Transmission

Ed Porter, Modo Energy
  • 5.0 (12)
  • Investing
  • Updated Weekly

Transmission is the podcast for energy professionals navigating the global shift to a low-carbon power system. Hosted by Ed Porter, Transmission goes deep on battery storage markets, power market dynamics, and the commercial forces shaping the energy transition - with the people at the centre of it. Every week, we sit down with the CEOs, heads of trading desks, government advisors, policy architects, and leading practitioners driving change across the industry. These are practitioner conversations - focused on how markets actually work, where the real opportunities and risks lie, and what the data is telling us. We cover clean energy investing, capacity markets, balancing mechanism participation, and the evolving regulatory environment that shapes returns across geographies. Our coverage spans Great Britain, Germany, Spain, and the broader European energy transition, with regular episodes dedicated to the specific dynamics of each market. Transmission tracks the inflection points that matter: when markets shift, where capital is flowing, and what experienced operators are doing next. We also cover power markets more broadly - interconnectors, flexibility markets, grid infrastructure, and the trading strategies that sophisticated players use to extract value in increasingly complex systems. Who listens: Transmission is built for people who work in energy - analysts, investors, developers, traders, asset managers, and policy professionals at every stage of their careers. If you're entering the industry or building your understanding of how battery storage and power markets actually work, Transmission is one of the fastest ways to get up to speed - directly from the people shaping them. About Modo Energy: Transmission is produced by Modo Energy, a B2B SaaS platform that helps renewable energy companies, funds, utilities, and banks manage and value their energy assets. Specializing in batteries and provides data, analytics, and forecasting to help customers understand the financial performance of their energy assets. The Modo Energy Terminal is the one-stop shop for teams trying to understand the commercial case for grid-scale battery energy storage - bringing together trusted indices, customizable benchmarks, independent revenue forecasts, in-depth written analysis, and much more. Guided by the principles of transparency and usability, Modo Energy’s Terminal provides owners, operators, developers and financiers with a complete view of the landscape for storage - past, present, and future - so that users can make informed, bankable decisions about their assets. Hundreds of organizations rely on Modo’s tools and insights to navigate market trends, optimize investment strategies, and stay ahead of industry shifts. As the storage space continues to evolve, Modo is leading the way - helping businesses unlock the full value of their assets and make smarter decisions in a net-zero future. Follow Transmission to get new episodes every Tuesday. If you find the show valuable, leaving a rating takes 30 seconds and makes a real difference in helping other energy professionals find us.

  1. 3d ago ·  Video

    How Battery Swaps Unlock Finance - Miranda Energy

    Batteries earn volatile revenues, but lenders want fixed ones. Financial swaps that trade a fixed payment for floating battery revenue, from day-ahead spreads to full revenue indices, are how that gap is starting to close. Chris Kennedy, Founder & Managing Director at Miranda Energy, joins Ed Porter in Berlin to explain how battery swaps actually work, where basis risk hides, and why he treats power volatility as an asset class in its own right. They cover: - Why basis risk is the most misunderstood part of day-ahead TB swaps, and how round-trip efficiency, degradation schedules, payout caps and availability adjustments bring the swap closer to what the asset really earns. - How day-ahead swaps are evolving into total revenue swaps benchmarked to broader battery revenue indices like Modo Energy's, and why capturing more of the revenue stack cuts basis risk further. - Why fixed-for-floating battery swaps borrow the ISDA playbook from interest rate markets, and how a TB swap let a German solar portfolio hedge the duck curve without building a battery. - Why Chris sees volatility, not the depreciating battery, as the asset to own, and how ten-year TB swaps, credit-light offtakes for BESS SPVs and 245MW of fixed offtakes across Germany, Poland and Hungary set Amaranth Energy apart from the big trading houses. - Chris's contrarian view: the market puts too much weight on backwardation in the TB forward curve, when spreads may prove directionally persistent as solar continues to outpace flexibility. Want to go deeper on battery revenue swaps and indices? Sign up for free to Ko, Modo Energy's AI analyst, at modoenergy.com Exploring a battery revenue swap? Talk to our team about using Modo Energy indices in your contracts. Chapters: 0:00 Intro 1:19 Basis Risk in Day-Ahead Battery Swaps 3:42 Unlimited Liability, Payout Caps and Availability 6:54 Total Revenue Swaps and Battery Revenue Indices 8:21 Battery Offtakes: Profit Shares, Floors and Tolls 9:55 Fixed-for-Floating Swaps and ISDA 11:21 German Solar, Negative Rates and the Duck Curve 13:23 Virtual Battery Hedge for Solar Portfolios 16:48 Three Use Cases for TB Swaps 17:27 Power Volatility as an Asset Class 19:57 Prop Shops vs Trading Houses 22:16 Credit-Light Offtakes for BESS SPVs 23:52 Options, Volga and Exotic Battery Hedges 26:22 Poland, Hungary and Emerging BESS Markets 29:48 Spain and Negative Power Prices 31:44 The Ideal Swap Counterparty 33:31 Contrarian View

    How Battery Swaps Unlock Finance - Miranda Energy

  2. 3d ago

    How Battery Swaps Unlock Finance - Miranda Energy

    Batteries earn volatile revenues, but lenders want fixed ones. Financial swaps that trade a fixed payment for floating battery revenue, from day-ahead spreads to full revenue indices, are how that gap is starting to close. Chris Kennedy, Founder & Managing Director at Miranda Energy, joins Ed Porter in Berlin to explain how battery swaps actually work, where basis risk hides, and why he treats power volatility as an asset class in its own right. They cover: - Why basis risk is the most misunderstood part of day-ahead TB swaps, and how round-trip efficiency, degradation schedules, payout caps and availability adjustments bring the swap closer to what the asset really earns. - How day-ahead swaps are evolving into total revenue swaps benchmarked to broader battery revenue indices like Modo Energy's, and why capturing more of the revenue stack cuts basis risk further. - Why fixed-for-floating battery swaps borrow the ISDA playbook from interest rate markets, and how a TB swap let a German solar portfolio hedge the duck curve without building a battery. - Why Chris sees volatility, not the depreciating battery, as the asset to own, and how ten-year TB swaps, credit-light offtakes for BESS SPVs and 245MW of fixed offtakes across Germany, Poland and Hungary set Amaranth Energy apart from the big trading houses. - Chris's contrarian view: the market puts too much weight on backwardation in the TB forward curve, when spreads may prove directionally persistent as solar continues to outpace flexibility. Want to go deeper on battery revenue swaps and indices? Sign up for free to Ko, Modo Energy's AI analyst, at modoenergy.com Exploring a battery revenue swap? Talk to our team about using Modo Energy indices in your contracts. Chapters: 0:00 Intro 1:19 Basis Risk in Day-Ahead Battery Swaps 3:42 Unlimited Liability, Payout Caps and Availability 6:54 Total Revenue Swaps and Battery Revenue Indices 8:21 Battery Offtakes: Profit Shares, Floors and Tolls 9:55 Fixed-for-Floating Swaps and ISDA 11:21 German Solar, Negative Rates and the Duck Curve 13:23 Virtual Battery Hedge for Solar Portfolios 16:48 Three Use Cases for TB Swaps 17:27 Power Volatility as an Asset Class 19:57 Prop Shops vs Trading Houses 22:16 Credit-Light Offtakes for BESS SPVs 23:52 Options, Volga and Exotic Battery Hedges 26:22 Poland, Hungary and Emerging BESS Markets 29:48 Spain and Negative Power Prices 31:44 The Ideal Swap Counterparty 33:31 Contrarian View

  3. Sep 29

    Poland's Battery Market is Skipping the Pilot Phase - Entrix

    Poland's battery storage market is skipping the pilot phase, with its first projects starting at 200MW, a size it took Germany five years to reach. And because of the way Poland runs its grid, two identical batteries in different locations can earn very different amounts. With over 2GW of batteries expected on the grid by 2028, the market is about to change fast. Ed Porter is joined by Aleksandra Radwańska, Country Lead Poland at Entrix, and Jan Kłoczko at Entrix, to unpack what it takes to optimise batteries in a market scaling this fast. They cover: How two identical batteries in different parts of Poland can earn very different amounts, and why each needs its own scorecard.Why getting a new battery approved to support Poland's grid can take up to two years, while everyone is still learning the rules.How over 2GW of batteries expected by 2028, in a country that peaks at around 25GW, will change the way power is traded in Poland.What battery owners are choosing between: guaranteed-income deals that help secure loans, or betting on the market.Why Poland's single national electricity price is coming under strain as the grid gets more congested.Want to see how battery assets in Poland are performing? Ko, Modo Energy's AI analyst, is built for exactly these questions. CHAPTERS 0:00 Poland's battery storage market: straight to 200MW 1:17 Central dispatch and location-based battery revenues 4:11 Credible battery optimisers vs good pitch decks 6:46 Benchmarking optimiser performance per asset 9:08 Ancillary services prequalification in Poland 12:47 Starting with 100-200MW batteries: no sandbox 13:19 Intraday liquidity and the TSO balancing crackdown 15:27 Wholesale trading patterns and Poland's duck curve 18:44 Over 2GW of batteries by 2028 20:11 Route to market: floors, tolls and merchant 24:01 Flexible and asymmetric grid connections 27:29 Lessons from bringing large batteries online 28:48 Contrarian view: one national price, a constrained grid 30:47 Contrarian view: collaboration over complaint

  4. Sep 29 ·  Video

    Poland's Battery Market is Skipping the Pilot Phase - Entrix

    Poland's battery storage market is skipping the pilot phase, with its first projects starting at 200MW, a size it took Germany five years to reach. And because of the way Poland runs its grid, two identical batteries in different locations can earn very different amounts. With over 2GW of batteries expected on the grid by 2028, the market is about to change fast. Ed Porter is joined by Aleksandra Radwańska, Country Lead Poland at Entrix, and Jan Kłoczko at Entrix, to unpack what it takes to optimise batteries in a market scaling this fast. They cover: How two identical batteries in different parts of Poland can earn very different amounts, and why each needs its own scorecard.Why getting a new battery approved to support Poland's grid can take up to two years, while everyone is still learning the rules.How over 2GW of batteries expected by 2028, in a country that peaks at around 25GW, will change the way power is traded in Poland.What battery owners are choosing between: guaranteed-income deals that help secure loans, or betting on the market.Why Poland's single national electricity price is coming under strain as the grid gets more congested.Want to see how battery assets in Poland are performing? Ko, Modo Energy's AI analyst, is built for exactly these questions. CHAPTERS 0:00 Poland's battery storage market: straight to 200MW 1:17 Central dispatch and location-based battery revenues 4:11 Credible battery optimisers vs good pitch decks 6:46 Benchmarking optimiser performance per asset 9:08 Ancillary services prequalification in Poland 12:47 Starting with 100-200MW batteries: no sandbox 13:19 Intraday liquidity and the TSO balancing crackdown 15:27 Wholesale trading patterns and Poland's duck curve 18:44 Over 2GW of batteries by 2028 20:11 Route to market: floors, tolls and merchant 24:01 Flexible and asymmetric grid connections 27:29 Lessons from bringing large batteries online 28:48 Contrarian view: one national price, a constrained grid 30:47 Contrarian view: collaboration over complaint

    Poland's Battery Market is Skipping the Pilot Phase - Entrix

  5. Sep 22

    The Future Of The Gas Network - Cadent

    As the electrification of heat increases and technologies like heat pump adoption grows, it's tempting to assume the gas network can simply be wound down street by street, in line with falling demand. But it’s not as simple as this: network topology, not customer count, decides when decommissioning is actually viable, and the UK gas network is nowhere close to that point today. Sam Wilson, Director of Energy System Operations at Cadent, joins the podcast to explain the engineering reality behind that constraint — and how things like pressure control, storage, and gas injection all factor into it. They cover: Why network topology, not customer count, decides when decommissioning is actually viableHow gas goes from completely odourless at transmission pressure to detectable on your street.What it takes to step pressure down from around 90 bar in the transmission system, through off-takes and above ground installations, to roughly 30 millibars at a domestic appliance.How line packing turns the pipe network itself into short-duration storage, with operators raising or lowering in-pipe pressure to absorb daily demand swings.What's actually limiting how much biomethane and hydrogen can go into the network today, and why hydrogen can be blended in without any changes needed to downstream appliances.Want to know how heat electrification could reshape power demand in GB? Ask Ko - Modo Energy’s AI energy analyst - sign up for free here Transcript available here You can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy. Chapters: 0:00 Introduction 1:09 What people get wrong about the gas network. 3:03 From gas field to home boiler: the full journey 4:33 UK's four gas distribution networks explained 5:15 Transmission pressure: 90 bar and above 6:25 Line packing - storing gas inside the pipes 7:55 Industrial vs domestic gas pressure needs 12:34 Replacing 100-year-old cast iron gas pipes 13:56 Biomethane in the gas network 17:15 Hydrogen blending: how much the network can take 21:22 Getting hydrogen to industrial gas users 23:18 Electrification vs the gas network's engineering reality 24:26 What happens when homes remove their gas connection 25:46 Why decommissioning the gas network isn't linear 31:57 Sam Wilson's contrarian take on the energy transition Music licensed via Artlist. 🔔 Subscribe for more energy market analysis: / @modoenergy 🔗 Follow Modo Energy: → LinkedIn: linkedin.com/company/modo-energy → Twitter/X: x.com/modoenergy

  6. Sep 22 ·  Video

    The Future Of The Gas Network - Cadent

    As the electrification of heat increases and technologies like heat pump adoption grows, it's tempting to assume the gas network can simply be wound down street by street, in line with falling demand. But it’s not as simple as this: network topology, not customer count, decides when decommissioning is actually viable, and the UK gas network is nowhere close to that point today. Sam Wilson, Director of Energy System Operations at Cadent, joins the podcast to explain the engineering reality behind that constraint — and how things like pressure control, storage, and gas injection all factor into it. They cover: Why network topology, not customer count, decides when decommissioning is actually viableHow gas goes from completely odourless at transmission pressure to detectable on your street.What it takes to step pressure down from around 90 bar in the transmission system, through off-takes and above ground installations, to roughly 30 millibars at a domestic appliance.How line packing turns the pipe network itself into short-duration storage, with operators raising or lowering in-pipe pressure to absorb daily demand swings.What's actually limiting how much biomethane and hydrogen can go into the network today, and why hydrogen can be blended in without any changes needed to downstream appliances.Want to know how heat electrification could reshape power demand in GB? Ask Ko - Modo Energy’s AI energy analyst - sign up for free here Transcript available here You can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy. Chapters: 0:00 Introduction 1:09 What people get wrong about the gas network. 3:03 From gas field to home boiler: the full journey 4:33 UK's four gas distribution networks explained 5:15 Transmission pressure: 90 bar and above 6:25 Line packing - storing gas inside the pipes 7:55 Industrial vs domestic gas pressure needs 12:34 Replacing 100-year-old cast iron gas pipes 13:56 Biomethane in the gas network 17:15 Hydrogen blending: how much the network can take 21:22 Getting hydrogen to industrial gas users 23:18 Electrification vs the gas network's engineering reality 24:26 What happens when homes remove their gas connection 25:46 Why decommissioning the gas network isn't linear 31:57 Sam Wilson's contrarian take on the energy transition Music licensed via Artlist. 🔔 Subscribe for more energy market analysis: / @modoenergy 🔗 Follow Modo Energy: → LinkedIn: linkedin.com/company/modo-energy → Twitter/X: x.com/modoenergy

    The Future Of The Gas Network - Cadent

  7. Sep 15 ·  Video

    What's Really Holding The Grid Together - Fluence

    The grid is swapping spinning turbines for grid forming inverters, and something is getting lost in the trade. A turbine could always throw 5 times its normal output to clear a fault, for free, using nothing but physics. Inverters can only manage around 1.5 times theirs. So if renewables are going to take over, where does that missing strength come from instead? Ben Braun is Chief Engineer at Fluence, where he's spent his career working on power electronics - from batteries to the grid. In this episode, he breaks down grid forming vs grid following inverters for everyone without an electrical engineering degree. They cover: - Why "grid forming is slower" than grid following - and why that slower response is actually what makes it more stable in a fault. - Why NESO in GB and AEMO in Australia are chasing completely different things from grid forming batteries. - Why grid inertia disappears as spinning turbines retire, and how a sudden burst of power from a battery can fake it. - Why volatile AI training loads are turning data centres into miniature grids of their own, and how batteries are used to stop that volatility ever reaching the wider network. - Why Ben's biggest concern isn't too little fault current on the grid, but too much of it - and why that could force a wave of grid upgrades most people haven't priced in Want to see which grids are paying for inertia and fault current today, or where the next stability tenders are opening? Ko, Modo Energy's AI analyst, is built for exactly these questions. Free sign up: https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=youtube&utm_campaign=ben_braun&utm_content=ko_signup 📄 Related article: [companion article link] ――――――――――――――― ⏱ CHAPTERS ――――――――――――――― 00:00 – Why the Grid Needs More Than Power Flow01:31 – Grid Forming Inverters: Common Misconceptions04:51 – Grid Forming vs Grid Following Speed Explained07:16 – Bathtub Analogy for Grid Forming Batteries11:44 – NESO Stability Pathfinder and Global Grid Forming Numbers14:11 – AEMO's System Strength Charge Explained16:28 – Inertia and Short Circuit Level for Beginners17:10 – Grid Inertia Explained With Lorries and Cyclists21:44 – How Batteries Replicate Grid Inertia23:03 – Fault Current Basics: Fuses and Circuit Breakers26:16 – Fault Current Math and Retiring Turbines28:52 – Voltage Stiffness and System Strength39:07 – Reactive Power Explained With a Circus Tent42:23 – Black Start and Grid Restoration Explained46:57 – Grid Forming Inverters for Data Centres53:30 – Contrarian View: Too Much Fault Current61:18 – Grid Upgrades for High Fault Current LevelsYou can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy. Music licensed via Artlist. 🔔 Subscribe for more energy market analysis: / @modoenergy 🔗 Follow Modo Energy: → LinkedIn: linkedin.com/company/modo-energy → Twitter/X: x.com/modoenergy

    What's Really Holding The Grid Together - Fluence

  8. Sep 15

    What's Really Holding The Grid Together - Fluence

    The grid is swapping spinning turbines for grid forming inverters, and something is getting lost in the trade. A turbine could always throw 5 times its normal output to clear a fault, for free, using nothing but physics. Inverters can only manage around 1.5 times theirs. So if renewables are going to take over, where does that missing strength come from instead? Ben Braun is Chief Engineer at Fluence, where he's spent his career working on power electronics - from batteries to the grid. In this episode, he breaks down grid forming vs grid following inverters for everyone without an electrical engineering degree. They cover: - Why "grid forming is slower" than grid following - and why that slower response is actually what makes it more stable in a fault. - Why NESO in GB and AEMO in Australia are chasing completely different things from grid forming batteries. - Why grid inertia disappears as spinning turbines retire, and how a sudden burst of power from a battery can fake it. - Why volatile AI training loads are turning data centres into miniature grids of their own, and how batteries are used to stop that volatility ever reaching the wider network. - Why Ben's biggest concern isn't too little fault current on the grid, but too much of it - and why that could force a wave of grid upgrades most people haven't priced in Want to see which grids are paying for inertia and fault current today, or where the next stability tenders are opening? Ko, Modo Energy's AI analyst, is built for exactly these questions. Free sign up: https://modoenergy.com/product/ko?utm_source=podcast&utm_medium=youtube&utm_campaign=ben_braun&utm_content=ko_signup 📄 Related article: [companion article link] ――――――――――――――― ⏱ CHAPTERS ――――――――――――――― 00:00 – Why the Grid Needs More Than Power Flow01:31 – Grid Forming Inverters: Common Misconceptions04:51 – Grid Forming vs Grid Following Speed Explained07:16 – Bathtub Analogy for Grid Forming Batteries11:44 – NESO Stability Pathfinder and Global Grid Forming Numbers14:11 – AEMO's System Strength Charge Explained16:28 – Inertia and Short Circuit Level for Beginners17:10 – Grid Inertia Explained With Lorries and Cyclists21:44 – How Batteries Replicate Grid Inertia23:03 – Fault Current Basics: Fuses and Circuit Breakers26:16 – Fault Current Math and Retiring Turbines28:52 – Voltage Stiffness and System Strength39:07 – Reactive Power Explained With a Circus Tent42:23 – Black Start and Grid Restoration Explained46:57 – Grid Forming Inverters for Data Centres53:30 – Contrarian View: Too Much Fault Current61:18 – Grid Upgrades for High Fault Current LevelsYou can watch or listen to new episodes every Tuesday. Transmission is a Modo Energy production. Your host is Ed Porter - Director EMEA & APAC at Modo Energy. Music licensed via Artlist. 🔔 Subscribe for more energy market analysis: / @modoenergy 🔗 Follow Modo Energy: → LinkedIn: linkedin.com/company/modo-energy → Twitter/X: x.com/modoenergy

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Ratings & Reviews

5
out of 5
12 Ratings

About

Transmission is the podcast for energy professionals navigating the global shift to a low-carbon power system. Hosted by Ed Porter, Transmission goes deep on battery storage markets, power market dynamics, and the commercial forces shaping the energy transition - with the people at the centre of it. Every week, we sit down with the CEOs, heads of trading desks, government advisors, policy architects, and leading practitioners driving change across the industry. These are practitioner conversations - focused on how markets actually work, where the real opportunities and risks lie, and what the data is telling us. We cover clean energy investing, capacity markets, balancing mechanism participation, and the evolving regulatory environment that shapes returns across geographies. Our coverage spans Great Britain, Germany, Spain, and the broader European energy transition, with regular episodes dedicated to the specific dynamics of each market. Transmission tracks the inflection points that matter: when markets shift, where capital is flowing, and what experienced operators are doing next. We also cover power markets more broadly - interconnectors, flexibility markets, grid infrastructure, and the trading strategies that sophisticated players use to extract value in increasingly complex systems. Who listens: Transmission is built for people who work in energy - analysts, investors, developers, traders, asset managers, and policy professionals at every stage of their careers. If you're entering the industry or building your understanding of how battery storage and power markets actually work, Transmission is one of the fastest ways to get up to speed - directly from the people shaping them. About Modo Energy: Transmission is produced by Modo Energy, a B2B SaaS platform that helps renewable energy companies, funds, utilities, and banks manage and value their energy assets. Specializing in batteries and provides data, analytics, and forecasting to help customers understand the financial performance of their energy assets. The Modo Energy Terminal is the one-stop shop for teams trying to understand the commercial case for grid-scale battery energy storage - bringing together trusted indices, customizable benchmarks, independent revenue forecasts, in-depth written analysis, and much more. Guided by the principles of transparency and usability, Modo Energy’s Terminal provides owners, operators, developers and financiers with a complete view of the landscape for storage - past, present, and future - so that users can make informed, bankable decisions about their assets. Hundreds of organizations rely on Modo’s tools and insights to navigate market trends, optimize investment strategies, and stay ahead of industry shifts. As the storage space continues to evolve, Modo is leading the way - helping businesses unlock the full value of their assets and make smarter decisions in a net-zero future. Follow Transmission to get new episodes every Tuesday. If you find the show valuable, leaving a rating takes 30 seconds and makes a real difference in helping other energy professionals find us.

Information

  • Creator
    Ed Porter, Modo Energy
  • Years Active
    2022 - 2026
  • Episodes
    456
  • Rating
    Clean
  • Copyright
    © 2025
  • Show Website
    Transmission

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