Battery energy storage revenues in Great Britain fell to £57k/MW/year in November, down from £77k/MW/year in October. This marks the second-lowest monthly performance of 2025, narrowly exceeding July's yearly low of £55k/MW/year.
The decline hit every merchant service. Frequency response revenues dropped 22% to £23k/MW/year. Wholesale and Balancing Mechanism earnings reached their lowest levels since February 2024, when BESS revenues hit an all-time low.
For subscribers to Modo Energy's Research, this article will also cover:
- A breakdown of revenue changes across each service
- Analysis of wind generation impacts on wholesale price spreads
- Wind and gas load factors in November
- A data download of all charts
Revenues reduced in all merchant services
Battery revenues in Great Britain were £59k/MW/year in November, a 21% month-on-month reduction. Frequency response drove the decline, falling to £23k/MW/year. Despite this drop, frequency response revenues remained above the 2025 average, supported by recent ABSVD rule changes that shifted bidding behaviour for Balancing Mechanism units.
Trading revenues from wholesale markets and the Balancing Mechanism fell to their lowest levels since February 2024. Compressed trading opportunities pushed battery bid prices down in ancillary services, cascading through the revenue stack. Only Capacity Market revenues increased as winter approaches; Capacity Market payments are skewed towards months when margins are expected to be tightest.
Wholesale Markets
Spreads tighten as price minimums rise
Wholesale price spreads compressed to their second-lowest monthly average in 2025. Only July recorded tighter spreads. Day-ahead spreads fell to £57/MWh and intraday spreads reached £65/MWh, driving revenues down to July levels.
