​Grid-scale battery revenues in ERCOT fell to $2.07/kW-month in November 2025, 24% lower than a year prior. Year-to-date earnings through November stand at $26/kW, down 51% from the $54/kW recorded through November 2024.

​December activity could provide a boost to 2025 revenues, following the introduction of Real-Time Co-Optimization plus Batteries. Since its launch there has been a persistent Day-Ahead/Real-Time (DA/RT) spread in Ancillary Service prices. Some battery optimizers will have recognized that early and capitalized on that trading opportunity.

Winter storm Fern brought a severe cold snap to Texas at the end of January 2026. Both prices and spreads were elevated as a result, and yet ERCOT did not see such dramatic events as in Winter Storm Uri in 2021. This article provides a high-level overview as to why this was the case.

Readers can find last month’s December 2025 ERCOT benchmark report here.

Subscribers to Modo Energy’s Research can read the full article to explore:

• The system fundamentals driving revenues in January 2026.
• Which batteries enjoyed the largest revenue opportunities.
• What ERCOT’s 60-day delayed settlement data reveals about battery revenue outcomes in November.
• How individual batteries and optimizers performed against their arbitrage potential.
• A full data download of all charts

For any questions on the content in this article, reach out to logan@modoenergy.com.

​January 2026 price spreads: $135/MWh Real-Time & $151/MWh Day-Ahead

The Modo Energy Nowcast that typically features in Benchmark Reports has been paused as we recalibrate the estimation following the introduction of RTC+B.

January 2026 delivered the highest monthly TB1 spreads of the past year. Real-time spreads averaged $135/MWh, up from $65/MW (+107%) in December 2025 and $95/MW (+42%) in January 2025. Day-Ahead spreads reached $151/MWh, compared to $46/MW (+233%) in December and $45/MW (+236%) in the prior January.