Portugal advances a capacity market with dedicated storage auction
Portugal is moving to formalise a capacity market with a dedicated battery storage auction — the latest step in reshaping how flexibility gets remunerated in Iberia.
As developers and advisors running storage DSAs across Portugal, we read this as confirmation of a trend that’s been building for a year: standalone BESS is no longer a side bet, it’s core infrastructure.
The economics are shifting fast. Capacity payments, ancillary services and arbitrage against increasingly volatile day-ahead prices are combining into revenue stacks that look very different from the solar-plus-storage assumptions of two years ago.
That’s pushing more developers toward standalone BESS positions, alongside the co-located projects already in the pipeline — and it’s changing how we structure Development Services Agreements with the partners we bring in.
Bankability still comes down to the fundamentals: grid access, permitting sequencing, and a defensible read of how the regulatory design settles as REN and DGEG finalise the rules.
If you’re building a BESS strategy for the Iberian market, what’s the assumption you’re most nervous about right now?
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