Documentation
Public Methodology
Calculation chain, conventions, capture metrics, storage physics, information sets and inclusion rules.
Calculation chain
approved inputs → validation → physical profile or dispatch → eligible cashflows → normalisation → publication
Conventions
- Market: MIBEL.
- Bidding zone: Spain (ES).
- Currency: EUR.
- Prices: EUR/MWh.
- Resolution: finest reliable interval supported by the source and applicable rules.
- Calculations use full precision; rounding occurs only for display.
Capture metrics
CapturePrice = Σ(Pₜ·Qₜ) / Σ Qₜ
CaptureRate = CapturePrice / BaseloadPrice
GrossRevenue = Σ Pₜ·Qₜ
Storage
SOCₜ₊₁ = SOCₜ + ηc·Chargeₜ·Δt − Dischargeₜ·Δt / ηd
The reference BESS uses 90% round-trip efficiency. Where efficiencies are symmetric:
ηc = ηd = √0.90
No double counting
All markets share one physical state. The same MW, MWh, state of charge or grid capacity cannot be sold twice.
Information sets
| Code | Meaning |
|---|---|
| OBS | Observed result. |
| PF | Perfect foresight; an analytical upper bound. |
| DTI | Decision-time information only. |
| FWD | Forward scenario, not a historical benchmark. |
| CUSTOM | Project-specific analytics, not a public benchmark. |
Version register
| Layer | Applicable version/status | Meaning |
|---|---|---|
| AE ES BESS family methodology | v1.0 | Published calculation and disclosure boundary |
| IDA source semantics | v1.8.4 | Session horizons, unavailable-session classes and coverage contract |
| Benchmark calculation | Current | Applies to published observations carrying this version |
| State-coupled boundary method | Current | Primary continuous-SoC methodology |
Auction Energy calculation sequence
- Read the exact Madrid delivery-day DA horizon at native resolution.
- Optimise the DA position using the declared information set and reference asset.
- At each IDA gate, adjust only with the information available for that session.
- Preserve committed positions, SoC, power and throughput across every gate.
- Attribute the result as DA scheduled margin plus incremental IDA uplift minus expressly included transaction costs.
DA scheduled margin + IDA1 incremental uplift + IDA2 incremental uplift + IDA3 incremental uplift − included transaction/rebalancing costs = gross simulated Auction Energy revenue
The IDA components are sequential incremental uplifts. They are not standalone intraday revenues and must not be added to an independently optimised DA index.
Full family coverage
| Layer | Included families | Calculation basis |
|---|---|---|
| Energy | Auction Energy and Continuous Intraday | Market-sequenced dispatch under shared battery constraints |
| Balancing | aFRR Capacity, aFRR Energy, mFRR Capacity and mFRR Energy | Availability, awarded capacity and activated energy as applicable |
| Capacity | Capacity Revenue | Applicable capacity remuneration and asset qualification |
| Stacked | Stacked Revenue | Co-optimised participation across eligible products without double counting |
| Observed | Realised Performance | Observed fleet or asset results using the declared coverage basis |
| Project | Project Benchmark | Project configuration and net-revenue adjustments applied to the relevant market benchmark |
Family calculation principles
- Continuous Intraday: chronological market participation is evaluated within the applicable trading windows and shared battery constraints.
- aFRR and mFRR Capacity: awarded or available capacity is valued using the applicable capacity remuneration and qualification basis.
- aFRR and mFRR Energy: activated energy, activation price and resulting SoC movements are reflected in the corresponding energy value.
- Capacity Revenue: qualified capacity is valued for the applicable delivery period without being added twice to a stacked result.
- Stacked Revenue: markets are co-optimised under a single set of physical and availability constraints.
- Realised Performance: observed results are normalised to the declared asset, fleet and coverage basis.
- Project Benchmark: the relevant Market Benchmark is adjusted through a transparent project-specific revenue and cost waterfall.
Revenue and cost boundaries
Market Benchmark: gross modelled market revenue, net of charging-energy purchases and AC-to-AC efficiency losses.
Stacked Revenue: co-optimised multi-market revenue with shared power, energy, SoC and throughput constraints and no addition of independently optimised standalone values.
Project Benchmark: applies availability, degradation, O&M, taxes, network charges, route-to-market fees and project configuration through a visible, non-duplicative waterfall.
Realised Performance: observed revenue or performance, clearly labelled by asset or fleet coverage and measurement period.
SoC boundary methodology
Primary: state-coupled / continuous SoC
SoC is carried across delivery days, months, calculation chunks and DST boundaries. The full calculation window is cyclic, with final SoC equal to initial SoC, unless a separately disclosed terminal-energy value is approved.
Control: daily-neutral SoC
Every Madrid delivery day starts and ends at the same declared SoC. This is a conservative control series, not an automatic replacement when the state-coupled solve fails.
The two modes use identical prices, session availability, asset assumptions, market sequence, costs and EFC constraints. Their only permitted difference is the boundary condition. The difference is labelled interday optionality value, not operational uplift.
Unavailable sessions
- No zero-price substitution.
- No DA carry-forward or replacement from another IDA session.
- No interpolation or forward-fill.
- The portfolio position and SoC entering the next available gate are preserved.
- Raw coverage keeps the full contractual denominator.
Time, resolution and DST
UTC timestamps are the canonical computational keys. Delivery-day reporting uses Europe/Madrid civil time. Expected horizons are derived from the exact half-open local interval [00:00, next 00:00): 23/24/25 hourly periods or 92/96/100 quarter-hours. IDA3 retains its fixed last-12-hour horizon of 48 quarter-hours.
Quality controls
Launch4 S.L. applies source-coverage, time-alignment, physical-feasibility, reconciliation, versioning and approval controls before an observation is released. Failed controls do not produce a published value.
Inclusion
A revenue component is included only when eligibility, observable inputs, market depth, settlement treatment and no-double-counting controls are approved.
Protected IP
Public disclosure includes economic meaning, material parameters, sources, equations, constraints, judgement and limitations. Production source code, credentials, schemas, solver tuning, security controls and proprietary forecast calibration remain confidential.