The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

‘Great value proposition’: Australia’s electricity market volatility attracts UK’s GridBeyond


Growing electricity supply volatility and the rising demand for distributed energy solutions in Australia were among the motivations for UK-headquartered smart energy company GridBeyond to set up offices there. heard from representatives of GridBeyond, which already has operations in the UK, Ireland, USA and Japan, that there is a “great value proposition” the company’s suite of services including energy storage asset optimisation can target in Australia’s National Electricity Market (NEM).

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

GridBeyond will roll out its technology platform into the NEM, which covers five Australian states and offers wholesale market opportunities and is where frequency control ancillary services (FCAS) to balance the grid are procured.

Alongside energy storage services, optimisation for generation assets, demand response and virtual power plant (VPP) services will also be areas where the company is looking to acquire customers for the artificial intelligence-driven platform.

These could include commercial and industrial (C&I) customers and EV fleet operators which could gain access to grid-balancing market opportunities.

“There is a great value proposition in Australia taking into account its electricity consumption, the size of the industrial activity and the huge amount of volatility present,” the GridBeyond representative told

“Probably the biggest concern amongst consumers and stakeholders in the Australian market is the protection from energy price volatility and controlling electricity costs. Some of the Australian states are in the top five most volatile markets worldwide, so this is a huge concern to be addressed. If you have a good wholesale market price forecasting model backing the activity of the battery, it can be a very effective vehicle for volatility protection and/or creating revenue through arbitrage, for example,” the representative said, adding that FCAS markets generate additional revenues which can help to further offset electricity costs.

As more renewables go online in Australia, the need for fast frequency services that help match generation with demand and maintain the frequency – and therefore stability – of the grid will continue to go up.

Recent and ongoing changes to the NEM’s regulations, rules and structure are also enabling renewables and battery storage to outcompete fossil fuels, particularly coal generation, as the Australian Energy Market Operator (AEMO) that designs the market increasingly values the fast response times and ability to digitally control batteries and other distributed energy resources (DER).

GridBeyond sees FCAS as very similar in scope and requirements to Ireland’s DS3 grid services market that it already has extensive experience in, while its work in the UK to date has encompassed other service provisions that it feels will stand it in good stead like capacity and balancing markets. It has delivered these in both behind-the-meter and in front-of-the-meter applications.

“GridBeyond has developed an AI-based trading platform that is able to combine several forecasters, variables, parameters and constraints into its algorithms and solvers to further optimise trading opportunities in an automated way, so this is a key source of value in a market with such high wholesale market price volatility levels,” the representative said of the Australia launch.

7 August 2024
12pm (AEST)
Join and energy storage market experts at GridBeyond for a discussion on the evolving landscape for energy storage in Australia’s National Electricity Market, and the challenges faced in optimising the value of battery assets in an evolving market.
12 November 2024
San Diego, USA
As we see more storage projects become operational, the big question is “how to maximize your assets?” This event will prepare the industry for the road ahead, looking at the core fundamentals of asset management, understanding operational challenges, along with the latest optimization and software development. You can expect to meet and network with all the key industry players from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

July 12, 2024
Emerging energy storage markets across Asia face a similar learning curve today as their maturing counterparts have done in the past.
July 11, 2024
India’s cumulative battery energy storage system (BESS) installations stood at 219.1MWh at the end of March 2024, according to Mercom India.
July 11, 2024
Vehicle-to-grid (V2G) specialist The Mobility House is moving into large-scale BESS project development and optimisation in Germany, starting with a 750MW project.
July 11, 2024
Octopus Group’s first standalone battery energy storage system (BESS) project in Australia has won local approval in Queensland.
July 10, 2024
A 150MW BESS at the flagship Cleve Hill solar and storage project in the UK can now go ahead after its refusal by the local council was successfully appealed.

Most Popular

Email Newsletter