Executive Summary:
- Batteries adopting intraday optimization strategies were able to maximize earnings from Real-Time Energy in November 2024.
- Jupiter Power’s Swoose battery earned the highest revenues in November 2024 by capturing Real-Time Energy price spikes.
- Hunt Energy’s Junction battery was the highest-earning one-hour site in November, adopting a strategy that combined Real-Time Energy with RRS commitments.
Subscribers to Modo Energy’s Research can find out:
- How Jupiter Power optimized its assets to take advantage of the Real-Time Energy price spikes on the 10th and 17th of November.
- Why some one-hour batteries like Junction performed well, while similar sites ended the month with zero net revenue.
- How the fleet's operations evolved as it approached the end of 2024 and what this might mean for next year.
This report discusses the operations and revenue strategies of batteries in ERCOT in November 2024. If you want to learn about changes to the overall market that drove revenues down for the battery fleet, read the ERCOT Battery Benchmark Report for November 2024.
Battery Energy Storage Systems in ERCOT earned $33/kW/year in November 2024
Battery energy storage systems listed on Modo Energy’s ERCOT BESS index earned average annualized revenues of $33/kW/year last November, a 20% decrease from October.
Revenues fell because average energy price spreads were down from $98/MWh in October to $60/MWh in November. On individual days, price spreads are tied to the balance of supply and demand, but Texas is seeing a growing trend in the battery storage market that is contributing to this fall in volatility. Battery energy storage systems are offering much more capacity - and offer that capacity at much lower prices - into the economic dispatch than they have historically. The daily average battery capacity offered in the market has risen from 2 GW at the start of 2024 to over 5 GW by the end of November. And batteries are offering this capacity at much more competitive prices, where historically this would have been near the $5,000/MWh system-wide offer cap.