Recurring Workflows:
Forecasting
Model future returns with customizable inputs and transparent methodology.
Benchmarking
Compare asset performance clearly against industry peers.
Research
Track market shifts, risks, and revenue trends — with strategic insights.
Data Integration
Pull tailored data straight into your workflow — however suits you best.
By Team:
Asset Management
Benchmark your portfolio, spot opportunities and value your assets with live, real-world data.
Structured Finance
Bankable revenue forecasts, performance benchmarks, and market insights to inform your investment decisions.
Asset Development
Quickly assess sites, size projects, and understand risks before you invest time or capital.
Optimization & Trading
Make confident real-time trading decisions, powered by live, realized market outcomes and insights.
Educational:
The Energy Academy
Get up to speed on global power markets with our foundational training series.
Transmission: The Podcast
Weekly conversations at the intersection of finance and energy infrastructure.
Weekly Dispatch: Newsletter
Insights, analysis and updates from global energy markets - straight to your inbox.
Live Events
Meet Modo Energy industry experts at one of our in-person or virtual events around the world.
- Pricing
How the UK’s largest listed battery fund values its assets using Modo Energy
Featuring:
Ben Guest, Managing Director
James Bustin, Investment Associate
Harry Hutchinson, Investment Manager
1 GW+
Operational battery capacity
116+
Asset valuations per year
50x faster
Investment appraisal curve sourcing
The customer
Gresham House is a London-based fund management business managing approximately £10 billion across multiple asset classes, with a dedicated focus on the energy transition. Its energy transition team, led by Managing Director Ben Guest, is focused on energy storage — where the firm has built its reputation as the the UK's largest listed battery fund by installed capacity.
The Gresham House Energy Storage Fund PLC, listed on the London Stock Exchange (ticker:GRID), is the largest operational battery fleet in GB. The fund IPO'd in 2018 and today operates over a gigawatt of battery storage across 29 sites, making it the only gigawatt-scale battery owner-operator in the country. Gresham House manages the full battery lifecycle — development, construction, operations, and financing — giving it a depth of market understanding that few can match.
The challenge: Forecasting revenue in a fast-moving market
Battery energy storage revenue depends on a web of interconnected variables — weather patterns, the generation mix, grid constraints, evolving regulations, and rapidly shifting market structures. Forecasting that revenue accurately is essential for asset valuation, investment decisions, and lender confidence.
Ben Guest, Managing Director at Gresham House, puts it simply: "You can model and forecast revenue curves, but ultimately at the core of that, you're modelling the whole industry — the rate of rollout of battery storage, solar, and wind, all the technologies, and how they interact. We're going to continue to need that detailed modelling.”
"It requires knowledge of a lot of things," said James Bustin, Investment Director at Gresham House. "That's where providers like Modo Energy are really helpful — they can do the hard work for us, the detailed models, and then we can fine-tune that for our specific setup."
With 29 operational sites requiring quarterly valuations, Gresham House needed a forecasting partner that could deliver credible, transparent revenue curves at scale — and be responsive enough to support fast-moving commercial decisions.
The Solution: Transparent, fast and bankable forecasts
Quarterly NAV valuations
Modo Energy's revenue forecasts are embedded in Gresham House's quarterly net asset value process. Each quarter, the team receives updated curves from Modo Energy, then holds a call with the Modo Energy team to understand what drove changes in the forecast — from regulatory shifts to revised wind output assumptions. The curves feed directly into the valuation model that produces the NAV published to shareholders quarterly.
"Those calls are a really good opportunity for us to touch base with Modo Energy and see what they're seeing in the market," said Harry Hutchinson, Investment Manager. "Often they're a branch-off point where there might be something that we can collaborate on and better understand."
Investment appraisals in minutes, not weeks
When Gresham House began evaluating augmentation opportunities — upgrading existing one-hour batteries to two or four hours — the team needed bespoke revenue forecasts across multiple durations and cycling rates. Before the Modo Energy Terminal existed, sourcing these curves meant requesting them from an internal team — a manual process that could take two to three weeks. With the Terminal, the same curves are available self-serve in under 30 minutes.
"That would probably take us two to three weeks," said Hutchinson. "Now, with the Terminal, you can have a curve within 20 to 30 minutes. It makes it very quick and easy."
Contracted revenue negotiations
When Gresham House structured tolling arrangement with counterparties such as Octopus Energy, the team used Modo Energy’s benchmarks and forecasts to help evaluate the business case internally. James Bustin described the process: the team benchmarked current portfolio performance against the wider market using the Terminal, layered on Modo Energy's forward-looking curves, and then compared that analysis against the offers on the table.
Bustin explains: "The Terminal provides useful resources to compare opportunities against historic and forecast performance. Impartial, third party evidence is important in ensuring a rigorous investment decision process and gives us confidence in the commercial directions taken.”
The same approach was applied when Gresham House subsequently negotiated floor arrangements — using Modo Energy’s curves to asses the downside risk the arrangements protected against.
Transparency that builds stakeholder confidence
One quality the Gresham House team consistently highlighted was transparency. Each quarter, Modo Energy publishes a methodology update available to the entire market explaining the assumptions behind its forecasts — a feature that Gresham House values not just for its own analysis, but for external stakeholders.
"The transparency is helpful not only for ourselves, but for potential investors and from a debt perspective as well," said Bustin. "We can point to our curve provider not shying away from what's in their assumptions. That aligns with how we want to run the business."
The impact: Faster decisions with more confidence
Modo Energy's data feeds into over 116 asset valuations per year, monthly board reporting, and annual and interim reports. But the impact extends well beyond the valuation cycle.
When Gresham House adopted an augmentation strategy — investing in upgrading existing batteries to longer durations — it was a bold move. Modo Energy also independently published research on the value of augmentation, using real examples of sites where it had been done successfully. The result was a shift in market sentiment.
"Modo Energy can be a catalyst for ideas in the wider market," said Hutchinson. "Your reach, your reputation, and your ability to write complex problems into easy-to-digest research means it gets much more general market reception."
Going further and faster together
At the heart of the partnership is Modo Energy's deep specialism in energy storage and flexibility markets. Ben Guest, Managing Director at Gresham House, sees this specialism as a differentiator.
"The DNA of Modo Energy being focused on energy storage is very, very important," said Guest. "It's essential that we have neutral parties that can point things out and advocate for a sector — people calling out what they actually see, with no agenda."
Asked what he would tell a peer at another fund considering Modo Energy, Hutchinson was direct: "Reputation — you have a very strong reputation for being knowledgeable in the battery market, and for doing the right thing. Outstanding, responsive people who always deliver what is asked, on time or ahead."
Turn asset data and insights into clear performance gains today
Ask AI about Modo Energy
Follow us
Modo Energy (Benchmarking) Ltd. is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority (Firm number 1042606) under Article 34 of the Regulation (EU) 2016/1011/EU) – Benchmarks Regulation (UK BMR).
Copyright© 2026 Modo Energy. All rights reserved