This report summarises the operations of the Wallgrove Grid Battery in its first six-month period of operation, from December 2021 to June 2022. The virtual machine mode (VMM) to provide synthetic inertia was not implemented at this time.
The proportion of revenues earned by the WGB in the energy market for the reporting period is therefore higher than historical expectations. However, it is indicative of the extreme, sustained volatility seen in the energy market over that time. For reference, the proportion of energy revenue earned by Lake Bonney BESS, as a percentage of its total earnings in the first half of 2022, was approximately 50 per cent (even higher than the WGB’s proportion of earnings).
While this period also aligns with operations under the energy market’s new five-minute settlement structure, the higher proportion of energy revenue seen in this reporting period was mainly driven through consistent market volatility and not directly attributable to the new settlement rules