A swap fits five moments in a battery's life

Tolls and floors rarely cover a full 20-year design life. Swaps fill the periods they do not.
Swap
Toll
Floor
Augmentation
Unhedged
1. Pre-toll buffer
Swap
Toll
Unhedged
2. Between two tolls
Toll A
Swap
Toll B
3. After the last toll
Toll
Swap on tail years
4. After augmentation
Toll (original capacity)
Toll (original capacity)
Swap on added capacity
Augment
5. On top of a floor
Floor (downside protection)
Swap (upside sold)
COD
Yr 5
Yr 10
Yr 15
Yr 20
Source: Modo Energy • Timelines are illustrative
MODOENERGY