What are ERCOT's biggest battery energy storage owners' strategies?

ERCOT's biggest battery energy storage owners make up 55% of the market. Want to know their strategies?
In the first quarter of 2024, battery storage in ERCOT earned an average of $48,000/MW.
Some owners exceeded this average by effectively managing their portfolios and focusing on specific revenue streams.
ERCOT includes 24 different organizations that manage over 110 grid-scale battery systems.
The five biggest players - Enel Green Power, Jupiter Power, ENGIE, Plus Power, and Key Capture Energy - control 55% of the battery power in the region.
These top performers each use distinct strategies.
Jupiter Power and Plus Power, for example, favor larger, two-hour batteries suitable for energy arbitrage.
In Q1 of 2024, ENGIE’s smaller, distributed batteries found success in Regulation services, earning more than half of their revenues from this niche.
The revenue outcomes vary. ENGIE’s smaller, one-hour batteries outperformed the Modo BESS Index by 22% when normalized by installed capacity (MWh).
Whereas Plus Power and Jupiter Power leveraged their longer-duration systems to optimize revenue from various market opportunities.
And, in terms of revenues per cycle, Key Capture Energy had the most successful portfolio in Q1 of 2024, thanks to its Reserve-heavy strategy.
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