Revenues for battery energy storage systems (BESS) in ERCOT are expected to settle at $2.38/kW-month for November 2025, 13% lower than in November 2024.
Battery revenues in 2025 have fallen to their lowest levels in three years. Year-to-date earnings stand at $26/kW as of the end of November 2025. This is 52% lower than the $54.1/kW seen at the end of last November.
Revenues could rise before the end of the year with the launch of ERCOT’s Real-Time Co-Optimization and Batteries (RTC+B) market design change on December 5th. But if system conditions continue to follow year-to-date trends, the market should expect battery revenues to settle around $30/kW for 2025.
Readers can find last month’s October 2025 ERCOT benchmark report here.
Subscribers to Modo Energy’s Research can read the full article to explore:
- The system fundamentals driving revenues in November, and how these compare to last year.
- Which batteries held the largest revenue opportunities.
- What ERCOT’s 60-day delayed settlement data reveals about battery revenue strategies in September.
- How 1-, 1.5-, and 2-hour battery capture rates compare - and which optimizers performed the best.
- A full data download of all charts
For any questions on the content in this article, reach out to [ovais@modoenergy.com](mailto: ovais@modoenergy.com).
ERCOT Nowcast - November 2025: $2.38/kW-month
Revenues fell by 13% year-on-year in November 2025. Average Real-Time Energy price spreads shrank by 55% from $139/MWh to $62/MWh. Day-Ahead price spreads rose by 10%, but this did not offset the decline in Real-Time opportunity.
