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Research

NYISO’s Ancillary Services: A Beginner’s Guide
Explainers

23 Oct 2025

Ancillary Services support the stable operation of the electric grid. NYISO procures two types of Ancillary Services through wholesale markets.
German ancillary service saturation: Lessons from Great Britain
Ancillary Services

09 Oct 2025

GB shows what happens when supply outruns demand: availability prices slide toward battery opportunity cost, and stacks must pivot. In Germany, expect aFRR capacity to compress as the overbuild ratio climbs past 1.0, while aFRR energy tracks intraday and won’t structurally saturate.
aFRR in Spain: what really changed with PICASSO
Ancillary Services

06 Oct 2025

Spain introduced a new national aFRR (automatic Frequency Restoration Reserve) market in November 2024 as a preparatory step, and then fully connected to the PICASSO European platform on 17 June 2025. This shift has reshaped how bids are submitted (including asymmetric bids), how prices form, and where the value lies upward and downward.
FCAS Islanding: Will extreme FCAS Contingency prices in the NEM continue?
Ancillary Services

21 Sep 2025

​Battery energy storage in the NEM earns a majority of revenues from energy trading. This is markedly different from when the first grid-scale batteries came online. At that time, there were higher FCAS prices, including some periods of exceptional ret...

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