BESS BM participation pre 2023 has been very low. But BESS dispatch volumes in the BM have risen significantly this year. What is driving the increase?
- Bid Offer Acceptance (BOA) volumes for BESS in the BM have historically averaged in the 1-2 GWh per month range (i.e. very low)
- BESS BOA volumes have increased steadily in 2023, rising to 10-18 GWh per month across Summer 2023, an at least 5x increase (see chart)
- Both BM & Within-Day value capture opportunities for BESS are being supported by increasing RES driven price volatility e.g. greater prevalence of negative prices.
- BM value capture also reflects:
- 1. higher volumes of BESS coming online in 2023 and
- 2. an increase in BESS optimiser focus on the BM e.g. as the value of alternative ancillary & NIV chasing strategies erode
- Going forwards National Grid’s Open Balancing Platform reforms are set to further support BESS BM value capture
We have a special focus section on drivers of increasing BESS BM value capture in our latest GB BESS subscription service report just released. Contact steven.coppack@timera-energy.com if you’re interested in more information and a sample report.
