Risk management in ancillary markets: tail risk, liquidity and regime shifts
Use this article as a guide to manage risk in ancillary markets, with special attention paid to volatility regimes and structural shifts.
Ancillary vs wholesale markets: understanding decoupling and convergence
This blog describes the most likely scenarios in which ancillary prices might diverge...
Liquidity and competition in ancillary markets: why small volume changes move prices sharply
This blog explores why ancillary markets are structurally thinner than wholesale...
Ancillary market reform and harmonisation: what it means for price discovery
This blog looks at how European harmonisation reforms are reshaping ancillary price...
Revenue stacking in ancillary markets: balancing capacity, activation and wholesale exposure
This blog takes a look at how ancillary revenue stacking works in practice, where the key risks sit, and how optimisation frameworks must evolve as
Reserve scarcity and price spikes: when ancillary markets become the real stress signal
This blog examines the mechanics behind reserve scarcity and explains why ancillary markets often act as leading indicators of grid stress.
Ancillary services markets explained: how price discovery really works
This blog shares insights into how price discovery for ancillary services truly works across reserve markets in the UK, DACH, and the Nordics. It also
Frequency response markets: why FCR prices move independently of wholesale power
For reserve traders, battery portfolio managers, and market analysts, grasping why FCR prices fluctuate independently is crucial for predicting returns and
Denmark and its neighbours: Flows, spreads and the impact of flow-based coupling
Denmark’s power prices do not move in isolation. Over the past year, shifts in flow-based market coupling, cross-border constraints and rising wind output
How battery storage expansion in Germany will affect power prices
Battery energy storage systems (BESS) are becoming increasingly important in the German power market. A look at the ‘Marktstammdatenregister’ of the Federal
Trading and risk management in volatile intraday power markets
In intraday trading, playing the long game does not work as it does in other trading types, such as day-ahead. Traders need to leave static strategies behind
Liquidity and order books during volatile intraday conditions
In energy trading, the price and the speed at which assets can be sold are critical factors in a market participant's success and profit. This element
Trading and risk management during system stress events
System stress events are moments when power trading shifts from optimisation to risk containment. Prices accelerate, liquidity evaporates, correlations jump,
Forecast uncertainty and system stress: why reliability becomes probabilistic
Forecasts form a core component of modern power markets. However, as systems rely more...
Balancing markets during system stress
Balancing markets reveal the true state of the power system. Even before stress is...
Capacity margins & system tightness: metrics traders watch
Capacity margins are central to how traders discuss system tightness, yet they remain...
Scarcity pricing in power: how tight systems drive extreme prices
Scarcity pricing sits at the sharp end of power-market behaviour. This is where...
Power market reliability explained: what traders mean by system stress
Power market reliability is a term frequently used on trading floors, but it’s rarely...
Trading scarcity: How to spot and profit from tight system conditions
Power markets sometimes enter scarcity regimes - periods when available supply nears or...