Executive Summary:

• Battery energy storage systems in Great Britain earned revenues of £78k/MW/year in March 2025.
• Batteries were dispatched for record-high Balancing Mechanism volume for the second time in four months.
• The high volume of Balancing Mechanism activity led to a continuation of the increased revenues seen since December 2024.
• High solar generation caused the first negatively priced periods of 2025.

For subscribers to Modo Energy’s Research, this article will cover:

• A breakdown of the change in revenues from each service.
• An overview of wholesale power prices and price spreads in March and what drove them.
• A view of where the increased Balancing Mechanism volumes came from and the price competitiveness of batteries in the Balancing Mechanism.

Battery revenues maintain their value in March 2025

In March, batteries in Great Britain earned £78k/MW/year, matching their revenues from February. This continues the recent uplift in battery revenues seen since December 2024. In the last four months, battery revenues have averaged £82k/MW/year, compared to £53k/MW/year in the four months prior.