Analytics

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 from wholesale signals, as well as when they might reconnect.

Liquidity and competition in ancillary markets: why small volume changes move prices sharply

This blog explores why ancillary markets are structurally thinner than wholesale markets, indicators to suggest volatility and how this, in turn, can affect

Ancillary market reform and harmonisation: what it means for price discovery

This blog looks at how European harmonisation reforms are reshaping ancillary price formation and the best way to react to these changes.

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