电池储能-重新审视投资案例

UK | Investment Companies  * Jefferies International Limited Fiona Huang *  | Equity Analyst+44 (0) 20 7548 5149 | fhuang@jefferies.comMatthew Hose *  | Equity Analyst44 (0) 20 7029 8557 | matt.hose@jefferies.comBattery Storage - Revisiting The InvestmentCaseWe revisit the long-term investment case for battery storage in the contextof GB's growing share of intermittent generation. Here we find that whilepower price volatility has increased compared to the pre-COVID era, systeminefficiencies continue to limit the revenue potential for battery assets.Revisiting the Investment Case: GB BESS revenues have become increasingly tied to powerprice trading after the ancillary services market hit saturation in 2023. As we show in theexhibit below, peaks and troughs of battery storage revenue have become more aligned withspreads available for trading. By applying time series analysis to daily power prices, we explorewhether trading conditions are improving, so supporting the investment thesis tha