Executive Summary

• GB battery revenues rose 42% in August 2024 to £56k/MW/year, the second-highest monthly earnings of the year - driven by record Balancing Mechanism revenues.
• Wholesale price spreads hit a 2024 high of £73/MWh, while increased wind generation and low demand led to 49 hours of negative pricing.
• Batteries exported more energy than they imported through the Balancing Mechanism for the first time.

Subscribers to Modo Energy’s Research will also find out:

• How residual demand trends are increasingly driving negative pricing and battery revenue opportunities.
• Why frequency response revenues nearly tripled from July, but still remained below April’s levels due to price saturation.
• What rising gas prices mean for battery earnings as they continue to influence peak power price spreads.

To get full access to Modo Energy’s Research, book a call with a member of the team today.

Record-high Balancing Mechanism revenues in August 2024

Battery energy storage revenues in Great Britain rose by 42% in August, earning £56k/MW/year. This almost tied the high for 2024 set in April. August featured an additional 49 hours of negative power prices, as high wind generation met low demand.

In August, revenues from wholesale trading, frequency response, and the Balancing Mechanism all increased. The largest increase came from the Balancing Mechanism which rose to £12k/MW/year, beating the previous record set in April 2024 by £2.5k/MW/year.