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At KYOS, we help investors, developers, and operators in the rapidly evolving battery energy storage (BESS) market with actionable insights and robust analytics. Our Battery Index is part of a broader suite of advanced benchmarking and valuation tools designed to assess revenue potential and performance across markets and technologies.


With our deep expertise in power market modeling and optimization of flexible assets, we help clients make informed decisions backed by quantitative evidence. Whether you're evaluating investment opportunities, optimizing your trading strategy, or benchmarking operational assets, KYOS provides the independent data and analysis you need to stay ahead in competitive energy markets.


Our BESS Benchmarking services go beyond standard market indexes. We combine real historical data, proprietary market simulations, and asset-specific characteristics to deliver accurate comparisons across locations, battery sizes, and revenue streams such as day-ahead, intraday, balancing, and ancillary services. This provides a transparent and consistent framework to assess both current performance and forward-looking value. For more information about our real-time, multi-market optimization engine, visit our BESS Benchmarking - KYOS website.


Partnering with KYOS means access to:

  • A comprehensive view of battery revenues across European markets.
  • Detailed benchmarking reports tailored to your assets and investment cases.
  • Advanced modeling tools for optimization, dispatch, and risk management.
  • Expert support from a team with over two decades of experience in energy analytics and advisory.

Together, we help you transform complex market data into clear, actionable insights that drive better investment, trading, and operational outcomes.

The KYOS Battery Index reports cashflows in a specific past month for the defined battery and market. The index is a single value per market and expressed in EUR/MW/day.

The data sources are: EPEX (ID1) for NL, BE, DE, GB. TenneT, Elia and Elexon for Imbalance in NL, BE and GB. OMIE for ES.

Day ahead and Intraday trading is done with perfect foresight of the prices, based on dynamic programming optimization. This means the battery charges/discharges in the optimal moments.
Energy-only aFRR is similar to passive imbalance trading, but with one important difference: instead of exposing the battery to unknown imbalance prices, the operator submits day-ahead bids for up- or down-regulation at known bid prices. If the system needs balancing energy, the TSO may activate the bid in real-time.

The battery earns revenue when its bid is accepted and then activated. Prices are pay-as-cleared, meaning the market price is never worse than the bid the battery submitted. The actual activated volume, however, is uncertain and may be zero. The bid prices reflect the full cost of returning the battery to its original state of charge, while bid volumes depend on available power, state of charge, and earlier market positions.
The passive imbalance trading strategy creates a short (or long) position whenever the forecasted IB take (feed) price in the next hour falls (rises) sufficiently below (above) recent IB take (feed) prices. The thresholds are defined independently for each market in a way that it maximizes the revenue.

A multi-linear regression based on historical imbalance and intraday prices is used to generate the imbalance price forecasts. The income from passive imbalance trading is calculated on the imbalances times the actual imbalance prices.
To show how intraday and imbalance decisions work together, we separate them into two steps:

Intraday step:
The system plans how the battery should charge or discharge based on expected intraday prices. These decisions are made one hour before the imbalance step.

Imbalance step:
After the intraday plan is set, the system updates the battery's actual state and adjusts the plan using the latest imbalance prices and short-term forecasts. It also ensures the battery always stays within its capacity limits.

The updated battery state is then passed back to the next intraday cycle.