Executive Summary
- Battery energy storage revenues in Great Britain rose 26% from September to October 2024 - to £58k/MW/year, the highest since October 2023.
- Wholesale power price spreads reached £83/MWh on average, with ten days exceeding £100/MWh, driving strong trading revenues.
- Balancing Mechanism dispatch rates hit a record high, boosting revenues as in-merit dispatch rates climbed to 12%.
Subscribers to Modo Energy’s Research will also find out:
- How rising gas prices and falling wind output created new opportunities for battery revenue.
- Why frequency response earnings surged, with Dynamic Containment Low prices increasing by 21%.
- How shifting seasonal trends are changing the link between battery revenues and wind generation.
To get full access to Modo Energy’s Research, book a call with a member of the team today.
Introduction
In Great Britain, battery energy storage revenues increased to £58k/MW/year in October. This means batteries earned their highest revenue since this time last year. High wholesale prices and the highest price spreads since December 2023 were critical to this increase.
October revenues were the highest in 2024
The previous highest revenue month of the year was April, where batteries earned £54k/MW/year. Revenues in October have exceeded this by £4k/MW/year. In addition to this, October revenues were a 26% , mainly due to high wholesale revenues. This means battery revenues have continued the yo-yo trend seen in recent months, where revenues have risen and fallen month on month.