Battery energy storage revenues in Great Britain fell to £41k/MW/year in February, down 23% from £54k/MW/year in January. This is the lowest monthly figure since February 2024.

Wholesale revenues turned negative for the first time, reaching -£6k/MW/year. Wind averaging 11.4 GW suppressed spreads, and no settlement periods exceeded £200/MWh. Year-on-year, revenues fell 47%.

November-to-February revenues averaged just £51k/MW/year this winter, roughly 35% below last winter.

For subscribers to Modo Energy's Research, this article will also cover:

• A breakdown of revenue changes across each service
• Why wholesale revenues turned negative for the first time
• Balancing Mechanism dispatch dynamics and competition with CCGTs
• A data download of all charts

Wholesale losses drag revenues downward

Batteries earned £41k/MW/year in February, the lowest in the index's history. Every revenue stream except the Balancing Mechanism declined. Wholesale revenues turned negative for the first time at -£6k/MW/year.

The Balancing Mechanism was the only service to grow, rising £5.6k/MW/year as NESO dispatched fewer batteries for Bids. This partially offset the £10.8k/MW/year wholesale reduction. Frequency response fell £3.3k/MW/year, while Reserve and Imbalance both declined.

Wholesale Markets

Spreads compress to match February 2024 level

Day-ahead spreads fell to £40/MWh, down 24% from January and 34% year-on-year. Intraday spreads reached £54/MWh, a 16% decline. Conditions mirrored those seen two years ago.