Hi @baldynumbers & @AshentegraJust on batteries and the idea of...

Hi @baldynumbers & @Ashentegra

Just on batteries and the idea of a battery at every wind farm - might need to put a ruler through that one. Battery uptake significantly dilutes ancillary market services. Studies have found sharp diminishing returns as additional storage is connected to the grid. Take away the weak energy markets, the rising cost of raw materials and AUD/USD performance, it isn't a proposition the AEMO or a bank will accept. South Australia is a unique example and the context really does matter there.

As a defensive play I would also expect select thermal generators with decades-long lifespans ahead to publicly release roadmaps that slowly recalibrate towards targeting the ancillary services, carving up future profit distribution further.