Realized Value per MWh Benchmark

The first edition of this benchmark has not been published yet. This page sets out what it will contain, how it will be built and what it will deliberately leave out, so that the figures can be read correctly when they arrive.

What the benchmark measures

Realized value per MWh is the net financial result of a renewable portfolio across every channel it touches, divided by the energy it produced. The working definition is set out on the realized value per MWh page and the benchmark will use it unchanged: day-ahead revenue, intraday result, balancing and imbalance settlement, contract effects and fees, all netted, over produced MWh.

The benchmark will report that figure, aggregated across the portfolios in scope, for each period. It will be broken out by technology (wind, PV, hybrid) and by bidding zone where the number of portfolios in a cell is large enough to keep any single portfolio unidentifiable. Alongside it will sit the capture price for the same aggregate, so that the gap between the two is visible as a separate line.

How it will be built

Every figure will be an aggregate. No individual portfolio’s result will be published, no portfolio will be named, and cells with too few contributors to be safely anonymous will be suppressed. Market reference figures, such as zone-level day-ahead prices and solar or wind capture indices, will come from public sources and will be cited.

The cadence is monthly. Each edition will state the period it covers, the denominator definition and the channel list, so that a portfolio owner can compute the same figure for their own assets and compare like with like. Where the definition changes between editions, the change will be stated and earlier figures restated.

What it will not include

It will not include client-identifying detail of any kind. It will not include forecasts or rank contributors. It will not report nomination-versus-realization figures beyond the aggregated imbalance settlement line, and it will not describe how any portfolio was operated.

It will also not claim more precision than the aggregate supports. Realized value moves month to month with spreads and volatility as much as with management quality, and each edition will carry enough market context for a reader to tell the two apart, without pretending to separate them exactly.

Status

The data pipeline behind the benchmark is being assembled. This page will be replaced by the first edition once the figures are available and have passed review. Until then, the useful thing an owner can do is compute their own realized value per MWh on the definition above, so that there is a number ready to compare.