The launch of the Enduring Auction Capability is squeezing prices in frequency response services. But one area that can provide value for battery storage is trading in the intraday market.
So what is the revenue potential for batteries in this market? In 2023 daily spreads in the continuous intraday market average £103/MWh, 45% higher than those in the day-ahead market.
Trading in this market could result in up to 35% higher revenues for a one-hour battery cycling twice a day compared to on the day-ahead market, but batteries can combine trading across these two markets.
For example, selling back power bought on the day-ahead market in the intraday market and buying it at a cheaper price in another settlement period.
This could result in up to 80% higher revenues for battery storage than trading solely on the day-ahead market. But capturing this can be difficult. Prices evolve throughout the day, and batteries may not always be in position to take advantage of the best opportunities, so the actual uplift available is likely lower. However, optimizers who are best able to forecast prices and reposition themselves to trade may still be able to generate a significant uplift in revenues.
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