​Three late-April high-priced days drove ERCOT battery revenue opportunity in April 2026. Real-Time prices spiked above $800/MWh on April 24 and 27, while April 28 saw Day-Ahead reach $234/MWh. As a result, monthly Day-Ahead TB1 spreads jumped 53% to $67/MWh, and Real-Time TB1 spreads increased 43% to $104/MWh. Outside those three days, spreads remained close to March's levels.

Meanwhile, ERCOT batteries earned an average of $1.16/kW-month in February 2026. This is the lowest revenue month since September 2025 and 42% below February 2025. Every revenue stream fell year-over-year, with RRS the largest single contributor at -$0.31/kW. Spread compression continued as a calmer weather month met a larger fleet.

Key takeaways

• April 2026 Top-Bottom spreads narrowed year-over-year but rebounded sharply month-on-month. Day-Ahead TB1 averaged $67/MWh, down 2% versus April 2025 but up 53% from March. Real-Time TB1 averaged $104/MWh, down 14% YoY and up 43% from March.
• Day-Ahead Ancillary Services held a positive cumulative basis across all five products. Non-Spin closed April at +$1,696/MW, RRS at +$1,062/MW, and ECRS at +$858/MW.
• Connolly led the fleet at $2.98/kW-month in February, with Real-Time Energy contributing $2.44/kW. Pyron 2B (RWE) cleared 100% capture rate at 103%, the only asset to do so. Aypa Power led optimizers with a 74% TBX capture rate across its two assets, against a fleet-wide optimizer median of 39%.

April 2026: spreads recover and scarcity returns to Day-Ahead