EP. 287 Elias Saba on Battery Economics, Risk and the Future of Storage

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.