德国收费公路：最佳实践及未来趋势？.pdf

1、RESTREINTINTERNESECRETEnergy Storage Germany 2025-StuttgartTolls in Germany:Best Practice and What Trends Can Be Expected?M+49(0)152 527 33256Martin DARONNATHead of Flexibility&Structured OriginationSupply&Energy Management-GERMANY ENGIE Supply&Energy Management(SEM):Worldclass asset optimization an

2、d risk management since decades.49 GW Thermal23 GW Wind&solar750MW Demand Side management18GW Hydro2.500 MWBatteries2 ENGIE 2024 GEMS PRESENTATIONAsset optimization&Asset backed trading Risk Management&Sales Access to 3 out of 4 TSOs in GERMANYEuropean Algo Trading Desk dedicated to BESS&Hydro#1 in

3、cPPAWorldwide,Top 3 GermanyPhysical&Virtual Flexibility offtakesStructured products(CFDs,VBS,VPS)Demand side response and Industrial Flexibility ProductsFlexibility&Structured Origination GER3 ENGIE 2022-LEADING THE ENERGY TRANSITIONWHEN YOU CLOSE THE 1stEVER LONG-TERM PHYSICAL BESS TOLL IN GERMANY4

4、BESS structured agreements are not easy and often take time to properly negotiate depending on level of complexityTHIS IS FINEHedging strategyAccounting riskCurtailment riskCredit riskTechnical risksRedispatch riskChange in Law riskCapacity marketDirect agreementTechnical annexesCOD delay risk Techn

5、ical parameters of the BESS Price level:absolute power price levels Price Volatility:dispersion around price levels Price shape:daily shape of prices Liquidity:ability to find buy/sell counterparts Ancillaries:capacity and energy prices from ancillariesBESS fair value is a function of many parameter

6、s subject to market risks and moving in time!BESS Fair Value(t)=Market risksMarket Risk downside=P95-P99 scenario=different from“Low scenario”from fundamental curves!(t)Subject to market risksSubject to market risksTolls values are a function of BESS value ove