Update From the Field - October 2022: New Frequency Response Services in the UK
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Description
TABLE OF CONTENTS
Executive summary (5)
1. New regulations and initiatives discussed this month (6)
1.1. Europe (6)
1.2. Asia (6)
1.3. North America (7)
1.4. South America (8)
1.5. Australia (8)
2. Project updates and announcements (10)
Overview of the 2021 & 2022 market for utility-scale energy storage projects (10)
Projects announced or contracted this month (11)
Projects commissioned this month (13)
3. Focus of the month: New Frequency Response Services in the UK (17)
3.1. Introduction to Great Britain (17)
3.2. Frenquency response in Great Britain (18)
3.2.1. Dynamic Containment (20)
3.2.2. Dynamic Moderation (21)
3.2.3. Dynamic Regulation (23)
3.2.4. Comparison of the different frequency response services (24)
3.3. Energy markets in Great Britain (27)
3.3.1. Day-ahead Market (27)
3.3.2. Balancing Market (27)
3.4. Capacity Market (28)
3.5. Revenue starck for two energy storage projects in Great Britain (30)
3.5.1. Introduction to the energy storage projects (30)
3.5.2. Revenue stack (30)
3.5.3. Interaction between markets
TABLE OF FIGURES
Figure 1 - Procurement Mechanism (8)
Figure 2 - Utility-scale energy storage projects announced/contracted and commissioned in 2021 and 2022 (ongoing) (11)
Figure 3 - Share of each energy production type in the British energy grid in 2020 (15)
Figure 4 - Ranking of route to markets based on prequalification in frequency response services in Great Britain (16)
Figure 5 - GB frequency response services (17)
Figure 6 - Response time for the different frequency response services (17)
Figure 7 - Rolling 3 days average of the Clearing Price and Cleared Volume for DCL (18)
Figure 8 - Rolling average of 3 days for Clearing price and Cleared Volume through time at DCH (19)
Figure 9 - Rolling average of 3 days for Clearing price and volume at DML (20)
Figure 10 - Rolling average of 3 days for Cleared Volume and Clearing Prices at DMH (20)
Figure 11 - Cleared Volume and Clearing Prices for Dynamic Regulation High (21)
Figure 12 - Cleared Volume and Clearing Prices for Dynamic Regulation Low (22)
Figure 13 - Energy charged or discharged daily to provide the different frequency response services (23)
Figure 14 - Portfolio average participation in frequency response services (24)
Figure 15 - Daily spreads and monthly average spread on the day-ahead market (25)
Figure 16 - Daily spreads and monthly average spread on the balancing market (source: Elexon Portal) (26)
Figure 17 - Volume of capacity procured in the capacity market auctions by delivery year (27)
Figure 18 - Evolution of derating factors for batteries in the capacity market (27)
Figure 19 - Revenue stack of battery (29)
Figure 20 - Revenue stack of battery 2 (29)
Figure 21 - Monthly revenue stack for the two batteries (30)
Figure 22 - Percentage of participation of both selected batteries in the different frequency response services (31)
Figure 23 - Monthly average daily spread on the day-ahead market (31)
Figure 24 - Operations of battery 1 in Dynamic Containment, wholesale and balancing markets (32)
Figure 25 - Operation of battery 1 during days with symmetric product participation (32)
Figure 26 - Operations of battery 2 in day-ahead and balancing markets (33)
Figure 27 - Prices in day-ahead and balancing market (33)