Executive Summary
- Battery energy storage revenues in Great Britain fell 12% in November 2024, despite Balancing Mechanism earnings reaching an 18-month high.
- Wholesale market revenues dropped 27% from October, as smaller price spreads and consistently high power prices reduced trading opportunities.
- Batteries sold a record-high volume of energy through the Balancing Mechanism, averaging 1.6 GWh of daily dispatched Offers and exceeding 3 GWh in total daily dispatches for the first time ever.
Subscribers to Modo Energy’s Research will also find out:
- How November 6th’s power price spike affected battery revenues.
- Why battery revenues are now highest when wind generation is either very high or very low.
- How improved dispatch rates and dynamic pricing strategies helped batteries secure record Balancing Mechanism volumes.
To get full access to Modo Energy’s Research, book a call with a member of the team today.
Introduction
In November, battery energy storage revenues in Great Britain fell 12% from their 2024 high in October to £52k/MW/year. Despite the reduction, Balancing Mechanism revenues reached their highest level in 18 months. These figures are based on the new ME BESS GB Index, which was released in early December 2024.
Revenues continue to fluctuate each month
Since April, battery energy storage revenues haven’t moved in the same direction in successive months. Revenues have fluctuated each month as wind generation has driven trading opportunities. Despite this, revenues have broadly been on the rise since July.