Asset Management 101: Fundamentals and Grid-Forming Technologies in BESS

Synopsis

Operational battery energy storage throughout Australia is set to increase ninefold over the next 3 years. With 1.9GW operating capacity by 2025, this figure could reach a staggering 18GW by 2027. As grid-forming batteries emerge as a critical technology for stabilising Australia’s renewable energy grid, asset management for this new asset class proves to be far more complex than wind or solar. What are the fundamentals that every asset owner, investor, and operator should consider when it comes to managing these assets effectively?

• Grid-forming batteries: Why are they pivotal for stabilising Australia’s renewable energy grid, and how do they differ from traditional BESS technologies?
• What are the fundamentals of asset management to consider, and how is it different for batteries, particularly grid-forming systems?
• How can data be harnessed from your BESS and consequently translated to improve performance?
• What is the LCOS (levelised cost of storage) by technology and use case, and how do grid-forming batteries impact this metric?
• How can you leverage your battery and grid-forming batteries to harness revenue streams while supporting grid reliability?
• What advice would you give to a new BESS owner/operator on how best to prepare for COD of a project, especially when deploying grid-forming technology?