Tolls are Trending, Merchant is Waning: Structuring Bankable Storage Deals in 2026

Synopsis

• What is driving the move toward tolling and hybrid structures, and why has confidence in pure merchant exposure cooled?
• Revenue frameworks that capital providers now view as bankable for multi-hour storage
• How tolling structures distribute risk and stabilise cashflows for investors
• Why tolls have become a standout route-to-market in 2026, and how this differs from earlier cycles
• What emerging tolling providers bring to the table that fixed-price or merchant-only contracts cannot deliver