Battery storage and bank financing with Bryan Long (Executive Director @ JPMorganChase)

Apr 29, 2025

Bryan Long, Executive Director at JP Morgan and an expert in power markets, dives into the crucial role of battery storage in energy transition. He discusses how banks are finally backing battery projects due to evolving market dynamics and the need for sustainable investments. The conversation highlights the advantages of portfolio financing over single assets, the importance of hedging strategies, and the contrasting approaches between U.S. and European markets. Long emphasizes battery storage's key role in grid stability, citing successful case studies.

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INSIGHT

Hybrid Nature of Battery Operations

Batteries are a hybrid technology with operational strategies varying by market participation and contracts.
The current focus is on short-term optimization but portfolios also benefit from forward markets reflecting volatility.

INSIGHT

Batteries as Long Volatility Assets

Batteries are long volatility assets benefiting from price spread expansions driven by fuel and load variation.
Their presence shortens conventional gas unit dispatch hours, reshaping generation dynamics.

INSIGHT

Batteries Supporting Grid Flexibility

Batteries support renewables integration by providing regulation and ancillary services for ramping.
Gas units reduce run hours and retire when economics shift, with batteries helping balance load.

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Battery storage has quickly moved from a niche technology to a core pillar of the energy transition. But one big question has remained: when will the world's largest banks fully get behind it? And what will it take for battery projects to attract long-term, large-scale financial backing?

How are market structures, price signals, and contract innovations shaping the future of battery investment? And what do developers, asset owners, and market participants need to understand as the sector matures?

In this episode of Transmission, Quentin is joined by Bryan Long, Executive Director at JP Morgan, to explore how major banks are approaching battery storage. Over the course of the conversation, you’ll hear about:

The evolution of the US power markets: How market structures have enabled huge investment in renewables and what’s changing as load growth accelerates.
The tipping point for batteries: Why banks like JP Morgan are now engaging in battery storage and what portfolio scale means for financing.
Battery portfolios vs. single assets: How portfolio effects smooth returns, de-risk projects, and open new hedging strategies.
Forward hedging for batteries: Why linking short-term battery operations with long-term forward markets is the next step for financial maturity.
The rise of new trading products: How market participants are pricing volatility, risk, and revenue certainty across high and low-demand periods.
US vs. European market dynamics: How the US remains the global leader in sending investable price signals and what Europe can learn as it faces its own transition challenges.

About our guest

Bryan Long is Executive Director at JP Morgan, specialising in power markets, commodity risk management, and structured energy products. With a background spanning real-time trading, renewables origination, and large-scale hedging strategies, Bryan helps clients navigate the evolving landscape of US energy markets—and build resilience as the grid transitions toward more flexible, renewable systems.

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 or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.