Benchmark methodologies
Every Modo Energy benchmark runs on a published, fully reconstructable methodology. Read the full set here, with the governance documents behind them.
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Trusted by the institutions financing the energy transition
Asset-derived indices reflect the average performance of installed grid-scale battery energy storage assets, based on observed market activity.
Calculated by reconstructing each asset’s trading positions from market data, weighted by installed capacity. Used in investor reporting and as a reference in revenue swaps, floors and tolling agreements.
Virtual assets model the dispatch of an indicative asset against historical market prices.
Built on the same dispatch model that underpins Modo Energy’s bankable forecasts, configured to each market and asset specification. Enables market participants to understand what batteries earn in markets where asset-level revenues are not published.
System benchmarks model fleet-wide revenues from system-wide operational data.
Built for markets where individual asset revenues are not disclosed, giving investors, operators and policymakers a market-level view of battery energy storage revenue performance.
Top-bottom spreads measure the daily arbitrage opportunity between the highest and lowest hourly prices.
A measure of price volatility, calculated consistently across days, locations and markets.
Used as forecasting inputs and in financial products linked to storage performance.
Regulation and governance
Administered to the standards of global financial benchmarks.
Modo Energy (Benchmarking) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) under the UK Benchmarks Regulation. FCA firm number 1042606 and is aligned against the IOSCO Principles for Financial Benchmarks.
Framework
Benchmark determination
Construction
Rules-based asset and market selection, grounded in real-world operations.
Published criteria govern asset eligibility and market coverage, aligned with the structure, products, and price signals of each market.
Calculation
Algorithmic, repeatable, and fully traceable to source data.
Automated pipelines apply consistent logic to dispatch, pricing, and capacity data, with validation checks at each stage of calculation.
Review
Independently overseen, with a formal annual methodology review.
Each methodology is reviewed as market rules and products evolve. Material changes to logic, inputs or structure are versioned and published.
Delivery
Institutional-grade access, delivered directly into existing workflows.
Available in the Terminal and through the Modo Energy API, with licensing for use in commercial agreements, valuation models and reporting.
What our customers say
Trusted across global markets
“We extensively use Modo Energy’s benchmark indices and data to assess asset performance and guide our trading strategies. The platform gives us tremendous market insights, which we use to communicate results efficiently and accurately across the business.”
Managing Director, UK & BESS
“The Modo Energy benchmark has become the industry standard for assessing asset performance. It allows us to benchmark our portfolio against the wider market and supports board reporting and internal performance reviews with credible, independent metrics.”
Principal Policy Manager
“We use Modo Energy’s benchmarks to report on our own optimisation performance and to compare it against the wider market. It’s a valuable tool for communicating performance clearly to our current and prospective investors and lenders.”
Group Product Manager
“Modo Energy’s benchmarking tools provide the independent performance reviews we need to demonstrate strong outcomes across our global projects. Benchmarking against the wider market helps validate performance, while the clear, third-party metrics strengthen communication with key stakeholders.”
Commercial Manager
“The Modo Energy Indices are a clear and widely respected metric for assessing asset performance - both within our own portfolio and against the wider market. They’re regularly used in our internal and shareholder reporting to bring clarity and give weight to analysis and benchmarking.”
Head of Optimisation & Trading
