How Battery Route to Market Structures Impact Investment with Victoria Upton (bp)

As battery energy storage scales across Great Britain, the commercial model behind each project is becoming as critical as the technology itself. For developers, investors, and offtakers, securing the right revenue structure is key to unlocking finance, managing risk, and delivering bankable returns.

With revenue streams coming from a mix of merchant markets, capacity schemes, and ancillary services -navigating this environment requires a clear understanding of how different route-to-market structures allocate risk and reward. As capital becomes more selective, contract structure is now a core driver of whether projects progress or stall.

In this episode, Ed is joined by Victoria Upton, European Power Originator at bp. Over the conversation they discuss:

• Why tolling agreements are becoming a go-to model for de-risking battery revenues.
• How the optimiser you choose can make or break your floor contract returns.
• What virtual battery swaps offer as a flexible, asset-free hedging tool.
• The implications of co-locating solar and storage.
• How splitting large batteries into multiple BMUs unlocks revenue and control.

About our guest

Victoria Upton is a Power Originator at bp, working at the intersection of energy trading and commercial structuring for low-carbon assets. With deep experience in route-to-market strategies, Victoria plays a key role in developing and executing commercial models for battery storage and renewable energy projects across Great Britain and Europe.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Sign up to the Modo Energy Weekly Dispatch for expert insights on energy storage, market shifts, and policy updates - delivered straight to your inbox every week.