An Overview of the US BESS Offtake Market: From Tolls to TB Swaps with Supria Ranade from JP Morgan

Welcome back to The Pexapark Podcast!

In the first part of the episode, Luca Pedretti is joined by Supria Ranade, Executive Director, Power Origination at J.P. Morgan, to explore the evolving landscape of the US battery offtake market. The discussion looks at how the market is moving beyond traditional tolling structures toward more sophisticated hedging solutions such as top-bottom (TB) swaps – and what this shift means for pricing, risk transfer, and market participants.

Key themes from the discussion:

• How the US battery offtake market has evolved from traditional tolls to TB swaps and other structured hedges
• The three core battery revenue streams: energy arbitrage, ancillary services, and capacity
• Why ERCOT and CAISO remain the key markets shaping battery contracting and trading
• Who is buying and selling TB products – from utilities and hedge providers to corporates and data centers
• Why battery offtake remains largely an OTC market, even as benchmark products gain traction
• What TB pricing reveals about market volatility, battery duration, and the value of storage flexibility

In the second part of the episode, Luca is joined by Pexapark colleagues Jeremy Zelinger and Tyler Anderson to discuss a major expansion of Pexapark’s US storage price intelligence. The focus is on new TB4 and TB6 benchmarks for longer-duration batteries in ERCOT and PJM, the methodology behind them, and early insights – including strong seasonality in persistent value and diminishing returns as battery duration increases.

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