Revenues in Great Britain dipped 6% to £93k/MW/year in October 2026, from September's £99k/MW/year. They remain the second-highest since January 2023, and 17% above October 2025.

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Gas averaged £72/MWh, its highest since December 2022, and as a result day-ahead power prices rose to £145/MWh. As demand rose much more than wind output, gas set the price in more hours. Day-ahead prices did not turn negative once, and the average day-ahead spread narrowed to £111/MWh from September’s £122/MWh.

NESO dispatched more battery volume than in any month of the past year. But for every 1 MWh of battery volume priced below gas that NESO took, it still left 11 MWh untaken. Batteries that reported the new state of charge ‘MDO’ and ‘MDB’ parameters before the 5 November deadline were dispatched more.

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

• A breakdown of revenue changes across each service
• Why the most expensive gas since 2022 produced narrower spreads than September
• Why NESO left 11 MWh of below-gas battery volume for every 1 MWh it took
• How the switch to MDO and MDB changed battery dispatch
• Why Frequency Response prices fell with spreads
• The batteries that joined the ME BESS GB index in October
• A data download of all charts

Wholesale revenues fell, but still made up most of the stack

Wholesale revenues fell £15k to £55k/MW/year, the largest single driver of the overall monthly fall. Narrower spreads cut the revenues batteries could earn from each cycle.

Frequency Response revenues decreased by £5k/MW/year. Balancing Mechanism revenues rose £9k/MW/year, to close to zero for the first time since June, meaning the fleet’s earnings from offers offset the money spent on bids. Batteries were dispatched for more energy offers, at an average of £183/MWh. Imbalance revenues rose £3k/MW/year (including data to 26 Oct, due to data availability). Capacity Market revenues rose £2k/MW/year because a new delivery year started on 1 October.

What changes in the index from next week

Blackhillock 1 led two-hour revenues

Blackhillock 1 topped the two-hour ranking at £132k/MW/year excluding the Capacity Market. It earned £275k/MW/year in the wholesale market and paid £131k/MW/year back in the Balancing Mechanism, so the trade between Balancing Mechanism bids and wholesale sales continued in Scotland. Roaring Hill ran the same trade.

Rusholme and Hyde followed. Every battery in the top ten beat the two-hour index by at least £16k/MW/year. The ranking leaves out eleven batteries with unreliable metering data for more than five days in October.

Wholesale Market revenues

Spreads narrowed to £111/MWh as demand rose

The average day-ahead spread was £111/MWh in October, down from £122/MWh in September. It is still 45% wider than in October 2025. Intraday spreads narrowed to £134/MWh.

Eleven days had a day-ahead spread above £120/MWh, against fifteen in September. The widest was on 27 October.

Spreads narrowed in the last days of October, and stayed narrow into November. Driven by a drop in wind generation after Storm Boelo, the day-ahead spread averaged £76/MWh from 30 October to 4 November, a third below the October average.