​Real-Time TB4 spreads in PJM averaged $895/MW-day in July 2026, 161% above July 2025 and 88% above June 2026. An extreme heat wave over July 1 to 3 drove that average as those three days carried 56% of the month's total spread.

For the first time, Day-Ahead energy overtook regulation as the largest revenue stream in all three benchmark zones.

Modo Energy's virtual BESS (vBESS) benchmarks simulate the revenue available to a battery energy storage system dispatching against market prices. On that basis, a 100 MW, 4-hour battery could have earned between $31 and $38/kW-month across ComEd, Dominion and Penelec, up 41 to 53% compared to July 2025.

Total demand did not rise. Mean hourly load fell 1% year-over-year, while July 2 set an all-time PJM peak. The spread came from a handful of scarcity hours at the top of the stack, not from more energy demand overall.

Key takeaways

• Batteries in ComEd, Dominion and Penelec earned $31.2, $37.7 and $31.4/kW-month respectively. Day-Ahead energy contributed 41 to 53% of each stack.
• Real-Time TB4 spreads averaged $895/MW-day, up 161% year-over-year. Day-Ahead spreads reached $745/MW-day, up 76%.
• July 2 set an all-time PJM peak load record, even as average load fell 1% year-over-year. Real-Time prices hit $1,869/MWh, and the Day-Ahead market priced the same peak at $1,220/MWh.
• Regulation cleared at $185/MWh, 4.3 times July 2025, after the October 2025 redesign tied clearing prices more closely to energy.
• Spreads rose in every zone. Baltimore (BGE) led at $1,349/MW-day, up 192%. ComEd set the floor at $724/MW-day.

Three example batteries earned $31 to $38/kW-month

Day-Ahead energy led every stack at 41 to 53% of monthly revenue: $12.9/kW-month in ComEd, $13.4/kW-month in Penelec, and $19.8/kW-month in Dominion. Regulation followed at 32 to 36%, or $11.3, $11.3 and $12.1/kW-month respectively.