Spain’s price swung from zero to €250/MWh in one day
On 27 July, Spain’s day-ahead price hit zero at midday and €250/MWh by 10:30pm — same day, same grid.
That swing is becoming the norm, not the exception. High photovoltaic output is pushing wholesale prices toward zero — sometimes below it — through the solar hours, while the evening ramp still leans on gas once the sun drops. That’s exactly the arbitrage BESS is built to capture.
We’re seeing it directly in our own storage pipeline: standalone and co-located BESS, sized and dispatched around the shape of that daily price curve rather than around a flat capacity figure.
The economics keep improving as the spread widens — but so does the execution complexity. Interconnection capacity, hybridisation rules and cycling assumptions all move the answer on standalone-vs-co-located, and they move it market by market.
As developers with in-house design capability, we’re not modelling this from a spreadsheet in isolation — we’re sizing storage against real yield data and real grid constraints, project by project, across Iberia and into the Gulf and Africa.
For anyone building or backing storage right now: is the daytime/nighttime spread the number you’re underwriting to, or is it still capacity payments and ancillary services?
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