This week on Energy Unplugged, Hugo Batten, Managing Director of APAC for Aurora Energy Research, is joined by Elias Saba, Chief Commercial Officer of Eku Energy, and Lara Panchkov, Aurora’s Head of Research in APAC. Together, they explore how battery storage economics are evolving across Australia and Japan, and how shifting market dynamics are reshaping investment strategies.

Elias leads Eku’s global Technology, Markets and Trading function and brings over 15 years of experience across energy storage, renewables, and market design, including previous roles at Tesla and Macquarie. He has played a key role in commercialising major battery projects such as Hazelwood, Rangebank, and Williamsdale, and shares insights into how developers are structuring revenue, managing risk, and scaling storage portfolios across global markets.

The conversation examines key trends shaping battery investment today: falling but volatile technology costs, increasingly bespoke offtake structures, and the growing role of merchant exposure and optionality. The speakers also explore how Australia’s mature market contrasts with Japan’s more policy-driven approach, and how evolving regulation, grid constraints, and utility participation are influencing deployment.

You will learn about:

• Why early battery projects relied on merchant exposure and built-in flexibility.
• How offtake structures remain bespoke despite growing market standardisation.
• Why Japan’s battery market is developing differently, with strong government support.
• How new use cases like data centre co-location are shaping the next phase of storage investment.

This week on Energy Unplugged, Rodrigo Borges, Market Lead for Brazil at Aurora Energy Research, is joined by Veronica Coelho, Country Manager & SVP at Equinor, and Roberto Colindres, CEO of Rio Energy. Together, they explore how Brazil’s power sector is entering a new phase of development – where system optimisation, rather than pure capacity growth, will define the next cycle of investment.

Veronica brings a global developer perspective from Equinor’s international portfolio, including large-scale offshore wind, while Roberto draws on his experience leading the development and scaling of renewable assets in Brazil. The discussion highlights how Brazil’s abundance of wind, solar, water, and land positions it as a potential global clean energy powerhouse – provided the right regulatory and system-level frameworks are in place.

The conversation examines the evolving dynamics of Brazil’s electricity market: rising curtailment, increasing intraday price volatility, and mounting pressure on grid infrastructure. The discussion highlights the growing importance of BESS to reduce curtailment, capture price spreads, and improve system flexibility, while also discussing why offshore wind—despite world-class resource potential—remains a longer-term opportunity given current cost challenges relative to onshore renewables.

You will learn about:

• Why Brazil’s next phase of renewables growth depends on optimisation, not just expansion.

• How BESS can reduce curtailment, lower system costs, and enhance grid flexibility.

• Why offshore wind in Brazil is a major long-term opportunity but not yet cost-competitive.

• How grid constraints and market design challenges are shaping investment decisions.

• Why long-term policy visibility and regulatory stability are critical to unlocking future growth.

This week on Energy Unplugged, in the first of our new video series, Richard Howard, Global Head of Research at Aurora Energy Research, is joined by Marc Hedin, Head of Research for West Europe and Africa at Aurora Energy Research, to explore one of the most pressing challenges in power markets today: grid congestion.

Together, they unpack why curtailment is rising rapidly across Europe as renewable build-out outpaces grid expansion – and why this is becoming a critical risk for developers and investors. They examine how congestion impacts revenues, from reduced generation to increased volatility, and why traditional modelling approaches often underestimate the risk.

The conversation explores how different markets manage congestion – from nodal pricing in the US to redispatch in Europe – and highlights the growing complexity of market design, policy shifts, and grid reform.

Looking ahead, they discuss how more advanced modelling can better capture these dynamics, and the strategies available to mitigate risk – including co-location, portfolio optimisation, and smarter siting decisions.

You will learn about:

• Why grid congestion and curtailment are rising across renewable markets
• How different market designs manage congestion globally
• The key risks for investors, from location effects to policy uncertainty
• How better modelling and asset strategies can mitigate – and even benefit from – congestion