With the capacity market already making up 39% of GB BESS revenue in 2024 (vs. 21% in 2023), it was time to update the BESS index to include this.
Don't worry - if you want to see the index without the capacity market included, you can toggle "Include long-term contracts" off in the settings at the top right of the index page and the numbers will update.
One of our most requested features, you can now view both the index and the index breakdown across any date range all without leaving Modo.
Looking for an introduction to electricity markets in ERCOT? Need to get new team members up to speed? We've got you covered.
In this season of The Energy Academy, Brandt Vermillion (Modo Energy's ERCOT Market Lead) dives into the makeup of ERCOT's markets for buying and selling power.
Across ten short, easily digestible episodes, you'll learn about:
- ERCOT's place within North America's power grid.
- Its roles and responsibilities as the system operator.
- How all of the major players interact with each other.
- The mechanics behind longer-term power contracts.
- How Locational Marginal Prices are formed in ERCOT.
- Day-Ahead and Real-Time operations and markets.
- The functions of ERCOT's main Ancillary Services.
- And much, much more
Balancing Reserve revenues can now be analyzed over time on an asset-by-asset basis, allowing you to see exactly how batteries are leveraging this new service.
As more data sets have been added to Plotter, it can take longer to navigate to find what you are looking for. New breadcrumbs allow you to move back up the path you came from with 1 click.
The default view for plotter has been updated to show a full year rather than a single day. If you still want to look at data for a single day, you can easily change this back with the date picker.
We have finished updating our downloadable library of Excel files to contain data from Elexon's Insights Real-Time Information Service (IRIS). These files are free to download for all users.
Download as many custom forecasts or preset runs from the Modo library as you would like - all at once.
The new Balancing Reserve service is launching on March 12, and the GB BESS index has been updated to now include battery revenue from this service.
Note: As this is a day-ahead auction, the earliest that revenues will appear in the index is March 13.
Trying to compare forecasts from multiple sources? You can now upload any revenue forecast into Modo and compare it to other revenue forecasts using studies.
Either add runs individually or select up to 5 runs to add to a study at once.
New filters for BESS revenue forecasts allow you to find the forecasts you are looking for faster than ever.
You can now visualize ERCOT load alongside the BESS index and wind & solar generation.
Want to discuss any of these releases with our product team? Book a call to let us know your thoughts.
With studies, compare BESS revenues across both a merchant-only or merchant and ancillary services strategy for up to 5 forecasts at a time - all without needing to download a single file.
Both preset runs and custom runs can be visualized through studies.
With 5 new data sets added to the plotter, you can visualize even more of what is happening in the market - and save the views you look at the most.
Our users have already seen significant time savings from saving the charts they use every day. So, we have decided to remove the limit on how many charts users can save.
Access forward curves in a way that best suits you, now available through the API or as an excel file.
Available to add to any custom dashboard, this new split shows how batteries and other assets are dispatched within the balancing mechanism.
Recently, the Enduring Auction Capability introduced negative ancillary service prices, causing an increase in negative revenues for batteries.
With the increase in negative revenues, looking at net revenue has become more important, and you can now toggle the leaderboard to view assets' net revenues.
When looking at any assets revenue breakdown, you will now clearly see both their negative and positive revenues to have a better view of overall performance.
With the articles and videos available in the GB BESS Outlook, you will now understand how revenue forecasts are impacted by market events. With this, you will have a regularly updated view for input into your strategic decision-making.
Previously only available through the Modo API, these data sets can now be downloaded as a CSV to make them easier for you and your team to use.
Looking to create a custom BESS index? Transform Asset Operations data into an hourly index with our new recipe.
With the launch of the Enduring Auction Capability and resulting shifts in frequency response market clearing prices, it is more important than ever to have a view on these services.
We've launched new live dashboards for each frequency response service that show:
Want a snapshot of a specific asset or to have a view on your entire portfolio? Revenue and physical operations for all Great Britain assets can now be added to custom dashboards.
With studies, you can quickly see what revenues look like for each forecast (for both Modo runs and your custom runs) - all without leaving the Modo platform. Studies compare the revenues generated from either a merchant-only strategy or a merchant and ancillary strategy.
Simply click on any run in the forecast library to see the revenue study.
We have now released our half-hourly power price forecasts for 6 different macroeconomic scenarios: 1 central case, 2 high cases, and 3 low cases.
These forecasts allow you to explore the prices behind our BESS revenue predictions and use the same power price forecasts for assets across your portfolio.
Interested in how your business can leverage these new forecasts?
To make it even easier to access these datasets, we have made them available as downloadable files (in addition to being available on the Modo Energy API).
We recommend ensuring you are logged in before you download so you can monitor the status of the files being prepared - especially if you are downloading across long date ranges.
With Modo Energy's new intraday price endpoints from the EPEX M7 API, you can now access true, real-time prices - updated instantly as every new trade occurs.
Similar to the rest of our developer-friendly API, these new endpoints enable you to have your program up and running within minutes of starting your build.
Ready to start exploring the new endpoints?
Want more details about Modo Data Pro or our API?
At Modo Energy, we’re helping our users transform the energy industry - enabling them to finance, own, and operate the assets that will unlock net zero.
But, this is only one piece of the puzzle on the journey toward a more sustainable future for our planet.
If we are to create a more inclusive, equitable, and regenerative economy, we also need to transform the way we do business.
That’s why we are thrilled to announce that we are now a Certified B Corporation. This reflects our commitment to using business as a force for good, and to balancing profit with purpose.
What is B Corp Certification?
B Corp Certification means that a company has been verified as meeting B Lab’s high standards for social and environmental impact, accountability, and transparency.
It also requires a legal commitment to stakeholder governance - in other words, a “triple bottom line” of profit, people, and planet. This enables businesses to build their mission and values into their operations, and to preserve that mission as they scale.
There are now more than 1500 B Corps in the UK, and over 7000 worldwide, including the likes of Patagonia, Ben & Jerry's, and The Body Shop - so we're in great company!
Our journey to becoming a B Corp
The process of becoming B Corp Certified was rigorous, requiring a comprehensive assessment of our business model, and of our social and environmental practices.
Over the course of an 18-month assessment period, we worked to ensure that Modo Energy not only meets but exceeds the stringent criteria set by B Lab.
Businesses need a minimum of 80 points in the assessment to qualify for certification - here's how we did:
Overall score - 97.3
Governance - 16.8
Workers - 31.8
Community - 21.7
Environment - 2.7
Customers - 24.1
What are we doing as a B Corp?
There's still plenty of work to be done to ensure we have a lasting positive social and environmental impact as a business, but here are a few steps we've taken since starting our B Corp journey:
What’s next?
While this is a significant accomplishment, it’s not the end of our journey. Modo Energy remains committed to continuous improvement and innovation, exploring new ways to make a positive impact on people and the planet.
If you want to read more about our progress so far and our plans for the future, look out for our upcoming Impact Report 2023, in which we offer a fully transparent evaluation of our social and environmental performance over the last financial year, and set out our goals for the year ahead.
Modo Energy's B Corp Certification is a celebration of our shared commitment to building a better world. Together (with you!), we hope to drive positive change.
We’re far from perfect - but we know that our customers, our suppliers, our investors, and our team members will continue to hold us to account as we strive to balance the needs of people and planet with our wider business goals.
We have brought ERCOT assets into the directory, so you can easily view and compare how batteries are being commercialised in this market. View:
Since the release of the plotter, it has quickly become one of our most popular features and we know why. You can now visualise comparisons between any Modo data in seconds.
And even better? After making your chart, you can now save this so you can quickly view it the next time you login.
