​Batteries in SPP had the potential to earn $12.20/kW-month in May 2026, or roughly $146/kW-year annualized.

These revenues are an early preview of Modo Energy’s SPP virtual asset benchmark.

By simulating the optimal dispatch strategy for a 100 MW, 4-hour battery located at SPP’s South Hub, investors can interrogate potential merchant revenues as they stand today.

This gives greater transparency into markets where the system operator does not publish the settlement data necessary to account for operational battery revenues.

Batteries operating with perfect foresight at SPP’s South Hub today would earn 69% of their revenue from Regulation. Regulation Up cleared at an average of $12.8/kW in the Day-Ahead market, continuing to be the RTO’s highest-priced Ancillary Service.

Ancillary Services are yet to be saturated by battery storage in SPP, making Regulation the foundation of revenues for early participants.

Day-Ahead energy arbitrage would provide the next 25%, with the remaining merchant revenues coming from Spinning Reserves and the Ramping product.

The remainder of this analysis breaks down what drove revenue opportunity for battery storage in SPP in May 2026.

To learn about the price spreads at the launch of SPP’s RTO West, read last month’s April 2026 SPP benchmark report.

Regulation provides nearly 70% of battery revenue today

Ancillary Services provided 74.7% of simulated battery revenues in May, with Regulation alone accounting for 69.2% of the total.

Average Day-Ahead clearing prices for Regulation Up have remained above $12/kW for the past 12 months. This service is highly valued as it allows SPP to make up for any shortfalls in its dominant wind production using flexible gas, coal and hydro production.