to regional microgrids and community energy hubs
About our guest
Niall Brady is Head of Solar and Storage at the Clean Energy Finance Corporation (CEFC), Australia’s $30 billion government-owned green bank. Niall leads investment strategy for large-scale PV and battery projects, structuring deals that de-risk merchant exposure and crowd in private capital. His portfolio covers Australia’s first utility-scale solar-storage hybrids as well as new market entrants targeting firmed renewable generation for the NEM. For more information on what the CEFC do - head to their website.
https://www.cefc.com.au/
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.
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Raising capital for grid-scale storage in Australia is a balancing act. Projects need to navigate volatile wholesale prices, tight grid constraints and uncertain policy timelines while still delivering reliable returns.
Government-backed green banks and specialist financiers have stepped in to bridge that gap, creating new structures that share merchant risk, widen the pool of lenders and move projects from concept to construction.
This episode of Transmission breaks down how innovative finance is
accelerating battery storage across the National Electricity Market. Modo Energy Director, Wendel Hortop sits down with Niall Brady - Head of Solar and Storage at the Clean Energy Finance Corporation (CEFC) to explore the mechanics of concessional debt, profit-share structures and revenue floors, and examine how early deals paved the way for today’s multi gigawatt pipeline.
If you want to understand why capital remains a bottleneck for Australia’s energy transition and how the right instruments can unlock it, this conversation is for you.
In this episode you’ll learn:
• Why merchant risk still scares traditional lenders and how tailored debt packages make first-of-a-kind battery projects bankable
• How profit-share and upside mechanisms work to align public finance, private equity and project developers
• What makes an effective revenue stack in the NEM, including energy arbitrage, FCAS and emerging capacity payments
Lessons from Australia’s earliest solar-storage hybrids and how their financing models have evolved with falling capex and sharper price spreads
• The next frontiers for green finance, from long-duration storage to regional microgrids and community energy hubs
About our guest
Niall Brady is Head of Solar and Storage at the Clean Energy Finance Corporation (CEFC), Australia’s $30 billion government-owned green bank. Niall leads investment strategy for large-scale PV and battery projects, structuring deals that de-risk merchant exposure and crowd in private capital. His portfolio covers Australia’s first utility-scale solar-storage hybrids as well as new market entrants targeting firmed renewable generation for the NEM. For more information on what the CEFC do - 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.
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Building large-scale battery storage is much more than securing capital and selecting technology. Success hinges on navigating market rules, regulatory timelines, permitting, grid connection challenges, and talent gaps - each of which varies from one country to another.
Developing in a single market can alreadt present complexity. Expanding across borders introduces a new set of operational and commercial challenges, but it also unlocks huge opportunity.
In this episode of Transmission, Quentin is joined by Erik Strømsø - Chief Executive Officer at BW ESS. Erik discusses how BW ESS has adjusted to different grid codes, policy timelines, and market signals, and why success often means building a local strategy within a broader portfolio vision. Whether it’s managing duration risk in the Nordics, securing interconnection in Italy, or navigating regulatory change in Germany, this episode offers a real-world look at what it takes to build flexible, investable storage in today’s fragmented energy landscape.
Key topics include:
Why the UK led the early storage build-out: Market liberalisation, merchant opportunities, and a clear policy signal made the UK the launchpad for battery investment.How different European markets compare: What sets Sweden, Germany, and Italy apart in terms of project bankability, permitting, and revenue models.Scarcity as a competitive edge: How grid connection constraints and market friction can work in a developer’s favour - if approached strategically.The bottlenecks no one talks about: Why access to qualified people and institutional knowledge is one of the most critical limits to scale.Contracting and capital discipline: How a long-term investor approaches merchant exposure, offtake, and project risk in high-growth markets.About our guest
Erik Strømsø is Chief Executive Officer at BW ESS, the energy storage platform of BW Group - a global industrial group active in shipping, infrastructure, and renewables. Erik leads BW ESS’s efforts to deploy utility-scale battery storage across Europe and Australia, with a particular focus on markets with long-duration needs and supportive policy tailwinds. He brings a background in private equity and infrastructure investment, with experience structuring and delivering energy transition projects across multiple jurisdictions. Under his leadership, BW ESS is positioning itself as a long-term owner and operator of flexible grid assets designed for net zero power systems. For more information on BW ESS, 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.
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Building large-scale battery storage is much more than securing capital and selecting technology. Success hinges on navigating market rules, regulatory timelines, permitting, grid connection challenges, and talent gaps - each of which varies from one country to another.
Developing in a single market can alreadt present complexity. Expanding across borders introduces a new set of operational and commercial challenges, but it also unlocks huge opportunity.
In this episode of Transmission, Quentin is joined by Erik Strømsø - Chief Executive Officer at BW ESS. Erik discusses how BW ESS has adjusted to different grid codes, policy timelines, and market signals, and why success often means building a local strategy within a broader portfolio vision. Whether it’s managing duration risk in the Nordics, securing interconnection in Italy, or navigating regulatory change in Germany, this episode offers a real-world look at what it takes to build flexible, investable storage in today’s fragmented energy landscape.
Key topics include:
Why the UK led the early storage build-out: Market liberalisation, merchant opportunities, and a clear policy signal made the UK the launchpad for battery investment.How different European markets compare: What sets Sweden, Germany, and Italy apart in terms of project bankability, permitting, and revenue models.Scarcity as a competitive edge: How grid connection constraints and market friction can work in a developer’s favour - if approached strategically.The bottlenecks no one talks about: Why access to qualified people and institutional knowledge is one of the most critical limits to scale.Contracting and capital discipline: How a long-term investor approaches merchant exposure, offtake, and project risk in high-growth markets.About our guest
Erik Strømsø is Chief Executive Officer at BW ESS, the energy storage platform of BW Group - a global industrial group active in shipping, infrastructure, and renewables. Erik leads BW ESS’s efforts to deploy utility-scale battery storage across Europe and Australia, with a particular focus on markets with long-duration needs and supportive policy tailwinds. He brings a background in private equity and infrastructure investment, with experience structuring and delivering energy transition projects across multiple jurisdictions. Under his leadership, BW ESS is positioning itself as a long-term owner and operator of flexible grid assets designed for net zero power systems. For more information on BW ESS, 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.
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As electricity systems decarbonise, the role of national planners and system operators is going through a major shift. Strategic planning is no longer just about keeping the lights on. It now involves reshaping the grid to support high levels of renewable generation, growing electrification, and new sources of flexibility. The challenge lies in aligning long-term goals with real-world system operations.
In this episode of Transmission, Ed sits down with Julian Leslie, Director of Strategic Energy Planning and Chief Engineer at the National Energy System Operator (NESO). The conversation explores how long-term energy planning is changing in Great Britain and the need for low-carbon dispatchable power, the role of storage and interconnectors, and the uncertainty around technologies like hydrogen and carbon capture.
We also unpack how NESO is managing competing pressures while working to design a future-proof system. If you want to understand how the UK grid is being reimagined for net zero, this one is worth a listen.
Key topics include:
How Great Britain’s system operator is evolving from National Grid ESO to NESOWhy strategic planning must now consider the whole energy system, not just electricityThe role of low-carbon dispatchable generation in a net zero futureHow hydrogen, storage, and CCS are being factored into long-term plansWhy planning under uncertainty is so difficult, and how NESO is respondingAbout our guest
Julian Leslie is Director of Strategic Energy Planning and Chief Engineer at NESO, the new National Energy System Operator for Great Britain. With more than 30 years of experience at National Grid and the ESO, Julian has helped shape both real-time system operations and long-term planning. He now leads the team responsible for designing the future of Britain’s electricity system, ensuring it can meet climate targets while staying reliable and cost effective.
For more information on NESO's work, 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.
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As electricity systems decarbonise, the role of national planners and system operators is going through a major shift. Strategic planning is no longer just about keeping the lights on. It now involves reshaping the grid to support high levels of renewable generation, growing electrification, and new sources of flexibility. The challenge lies in aligning long-term goals with real-world system operations.
In this episode of Transmission, Ed sits down with Julian Leslie, Director of Strategic Energy Planning and Chief Engineer at the National Energy System Operator (NESO). The conversation explores how long-term energy planning is changing in Great Britain and the need for low-carbon dispatchable power, the role of storage and interconnectors, and the uncertainty around technologies like hydrogen and carbon capture.
We also unpack how NESO is managing competing pressures while working to design a future-proof system. If you want to understand how the UK grid is being reimagined for net zero, this one is worth a listen.
Key topics include:
How Great Britain’s system operator is evolving from National Grid ESO to NESOWhy strategic planning must now consider the whole energy system, not just electricityThe role of low-carbon dispatchable generation in a net zero futureHow hydrogen, storage, and CCS are being factored into long-term plansWhy planning under uncertainty is so difficult, and how NESO is respondingAbout our guest
Julian Leslie is Director of Strategic Energy Planning and Chief Engineer at NESO, the new National Energy System Operator for Great Britain. With more than 30 years of experience at National Grid and the ESO, Julian has helped shape both real-time system operations and long-term planning. He now leads the team responsible for designing the future of Britain’s electricity system, ensuring it can meet climate targets while staying reliable and cost effective.
For more information on NESO's work, 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.
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Europe is seeing a rapid increase in battery energy storage, but no two markets are quite the same. Each country presents its own blend of policy ambition, grid challenges, market structures, and investor appetite. For developers and capital providers, this means a highly fragmented landscape where understanding the local context is just as critical as getting the technology or financing right.
In this episode of Transmission, we take a pan-European view of battery investment looking at how the economics, regulation, and risk profile of projects vary from Belgium to the Baltics. Director of Investment Management for Battery Storage at Aquila Clean Energy EMEA - Kilian Leykam joins Ed to explore everything from four-hour assets in the Benelux to co-location in Italy, capacity markets in Greece, and merchant risk in Germany, this conversation explores what it takes to scale a diversified battery portfolio in today’s evolving energy landscape.
In this episode, we cover:
Project development across multiple European markets: How site selection, policy maturity and market signals drive investment strategy.Four-hour storage in the Benelux: What early operational data tells us about long-duration battery economics.Germany and Italy: Why grid support and flexibility services are gaining momentum.The role of harmonisation: How EU-wide reforms may help or hinder cross-border battery investmentMarket risks and revenue models: From merchant exposure to capacity payments and co-location opportunities.About our guest:
Kilian Leykam is Director of Investment Management for Battery Storage at Aquila Clean Energy, where he oversees one of Europe’s most geographically diverse battery portfolios.
With more than 7 GW of battery projects spanning nine European countries, Kilian brings deep experience in project development, trading, and strategic energy investment. For more information on what Aquila Clean Energy do, head to the 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.
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Europe is seeing a rapid increase in battery energy storage, but no two markets are quite the same. Each country presents its own blend of policy ambition, grid challenges, market structures, and investor appetite. For developers and capital providers, this means a highly fragmented landscape where understanding the local context is just as critical as getting the technology or financing right.
In this episode of Transmission, we take a pan-European view of battery investment looking at how the economics, regulation, and risk profile of projects vary from Belgium to the Baltics. Director of Investment Management for Battery Storage at Aquila Clean Energy EMEA - Kilian Leykam joins Ed to explore everything from four-hour assets in the Benelux to co-location in Italy, capacity markets in Greece, and merchant risk in Germany, this conversation explores what it takes to scale a diversified battery portfolio in today’s evolving energy landscape.
In this episode, we cover:
Project development across multiple European markets: How site selection, policy maturity and market signals drive investment strategy.Four-hour storage in the Benelux: What early operational data tells us about long-duration battery economics.Germany and Italy: Why grid support and flexibility services are gaining momentum.The role of harmonisation: How EU-wide reforms may help or hinder cross-border battery investmentMarket risks and revenue models: From merchant exposure to capacity payments and co-location opportunities.About our guest:
Kilian Leykam is Director of Investment Management for Battery Storage at Aquila Clean Energy, where he oversees one of Europe’s most geographically diverse battery portfolios.
With more than 7 GW of battery projects spanning nine European countries, Kilian brings deep experience in project development, trading, and strategic energy investment. For more information on what Aquila Clean Energy do, head to the 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.
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Battery energy storage is rapidly becoming a cornerstone of Australia’s evolving electricity system. As the National Electricity Market (NEM) transitions to accommodate rising renewable penetration, new policy mechanisms, and famously volatile prices, batteries are taking on a broader range of roles, from firming and arbitrage to frequency control and capacity support. But developing and operating storage in this environment requires more than just technology. It calls for strategic decision-making across commercial, technical, and market dimensions.
In this episode, Wendel is joined by Eku Energy's Chief Technology Officer - Elias Saba. The conversation explores how project developers like Eku are approaching duration and sizing, managing merchant risk, accessing FCAS revenues, and navigating the emerging capacity market landscape. We also look at how international experience can inform decision-making in Australia.
Key insights include:
Why the NEM is a proving ground for batteries: The opportunities and risks of operating in a high-volatility, high-renewables environment.Duration and design choices: How CapEx trends, price signals, and regulatory uncertainty are shaping battery configurations.Revenue stacking in practice: Merchant trading, FCAS markets, and the role of contracting in stabilising returns.Global context, local application: Lessons from other advanced markets and how they translate to the Australian grid.Building for scale: The internal capabilities and strategic frameworks required to run a high-performing storage business.About our guest
Elias Saba is the Chief Technology Officer and a founding team member at Eku Energy, a global battery storage developer and operator with active projects across Australia, Japan, Italy, and the UK. At Eku, Elias leads technical strategy, project optimisation, and market integration across multiple jurisdictions. His work sits at the intersection of engineering, commercial strategy, and energy market operations shaping how large-scale batteries are deployed and monetised in complex and fast-moving grid environments. 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.
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Battery energy storage is rapidly becoming a cornerstone of Australia’s evolving electricity system. As the National Electricity Market (NEM) transitions to accommodate rising renewable penetration, new policy mechanisms, and famously volatile prices, batteries are taking on a broader range of roles, from firming and arbitrage to frequency control and capacity support. But developing and operating storage in this environment requires more than just technology. It calls for strategic decision-making across commercial, technical, and market dimensions.
In this episode, Wendel is joined by Eku Energy's Chief Technology Officer - Elias Saba. The conversation explores how project developers like Eku are approaching duration and sizing, managing merchant risk, accessing FCAS revenues, and navigating the emerging capacity market landscape. We also look at how international experience can inform decision-making in Australia.
Key insights include:
Why the NEM is a proving ground for batteries: The opportunities and risks of operating in a high-volatility, high-renewables environment.Duration and design choices: How CapEx trends, price signals, and regulatory uncertainty are shaping battery configurations.Revenue stacking in practice: Merchant trading, FCAS markets, and the role of contracting in stabilising returns.Global context, local application: Lessons from other advanced markets and how they translate to the Australian grid.Building for scale: The internal capabilities and strategic frameworks required to run a high-performing storage business.About our guest
Elias Saba is the Chief Technology Officer and a founding team member at Eku Energy, a global battery storage developer and operator with active projects across Australia, Japan, Italy, and the UK. At Eku, Elias leads technical strategy, project optimisation, and market integration across multiple jurisdictions. His work sits at the intersection of engineering, commercial strategy, and energy market operations shaping how large-scale batteries are deployed and monetised in complex and fast-moving grid environments. 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.
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As electricity systems decarbonise, the nature of flexibility is fundamentally shifting. Where grid operators once relied on fossil fuel generation to follow demand, today’s energy systems are increasingly turning to the demand side for flexibility. With more electric vehicles, heat pumps, and behind-the-meter batteries connecting to the grid every day, the potential for distributed assets to support reliability and earn revenue, is rapidly growing.
But tapping into that flexibility at scale is no small task. It requires coordination, intelligent optimisation, and a clear route into energy markets. In this episode of Transmission, we explore how software platforms are making it possible to turn thousands of individual devices into aggregated resources that respond dynamically to grid needs. From flexibility markets and revenue stacking to the evolving role of energy suppliers and the economics of decentralised participation, this conversation breaks down how the grid is being rebalanced from the bottom up.
Quentin is Joined by Co-Founder & CEO of Axle Energy - Karl Bach. Over the conversation they cover:
From load to resource: How electrification of heating, cooling, and transport is transforming grid demand into flexible capacity.Virtual power plants in action: What it takes to orchestrate hundreds of thousands of distributed devices across diverse asset classes.Consumer value meets system need: Why aligning grid requirements with consumer benefit is critical to unlocking participation.The platform model: How software intermediaries are enabling hardware providers and energy retailers to enter flexibility markets.Distributed flexibility as capex-light infrastructure: Why aggregating existing assets may offer faster returns than building new ones.About our guest:
Karl Bach is the co-founder and CEO of Axle Energy, a platform that enables distributed energy assets - from EVs and heat pumps to residential batteries, to participate in electricity and flexibility markets. With over a gigawatt of connected capacity, Axle works behind the scenes to optimise assets and unlock value for hardware providers, energy suppliers, and the grid. Karl brings a systems-level perspective to the conversation, shaped by experience at the intersection of energy markets, technology, and scalable software infrastructure. 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.
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As electricity systems decarbonise, the nature of flexibility is fundamentally shifting. Where grid operators once relied on fossil fuel generation to follow demand, today’s energy systems are increasingly turning to the demand side for flexibility. With more electric vehicles, heat pumps, and behind-the-meter batteries connecting to the grid every day, the potential for distributed assets to support reliability and earn revenue, is rapidly growing.
But tapping into that flexibility at scale is no small task. It requires coordination, intelligent optimisation, and a clear route into energy markets. In this episode of Transmission, we explore how software platforms are making it possible to turn thousands of individual devices into aggregated resources that respond dynamically to grid needs. From flexibility markets and revenue stacking to the evolving role of energy suppliers and the economics of decentralised participation, this conversation breaks down how the grid is being rebalanced from the bottom up.
Quentin is Joined by Co-Founder & CEO of Axle Energy - Karl Bach. Over the conversation they cover:
From load to resource: How electrification of heating, cooling, and transport is transforming grid demand into flexible capacity.Virtual power plants in action: What it takes to orchestrate hundreds of thousands of distributed devices across diverse asset classes.Consumer value meets system need: Why aligning grid requirements with consumer benefit is critical to unlocking participation.The platform model: How software intermediaries are enabling hardware providers and energy retailers to enter flexibility markets.Distributed flexibility as capex-light infrastructure: Why aggregating existing assets may offer faster returns than building new ones.About our guest:
Karl Bach is the co-founder and CEO of Axle Energy, a platform that enables distributed energy assets - from EVs and heat pumps to residential batteries, to participate in electricity and flexibility markets. With over a gigawatt of connected capacity, Axle works behind the scenes to optimise assets and unlock value for hardware providers, energy suppliers, and the grid. Karl brings a systems-level perspective to the conversation, shaped by experience at the intersection of energy markets, technology, and scalable software infrastructure. 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.
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As Europe’s energy markets become more volatile and complex, the role of trading and optimisation is evolving fast. Real-time weather data, cross-border constraints, and fluctuating renewable output have made flexibility more valuable than ever, but also harder to manage. In this new environment, the line between asset optimisation and active trading is blurring, and originators are increasingly expected to deliver not just access to market, but strategy, risk management, and scale.
In this episode of Transmission, we explore how the worlds of origination, power trading, and asset management are converging. From route-to-market agreements and co-located batteries to the rise of algorithmic trading platforms and 24/7 market operations, this conversation offers a window into the growing sophistication of Europe’s energy traders and what it takes to stay ahead in a data-driven, weather-dependent system.
In this episode, we cover:
What energy origination really looks like today: How the role has shifted from pure offtake to strategic optimisation and deep market involvement.The growing complexity of trading: Why algorithmic strategies, intraday market moves, and volatility are changing the way energy companies operate.Battery storage and co-location models: How different asset types are managed across multiple markets, and how to adapt trading strategies.Scaling up software and teams: From startup environments to major trading desks.What makes a good offtake partner in 2025: Why trust, systems integration, and risk-sharing now matter more than ever.About our guest
Rimshah Javed is part of the origination team at Danske Commodities, one of Europe’s largest energy trading houses. With a background in software, route-to-market strategy, and storage commercialisation, Rimshah brings experience from both startup and institutional energy environments. Before joining Danske Commodities, she helped build and scale optimisation offerings for standalone and co-located battery assets, giving her a unique perspective on how flexibility is monetised in today's dynamic energy markets.
Danske Commodities is a leading European energy trading company, active in power and gas markets across more than 40 countries. Founded in Denmark, the company specialises in short-term trading, asset optimisation, and balancing services, helping integrate renewables and manage market volatility across the energy system. For more information on What they do, head to the website. https://danskecommodities.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. https://modoenergy.com/
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As Europe’s energy markets become more volatile and complex, the role of trading and optimisation is evolving fast. Real-time weather data, cross-border constraints, and fluctuating renewable output have made flexibility more valuable than ever, but also harder to manage. In this new environment, the line between asset optimisation and active trading is blurring, and originators are increasingly expected to deliver not just access to market, but strategy, risk management, and scale.
In this episode of Transmission, we explore how the worlds of origination, power trading, and asset management are converging. From route-to-market agreements and co-located batteries to the rise of algorithmic trading platforms and 24/7 market operations, this conversation offers a window into the growing sophistication of Europe’s energy traders and what it takes to stay ahead in a data-driven, weather-dependent system.
In this episode, we cover:
What energy origination really looks like today: How the role has shifted from pure offtake to strategic optimisation and deep market involvement.The growing complexity of trading: Why algorithmic strategies, intraday market moves, and volatility are changing the way energy companies operate.Battery storage and co-location models: How different asset types are managed across multiple markets, and how to adapt trading strategies.Scaling up software and teams: From startup environments to major trading desks.What makes a good offtake partner in 2025: Why trust, systems integration, and risk-sharing now matter more than ever.About our guest
Rimshah Javed is part of the origination team at Danske Commodities, one of Europe’s largest energy trading houses. With a background in software, route-to-market strategy, and storage commercialisation, Rimshah brings experience from both startup and institutional energy environments. Before joining Danske Commodities, she helped build and scale optimisation offerings for standalone and co-located battery assets, giving her a unique perspective on how flexibility is monetised in today's dynamic energy markets.
Danske Commodities is a leading European energy trading company, active in power and gas markets across more than 40 countries. Founded in Denmark, the company specialises in short-term trading, asset optimisation, and balancing services, helping integrate renewables and manage market volatility across the energy system. For more information on What they do, head to the website.
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When it comes to battery storage deployment in Europe, most of the attention has been focused on familiar markets like the UK, Germany, and southern Europe. But in the background, a quieter shift has been taking place in the Nordics - one that’s now starting to accelerate.
Long seen as too stable, too hydro-dominated, or simply too slow, the Nordic markets were largely overlooked by early battery investors. Yet growing volatility, falling capex, and the evolving needs of a decarbonising grid have started to change the picture.
In this episode of Transmission, we explore what’s driving battery investment in Sweden, Finland, and beyond. From market signals and dispatch dynamics to cross-border optimisation and grid readiness, this conversation offers a window into a part of the European market that’s now waking up and scaling fast. Quentin speaks with Nicklas Bäcker, Co-Founder & Chief Strategy Officer at Ingrid Capacity. Over the course of the conversation, you'll hear about:
Why the Nordics were initially overlooked: How the prevalence of dispatchable hydro capacity led many investors to undervalue the incremental role of batteries in grid flexibility.Shifting storage economics: How declining capex, increased price volatility, and evolving ancillary service markets have improved the commercial viability of BESS in the region.Scaling rapidly in a new market: Insights into how more than €250 million was raised to deliver more than 200 MW of battery capacity within a compressed timeframe.Complementing hydro with fast-response assets: Why batteries offer unique value even in hydro-heavy systems. From frequency control to short-duration balancing and market arbitrage.A cross-border approach to Nordic flexibility: How project developers are expanding into Finland and other markets, and what differentiates the Nordic power system in a European context.About our guest:
Nicklas Bäcker is Chief Strategy Officer at Ingrid Capacity, one of the fastest-growing battery storage platforms in Northern Europe. With a background in energy markets and infrastructure strategy, Nicklas plays a key role in shaping the company’s growth across Sweden, Finland, and other European markets. Ingrid Capacity currently operates over 200 MW/MWh of battery storage, with an additional 200 MW/MWh under construction—positioning it as a first mover in delivering large-scale flexibility to the Nordic grid. Nicklas brings strategic insight into project development, market entry, and the role of storage in accelerating electrification across Europe. For more information on Ingrid Capacity, 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.
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When it comes to battery storage deployment in Europe, most of the attention has been focused on familiar markets like the UK, Germany, and southern Europe. But in the background, a quieter shift has been taking place in the Nordics - one that’s now starting to accelerate.
Long seen as too stable, too hydro-dominated, or simply too slow, the Nordic markets were largely overlooked by early battery investors. Yet growing volatility, falling capex, and the evolving needs of a decarbonising grid have started to change the picture.
In this episode of Transmission, we explore what’s driving battery investment in Sweden, Finland, and beyond. From market signals and dispatch dynamics to cross-border optimisation and grid readiness, this conversation offers a window into a part of the European market that’s now waking up and scaling fast. Quentin speaks with Nicklas Bäcker, Co-Founder & Chief Strategy Officer at Ingrid Capacity. Over the course of the conversation, you'll hear about:
Why the Nordics were initially overlooked: How the prevalence of dispatchable hydro capacity led many investors to undervalue the incremental role of batteries in grid flexibility.Shifting storage economics: How declining capex, increased price volatility, and evolving ancillary service markets have improved the commercial viability of BESS in the region.Scaling rapidly in a new market: Insights into how more than €250 million was raised to deliver more than 200 MW of battery capacity within a compressed timeframe.Complementing hydro with fast-response assets: Why batteries offer unique value even in hydro-heavy systems. From frequency control to short-duration balancing and market arbitrage.A cross-border approach to Nordic flexibility: How project developers are expanding into Finland and other markets, and what differentiates the Nordic power system in a European context.About our guest:
Nicklas Bäcker is Chief Strategy Officer at Ingrid Capacity, one of the fastest-growing battery storage platforms in Northern Europe. With a background in energy markets and infrastructure strategy, Nicklas plays a key role in shaping the company’s growth across Sweden, Finland, and other European markets. Ingrid Capacity currently operates over 200 MW/MWh of battery storage, with an additional 200 MW/MWh under construction—positioning it as a first mover in delivering large-scale flexibility to the Nordic grid. Nicklas brings strategic insight into project development, market entry, and the role of storage in accelerating electrification across Europe. For more information on Ingrid Capacity, 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.
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As battery storage continues to scale, the commercial and legal frameworks behind each project are becoming more sophisticated and more critical to long-term success. From merchant risk and revenue sharing to tolling agreements and long-term partnerships, the legal foundations of battery projects are becoming just as important as the technical ones. What are tolling models and how are they being used to share risk? How are contracts adapting to new market realities, and what should developers and investors look for when structuring battery deals in volatile or policy-driven markets? In this episode of Transmission, we’re joined by Louise Dalton, a partner in the Energy & Infrastructure team at CMS, and one of the UK’s leading legal experts on battery storage.
In this episode, we cover:
Tolling agreements in battery storage: What they are, how they’re used, and why they’re gaining traction across merchant-heavy markets.Managing risk through contracts: How legal structures are being used to distribute volatility between developers, operators, and offtakers.Market change and contract flexibility: How deals are being designed to respond to evolving market conditions without breaking down.Revenue certainty vs. upside potential: Balancing risk and return in a maturing but still fast-moving storage landscape.The evolution of the legal landscape: How storage contracts have changed over the past decade and what’s still missing from many standard structures.About our guest:
Louise Dalton is a partner at CMS, an international law firm, where she specialises in energy and infrastructure transactions. She has worked on some of the UK’s most high-profile battery storage deals and plays an active role in industry development through initiatives like WiNES (Women in New Energy Storage). For more information on CMS, head to their website.
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As battery storage continues to scale, the commercial and legal frameworks behind each project are becoming more sophisticated and more critical to long-term success. From merchant risk and revenue sharing to tolling agreements and long-term partnerships, the legal foundations of battery projects are becoming just as important as the technical ones. What are tolling models and how are they being used to share risk? How are contracts adapting to new market realities, and what should developers and investors look for when structuring battery deals in volatile or policy-driven markets? In this episode of Transmission, we’re joined by Louise Dalton, a partner in the Energy & Infrastructure team at CMS, and one of the UK’s leading legal experts on battery storage.
In this episode, we cover:
Tolling agreements in battery storage: What they are, how they’re used, and why they’re gaining traction across merchant-heavy markets.Managing risk through contracts: How legal structures are being used to distribute volatility between developers, operators, and offtakers.Market change and contract flexibility: How deals are being designed to respond to evolving market conditions without breaking down.Revenue certainty vs. upside potential: Balancing risk and return in a maturing but still fast-moving storage landscape.The evolution of the legal landscape: How storage contracts have changed over the past decade and what’s still missing from many standard structures.About our guest:
Louise Dalton is a partner at CMS, an international law firm, where she specialises in energy and infrastructure transactions. She has worked on some of the UK’s most high-profile battery storage deals and plays an active role in industry development through initiatives like WiNES (Women in New Energy Storage). For more information on CMS, head to their website.
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As electricity demand rises and more renewables connect to the grid, transmission infrastructure is under pressure like never before. Building new lines takes time, but what if we could unlock more capacity from the ones we already have?
Dynamic line ratings (DLR) are offering a smarter, faster path to grid optimisation. Harnessing AI-powered software enables transmission system operators to monitor real-time environmental conditions and safely increase the capacity of overhead lines. By replacing conservative static ratings with live data, DLR allows grid operators to unlock headroom, defer capital expenditure, and accelerate the integration of clean energy, all without adding new steel to the ground.
In this episode of Transmission, Quentin sits down with Georg Rute, CEO and co-founder of Gridraven, to explore how dynamic line ratings. Over the course of the conversation, you’ll hear about:
What dynamic line ratings are: How real-time monitoring of ambient conditions can safely increase the power-carrying capacity of existing transmission lines.-Why traditional ratings fall short: The limitations of static line ratings and the inefficiencies they introduce to grid operations.How Gridraven’s platform works: From weather modelling to digital twins and software-defined infrastructure.Scaling and system integration: How DLR fits into the broader landscape of grid optimisation and where it’s already delivering value.Why this matters now: As electrification and renewables drive transmission bottlenecks globally, DLR offers a rare chance to gain capacity quickly without breaking ground.About our guest:
Georg Rute is CEO and co-founder of Gridraven, a startup using AI-powered tools to optimise power transmission infrastructure. With a background in grid planning and digital innovation, Georg leads Gridraven’s mission to deliver smarter, data-driven solutions to transmission system operators across Europe and beyond. For more information on what Gridraven do - head to their website. https://www.gridraven.com/
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As electricity demand rises and more renewables connect to the grid, transmission infrastructure is under pressure like never before. Building new lines takes time, but what if we could unlock more capacity from the ones we already have?
Dynamic line ratings (DLR) are offering a smarter, faster path to grid optimisation. Harnessing AI-powered software enables transmission system operators to monitor real-time environmental conditions and safely increase the capacity of overhead lines. By replacing conservative static ratings with live data, DLR allows grid operators to unlock headroom, defer capital expenditure, and accelerate the integration of clean energy, all without adding new steel to the ground.
In this episode of Transmission, Quentin sits down with Georg Rute, CEO and co-founder of Gridraven, to explore how dynamic line ratings. Over the course of the conversation, you’ll hear about:
What dynamic line ratings are: How real-time monitoring of ambient conditions can safely increase the power-carrying capacity of existing transmission lines.-Why traditional ratings fall short: The limitations of static line ratings and the inefficiencies they introduce to grid operations.How Gridraven’s platform works: From weather modelling to digital twins and software-defined infrastructure.Scaling and system integration: How DLR fits into the broader landscape of grid optimisation and where it’s already delivering value.Why this matters now: As electrification and renewables drive transmission bottlenecks globally, DLR offers a rare chance to gain capacity quickly without breaking ground.About our guest:
Georg Rute is CEO and co-founder of Gridraven, a startup using AI-powered tools to optimise power transmission infrastructure. With a background in grid planning and digital innovation, Georg leads Gridraven’s mission to deliver smarter, data-driven solutions to transmission system operators across Europe and beyond. For more information on what Gridraven do - head to their website. https://www.gridraven.com/
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