Revenue stack
The combination of income streams a flexible asset earns across different markets — frequency response, wholesale arbitrage, the Balancing Mechanism and the Capacity Market.
Flexible assets rarely live on one market. A GB battery’s revenue stack typically combines frequency response services (such as Dynamic Containment), wholesale arbitrage across day-ahead and intraday markets, Balancing Mechanism actions, and Capacity Market agreements.
The weights in the stack move over time: frequency response markets are shallow and saturate as capacity builds, pushing an increasing share of revenue toward trading and the Balancing Mechanism. Any investment case built on a static stack mix ages quickly.
Revenue-stack modelling — how much each stream contributes, under what assumptions, with what saturation dynamics — is the core analytical work behind BESS valuation and offtake structuring.
Structuring against this in a live deal?
ETC prices and executes PPAs across GB — founder-led, from indicative quote to signed contract.