Documentation
Benchmark Statement
Purpose, naming, families, inputs and limitations of the Almena Energy MIBEL Spain Revenue Benchmarks.
Status
Public design framework. This is not a claim of authorisation or independent assurance.
Purpose
The benchmarks measure the historical gross market revenue available to standardised renewable, storage and hybrid assets in the Spain bidding zone (ES) of the Iberian Electricity Market (MIBEL).
They support historical comparison, market analysis and due diligence. They do not measure project EBITDA, equity return or debt capacity and are not forecasts, investment advice or investable products.
Naming
- Public name: Almena Energy MIBEL Spain BESS Revenue Benchmark, 2H
- Technical identifier: AE-MIBEL-ES-BESS-REV-2H-PF
AE identifies Almena Energy as provider. MIBEL identifies the market. ES identifies the Spain bidding zone. A Portugal series uses PT. "Iberian" never means that ES and PT prices are silently blended.
Initial families
- MIBEL Spain market context.
- Solar PV and onshore wind capture price and capture rate.
- Standardised solar PV and wind revenue.
- 1H, 2H and 4H BESS revenue.
- Approved renewable-plus-storage hybrid value series.
Forward scenarios, P50/P75/P90, PPAs and project-specific results are separate analytics unless a dedicated benchmark statement and methodology are published.
Inputs
Priority is given to final official data, preliminary official data, derived official data, approved public third-party data and, last, published model assumptions. Principal authorities may include OMIE, Red Eléctrica/ESIOS, ENTSO-E, CNMC and BOE.
Energy markets use OMIE publications as the primary source for day-ahead, intraday-auction and continuous-intraday measures. Balancing and system services use the applicable system-operator publications for aFRR and mFRR capacity, activation and energy. Capacity revenue uses the award, qualification and remuneration records for the relevant delivery period.
Realised Performance identifies observed asset or fleet data by coverage, measurement boundary and reporting period. Project Benchmark assumptions and costs are effective-dated and kept separate from the underlying Market Benchmark. Exact timestamps, native resolution and Europe/Madrid delivery-day semantics are preserved, and sources are never blended merely to improve apparent coverage.
Administrator
Launch4 S.L. is the legal entity responsible for the Almena Energy benchmark framework and this documentation. Published observations are identified by series, period and methodology version.
Market Benchmark publishes comparable market and reference-asset measures. Project Benchmark applies project configuration, execution, availability, degradation, operating costs, regulated costs, taxes and financing. A Project Case is a hypothetical or proposed asset; "Digital Twin" is reserved for an operating asset connected to telemetry.
Current BESS benchmark catalogue
| Family | Published variants | Measure | Status |
|---|---|---|---|
| Auction Energy | AE ES BESS Auction Energy 1H / 2H / 4H | Sequential DA and intraday-auction revenue | Current |
| Continuous Intraday | AE ES BESS Continuous Intraday 1H / 2H / 4H | Continuous intraday trading value | Current |
| aFRR Capacity | AE ES BESS aFRR Capacity 1H / 2H / 4H | Availability and capacity remuneration | Current |
| aFRR Energy | AE ES BESS aFRR Energy 1H / 2H / 4H | Activated balancing-energy value | Current |
| mFRR Capacity | AE ES BESS mFRR Capacity 1H / 2H / 4H | Availability and capacity remuneration | Current |
| mFRR Energy | AE ES BESS mFRR Energy 1H / 2H / 4H | Activated balancing-energy value | Current |
| Capacity Revenue | AE ES BESS Capacity Revenue 1H / 2H / 4H | Capacity-market remuneration | Current |
| Stacked Revenue | AE ES BESS Stacked Revenue 1H / 2H / 4H | Co-optimised multi-market revenue | Current |
| Realised Performance | AE ES BESS Realised Performance 1H / 2H / 4H | Observed fleet and asset-performance comparison | Current |
| Project Benchmark | AE ES BESS Project Benchmark 1H / 2H / 4H | Project-specific net revenue and bankability adjustments | Current |
Each family is published separately for the 1H, 2H and 4H reference assets. Stacked Revenue is co-optimised across eligible products; standalone family values must not be added together.
Index layers and interpretation
- Market Benchmark: standardised gross reference-asset performance for each individual market family.
- Stacked Revenue: co-optimised value across eligible energy, balancing and capacity products under shared physical constraints.
- Realised Performance: observed fleet or asset outcomes, kept distinct from modelled reference-asset opportunity.
- Project Benchmark: applies availability, degradation, O&M, taxes, network charges, route-to-market fees and project configuration.
- Solar and wind: observed fleet-weighted capture and modelled reference-asset capture are published as separate series.
- Forecast series: distinguished from historical benchmarks by forecast vintage, scenario and availability date.
Intended use
The benchmarks are designed for transparent market comparison, reference-asset analysis, model validation and Project Benchmark inputs. Unless a named series is expressly approved for another use, an output is not a guarantee, investment recommendation, valuation, credit opinion, financing commitment or contractual settlement rate.
Regulatory positioning
The framework is designed with reference to the IOSCO Principles for Financial Benchmarks. Launch4 S.L. does not claim IOSCO certification, regulatory authorisation, registration, independent assurance or legal suitability for a regulated use unless a separate statement supplies that evidence.
Limitations
Real assets may differ in location, technology, availability, efficiency, degradation, grid access, execution, costs and contracts. Historical performance is not indicative of future results.