Revenues in Great Britain fell 10% to £63k/MW/year in July 2026, down from £70k/MW/year in June, though 14% above July 2025's £56k/MW/year. The fall came from the Balancing Mechanism. Wholesale revenues climbed to their highest-ever level, but batteries spent more than ever before buying energy through the Balancing Mechanism.

July was more expensive and flatter than June. Day-ahead prices stayed above £100/MWh in 67% of hours, up from 52% in June, while daily spreads narrowed. Batteries moved their charging into the Balancing Mechanism in response to the consistently high wholesale prices. Bid volumes reached 191 GWh, the highest-ever, while offer volumes fell to 83 GWh, the lowest in twelve months.

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

• A breakdown of revenue changes across each service
• Why wholesale revenues hit their highest-ever level as Balancing Mechanism revenues reduced
• A breakdown of Balancing Mechanism activity
• Frequency Response revenues
• A data download of all charts

Wholesale rises, the Balancing Mechanism falls

July's revenue stack was wholesale-export led, as batteries charged up more in the Balancing Mechanism. Wholesale revenues rose to £43k/MW/year, up £14k from June, to their highest level ever.