Battery storage is scaling rapidly, but scale is beginning to erode the volatility and scarcity that underpin its revenues, raising critical questions about long-term bankability. As storage penetration increases, revenue durability and financing assumptions are coming under increasing pressure. This session assesses battery storage as an asset class at scale, testing revenue durability, optimisation limits, and capital structure adjustment to determine which models remain bankable and where durable investment opportunity will emerge as deployment accelerates. 

• Revenue Durability: Which battery revenue streams reflect enduring system value, and which are most vulnerable to compression as storage penetration increases? How should revenue forecasts and investment cases adjust to reflect declining volatility, increasing competition, and structural market change? 

• Revenue Stack Interaction: How does rising storage penetration reshape the interaction between arbitrage, ancillary services, and capacity revenues, and where do cannibalisation effects emerge? Which revenue combinations remain structurally resilient at scale, and which risk being overestimated in current optimisation and underwriting models? 

• Capital Structure: How are debt sizing, tenor, and leverage evolving in response to reduced long-term revenue visibility, and what now defines a financeable battery project? Are batteries converging toward infrastructure-style financing, or remaining fundamentally merchant assets requiring different capital and return expectations? 

• Investing at Scale: At what point does storage penetration materially impair new-build returns, and how should deployment strategy adjust in response? Where will the most attractive and durable battery investment opportunities exist as markets move from early growth to saturation?